SURVEY : As house prices are falling how many of you are seriously tempted to sell, wait for the big fall and then BUY BUY BUY when market reaches rock bottom???

[drosophila]

Seems the logical thing to do but still I am not inclined. Interested to hear other views......

The news have just erported this morning that mortgage approvals are down 64% on this time last year and many of those are er mortgages.Prices will be at least 20% down by the end of the year.Stamp duty is one of the govts biggest paydays and they will want to get their £

I agree with Noddy etc. The reason houseprices rose so much is that banks were willing to lend silly money to just about anyone who asked for it. Presuming that the banks have learnt their lesson (for the next few years at least), it will be really difficult to borrow money or remortgage unless you have a decent deposit or a lot of equity in your house (some borrowers are already refusing to lend more than 80 %) and bearing in mind that prices are sliding, that equity is also sliding.... I think this means that a lot of people will only move if they really really have to and the whole market will stagnate.

Which means you may spend a loooong time in rented places before you find something you like. Renting for 6 months was soul-destroying enough for me, I can't begin to imagine doing it for longer, with the fear of having to move out with a month's notice hanging over your head etc.

'Which means you may spend a loooong time in rented places before you find something you like. Renting for 6 months was soul-destroying enough for me, I can't begin to imagine doing it for longer, with the fear of having to move out with a month's notice hanging over your head etc.'

It's no fun, but it's a way of life for more and more of us. Many haven't a hope in hell of ever getting a secure tenancy of any sort, either. There's just too much homelessness and desperate cases for such to come to pass for many low-income wage earners who are married or in a partnership.

C'est la vie.

I agree with Noddy and Manictigger. We did nearly sell up last June when we worked out we could be mortgage free if we moved area. We were fairly sure it was the height of the market and it was was a now or never sort of move. Got as far as DD doing one day in a new school but we all felt miserable moving away so in the end we decided we wanted to stay here, would ride out what is to come and have been concentrating on shrinking our mortgage. It has been amazing how resistant most people I know were to the idea of the housing market falling.

We started planning an extension back in August last year. It took ages to get drawn up but finally got submitted in May. We've just heard today that we have got planning permission but I don't think we will go ahead for now as the priority is getting our mortgage down as much as possible and getting some more money behind us in case of a job disaster. It is tempting to get some quotes though but I shall be strong !!

Exactly Expat. My mum and dad said you used to be able to rent privately, basically for life (like with a council property) but now it's all short-term lets to protect the landlord (and to hell with the tenant).

With our 6 month rental, we were told that our landlady was renting it out because she was stuggling to pay the rent at that time but would probably go back to live in it after 6 months because by then she'd have had a good payrise! We were looking for somewhere to buy anyway so it didn't matter, but the idea of constantly having to move around especially with a family, and having to sort out schools etc would, I imagine be a nightmare. I think tenants get a shocking deal under British law.

the tenancy laws here have only fuelled the housing bubble by further promoting BTL.

i have very little sympathy for people who speculate in commodities and lose, FWIW. i think individual investment in commodities should be more stringently regulated for very good reasons.

Oh yes, I have absolutely no sympathy with people who've got into BTL and might lose their money. Get especially pissed off if they have a good job but want EVEN more money through doing bugger all except having more money than others in the 1st place. In fact many of the property market problems are down to BTLers because they've hoovered up the traditional first time homes.

wanders off muttering 'Greedy f-ing bastards - come the revolution....'

AnnieMac indeed - see here ...

I looked at this (OP) last year, but what with stamp duty, lawyers costs, surveys etc, plus the cost of renting somewhere half decent for however long, it just didn't look worth it. We'd have to have a serious long term crash for this plan to make money IMO.

Well I sold a flat last summer at what I would say was the top and it has worked out brilliantly but do agree its too late now.The money in the bank produces enough interest to pay our rent and prices are falling all the time and are set to really fall in the next year.Fees etc are a pain but not excessive if you sell for a good price

No as said b4 I think its to late for that.

IMO people who have over stretched themselves and with interest only and buy to let mortgages are in for a tough time because a major crash IS coming, however much people try to deny it.

And don't be so sure about the unemployment factor- the new ESA legislation being introduced in the coming year will mean thousands of people currently on the sick will move onto Jobsekers, but where will they find jobs?
Already there is a slow down in jobs available in areas directly linked to the housing market also in the retail and service sectors. As people have to ever tighten their bels to keep a roof over their head then the 1st thing to go is spending on holidays/eating out/shopping sprees/other luxuries.

Unemployment is not so much of a factor this time(although there are hints of the last recession in news reports on jobs) as there are so many other things which are driving this crash.The banks will never again lend so unwisely so unless house prices revert to affordability based on salaries there will be no market at all.

Very true I was being a bit doom and gloom, of course unemployment is thankfully unlikely to reach 3 million again, although if it does rise much above current levels we could see the queues outside jobcentres again as while nobody was looking during the 'boom' years this government has closed alot of jobcentres and all benefit offices down, which will leave the remaining ones overstretched if unemployment increases.

We sold last summer too but have just bought somewhere else. 10mths in rented has been more than enough for me. This house is long term and is in a fab location so too good an opportunity to miss. Plus we got a reasonable amount off the asking price.

Around here the lower end of the market, up to about 300k, is suffering. Nothing really shifting and quite a few big reductions. But in the price bracket we were looking in, houses are still selling well. Of course it helps that these vendors are mainly older (downsizing) and in no rush so happy to sit on the market for months. I'm sure it will filter through though as the majority of buyers also have somewhere to sell.

We exchanged a couple of weeks ago and despite regular doom and gloom in the news, I have no regrets.

I envy you getting out of rented if i could find a bargain i'd be off too but prices only starting to really go down here across the board very recently so will be winter for us i think.Would love to be in by xmas but think i'm dreaming a bit

we sold in december (moved in march) into rented accomodation mainly because there was nothing we liked or could justify the price of at the time. Ideally I would like to look for a house with no mortgage but obviously that won't be the house of my dreams. If necessary apply for a mortgage to do it up though. Plenty of houses are sticking here and are having prices reduced although the agents still feel the area commands the ridiculous prices they're desperate for.