So will the prices start going down soon?

[Notmyyearthisyear]

Because right now they seem to increase by at the rate of 10% a month!!! Every time I look, and I look every day, I can afford less than the day before 🤣🤣 Surely this cannot continue…

Another factor is that the cost of building is increasing. If house prices dropped, then they would probably stop building, which would strangle supply.

I really think that waiting for a crash is fool's game. The best time to buy is as soon as you are able to.

The average cost of a first time buy in my area is £350k so a15% deposit is £52,500 which is still quite high.

No they don't. The average FTB deposit is only about 15%. That still leaves a huge mortgage.

I consider 20% a decent deposit.

"To obtain a mortgage, first-time homebuyers in the United Kingdom (UK) need to save a deposit amounting to about 20 percent of the property purchase price".

"In 2021, the average first-time buyer deposit in the UK was about 53,935 British pounds, but in the most expensive region, Greater London, the deposit amount was more than double. The share of the deposit was also much higherr_ than in other regions in the UK. "

Its certainly not the same scenario as the past with 100% or 95% mortgages & FTBs buyers on low salaries hence why it's so hard for FTBs to buy now as many are priced out of the market. The ones who can buy have the good salaries & the deposits so I think it's far too simplistic to say they will all struggle to buy after a price fall.

I really think that waiting for a crash is fool's game. The best time to buy is as soon as you are able to.

Has anyone said otherwise?

[quote MidnightMeltdown]@swirlsy
*
unless FTBs are putting down a very high deposit. Most FTBs have to do this anyway, hence the bank of mum & dad & they certainly need to do so if they want the best rates.*

No they don't. The average FTB deposit is only about 15%. That still leaves a huge mortgage.

[/quote]
15% on the average house is several tens of thousands. That's certainly a lot of money.
People used to buy properties with no deposit at all and 100% mortgage. People have to save much longer now or rely on the bank of mum and dad if they have that option.

[quote bettycarver]@Lightscribe you seem very invested in wanting a housing crash ... [/quote]
Something reminds me that Lightscibe's predictions from a year or two back have turned out to be astonishingly incorrect.