Pugsy

I could actually just slap some of the FTB's in my family, nieces and nephews who actually believe (ok, maybe they're not the shiniest pennies...) that they're going to be able to handpick their homes at almost a half off by next year or 2010. They've been brainwashed by the dodgy media they choose to read and websites like HPC and propertysnake. So they'd rather wait for that to happen then actually knuckle down and save some cash. But they live la vida loca on the CC's and believe that they're entitled to a nice house in a nice area. Actually no, they're bloody well not, most of us, myself, my parents and grandparents before me, all bought what we could afford. We renovated and moved up the ladder to nicer areas, that's the way it's always been. And I do blame the media and tv and whatever for making it all seem so easy for youngsters that they have no perspective anymore.

Viking Man

You mean dodgy media like the Financial Times? Here's a list of their property market articles:

http://www.ft.com/yourmoney/home

A list of the headlines gives you a general idea of what's going on:

Scorched by costs of a home in the sun
Britons with euro mortgages can safeguard themselves against further sterling weakness - Apr-18

Euro’s rise makes for uneasy travel reading for some
The pound’s record low against the euro impacts share and property investing as well as holidays - Apr-18

Stump up the deposit
Landlords are having to pump a greater amount of their own capital into their property investments, just as house prices are looking unstable, as more buy-to-let lenders have scaled back their maximum loan sizes. - Apr-18

Borrowers forced into long-term offers
Borrowers are being priced out of two-year mortgages and are having to lock into longer deals, following sharp increases to short-term interest rates. - Apr-18

Britain raises alarm on mortgages
A warning to UK homebuyers that mortgage lending could halve this year prompted a pledge from the chancellor, to do ’everything I possibly can’ to restore normality - Apr-11

Now you see them, now you don’t
As well as rising interest rates, harsher lending criteria and fewer deals available, one of the biggest problems facing those looking for a mortgage is the rapidity with which new mortgage offers are being withdrawn. - Apr-11

In case income dries up
With mortgage costs rising and job losses now expected in the financial services and other sectors, homeowners are being advised to protect themselves against loss of income - Apr-11

Investors mull legal action
Retail investors who lost money by investing in UK property funds are said to be planning legal action in a bid to recover their losses - Apr-11

Interactive house price map
UK house prices were flat in March, making it the fourth month out of five where the almost no growth at all was seen in the market - Apr-11

Brown battles to deny housing slump

WelshRanger

Average salary £26000 x 3.5 =£91,000
Minimum 10% deposit £10,000
Maximum mortgage capacity of Mr/Mrs/Miss Average £101,000 (not taking into account any fees etc)

Which first time buyer is going to be able to buy a property at £120,000+ marketed as ideal for first time buyer?

Let's face it banks and building societies are not going to go back to lending 100% for anything

Reading fan

A friend put his house up for sale on Monday of this week due to impending divorce so has to sale (tried to rent it no takers) Estate agent told him prices are in "freefall" - flats selling at prices they were 4 years ago and houses at prices were 2 years ago. We are in Berkshire we sold in Nov last year to 5th viewers- we count our blessings everyday - i am now seeing the same boards up since before Christmas - very little new stuff coming onto the market. Good luck everyone

hudd

Hi

My bank offered us a reasonable deal on a mortgage today. I see they are only offering up to 3.5 times my salary, the banks being sensible at last. I am taking on half what the bank offered us as a first time mortgage(last UK mortgage we had was 10 years ago).

We moving to SE Kent next month and I checked out rightmove £120K will get you a 2/3 bed small terrace. 2 bedroom flats start at £85K. It still sounds high to us to think 10 years ago we sold a large 4 bedroom detached Edwardian house for under £80K when we moved to Canada.

We are paying nearly £200k for a 3 bed detached house which seems alot of money to my wife and I. Where we are living in Oxfordshire a comparable house we are buying in Kent would be close to £500k.


hudd

eurotramp

We live in outer London NW and house prices starting to drop a lot..some are dropping 50k in 2-3 month.

If banks only give you now 3-4 time income..house prices have to come down, who is buying them other wise?
Prices only went up that much because credit and mortgages were so cheap and banks were giving the money away..

I reckon on at least 30% down..why would I buy a house now..if I can buy it in a couple of month for a lot less?

hudd

eurotamp

We are buying in a house through private sale and we offered significantly below the recently selling prices for the house in the same area. We agreed to pay 75% of the current market value and hopefully this should absorb any further devaluations. The house would have to drop to 40% of the original value market for us to be in negative equity. We plan to be in the same area for 5+ years until my sons complete their schooling so expect our housing investment to balance out in the long term.

hudd

eurotramp

Sorry hudd....that wasn't for you..just general you doing fine..