This morning property news

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Expert saying either stay put or if you are going to buy offer 30% off and expect to achieve 20% off otherwise wait until next year when 20-30% off will be the norm.This is as mainstream as it gets

It's a slow process. Most people still don't believe they will have to take a drop. They think somehow their house is immune from it. They're used to insane prices. But they will come down. If mortgage companies are lending only 75% of the asking price that's the figure then 25% is th percentage drop their statisticians are allowing for you.

Hardly any so eventually prices will come down.

It will take a while but will go back to old style lending and eventually 3/4 times salary will be the norm again.

Agree justaphase, NKF

It is definitely not a good time to buy right now. Too many sellers are convinced that their property is worth what it would have sold for last summer + 10%.

Affordability won't really improve until expectations have had time to adjust and that could take years

My dh and I decided just to test the water as if we have another baby we are going to be struggling for space in our 3 bed terrace.

It was a bit of an eye opener - prices are coming down but there are a lot of vendors out there living in another world. There are huge amounts of unsold stock - I thought fewer people were putting up for sale so the amounts on the books really surprised me.

Anyway we've decided to stay put and do a loft conversion - loft companies must be making a fortune at the moment!

I hope house prices halve tbh.

It's all relative anyway. You might think your house is worth £300K, but if someone is only willing to pay 250K for it, that's all it's worth.

Once house prices halve FTB will become more prevalent, hopefully with a bit of savings behind them from all this waiting.

If you had mentioned house prices halving last year you would have had some strange looks but over a few years and taking inflation into account it is quite possible.

They really need to halve.

We are lucky enough to have a tiny mortgage because we bought in 1997, but then it's our home, not a house or asset as such.

If we were to buy it now, we couldn't afford it. That is disgraceful!

Our house has gone up 300% and such a market is entirely unsustainable. If the prices halve, btl will sell because it will no longer be profitable and FTB will have somewhere to live, without crippling debt.

I was still in school in 1997. I think the house price boom, and the lack of alternatives to buying in the UK, has meant that many young people have lost all hope of a better quality of life.

how are you?

hanaflower - it is not just being able to treat the property as your own but also security of tenure. I doubt any of my landlords would have minded if I'd redecorated, but I just couldn't do it, knowing that they might decide to sell up at a whim.

This is a huge problem when you have DCs and moving house every year or so is destabilising as well as complicating nursery/school arrangements.

aah, I get your point now sorky, I forget about btl's having different mortgage rates- luckily for us we only need a residential mortgage as most companies give the forces concession.