UK Landlord Forum / Life

By the looks of it we at this forum need to have a thread dedicated to one thing and one thing only, and that is the fall of the house price.
According to more and more people in the know house prices have fallen by 2.5% this month, the biggest drop in 10 years.  Resulting in the PM going on the TV to chat about it.
What do people think about the house price drop!
Is it only going to affect those wanting to sell, Are people investing bothered. And what about the homeowner who doesn't want to move.
What will happen to interest rates and inflation?
One way or another will we all be affected by it in the end.
How long will the house prices keep falling for, lets face it, we have seen them rise now for a good decade, so are we bothered.
Lots of questions and I dare say we will never know the answers till its happening.

I for one will be looking to buy again towards the end of the year with things going the way they are.  If rates are down and the price is right why not!
This has always been a country on the rise with people making their own wealth in bricks and mortar.  I think where there's a will there's a way

I'm not too bothered right now, because as I've always said, i'm in it for the long term, and I can endure a big hit before going into negative equity. The drop in prices is a much needed correction, that's for sure. I'd like to clarify, that I think we're going through a correction, and not a "crash".

I'm also looking forward to buying again at some point. But i'm going to wait until there's a bit more stability. I think there will be bargains to be made as people are starting to worry and get desperate.

My gut instincts tells me the base rate is going to drop and mortgage lenders are going to follow suit, which is always a good thing (at least for me)!

Well this is it,  most people i talk to are saying they aint bothered, the only person i see waving around is the guy on here saying its time to pull out bla bla.
I am really strugling here to think of who is going to suffer, and can only think that people wanting to sell.
But then house prices are coming down  ahhhgghh

cracking time to buy, developers are nevous, and yes, look at it as long term, more people holding off buying means more renters, I am loking at a new build deal in Manchester (yes mancester!!!) I'm getting 20% off RICs valuations so positive equity straight away

It will be a good time to buy if you have enough equity to make the mortgage limitations a non-issue. Removal of first-time buyers from the market will be good for rentals, bad for anyone higher up the chain who needs to move. I think the general inertia will pi$$ people off and limit their options more than cause the kind of apocolypse some people are describing; after all, not everyone needs to move, and some people aren't prepared to accept a cr@p price on their house. They'll just wait until its reasonable again.

What concerns me personally is the availability of buy-to-let mortgages, but that's just because my own plans don't fit in with the hissy fit going on in the property market. No point worrying about that until its an issue though. Its not like I can change anything! What I can change I'm doing, by tarting up my property as much as possible (given my budget) to try and get an increased valuation or rental income, beyond that its out of my hands.


V

I agree V,
To add, people holding out to sell for a good price will push the market for houses down even more, as agents are going to start to get desperate.
I want to buy again, but i think i will wait till the end of the year just to see where the level is by then, unless something else comes along in the mean time.
First time buyers will only be out in the cold for a short time, the agents know they are there, and they also have stock to move.

Im sorry (I dont think I actually am) but im getting sick of the pissing credit crunch and housing marlarkie !!

Because of all the scaremongering on the news atm .... it seems no one wants to buy !! Which means .... no one will want to buy MY house ... it really is causing afew sleepless nights !

The house I am selling will definately be worth what im putting it on for ..... however I dont think it even matters right now ! People that have good mortgages dont even want to buy .

Its driving me mental !!! arghhhhh

I think after this .... Im not going to do a house for 4 years  and save about £40,000  .
Should be 'fun'.


ARGHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH.

I know the feeling. Sat down at lunchtime to "Working Lunch" yesterday and it was more doom and gloom. The media has been whinging on about a recession or housing crash since 2004, and now eventually they've got one. The really sad thing is that the media reflects what drives up viewing figures, so really its just a result of humanity's morbid obsession with watching things go wrong, and deriving entertainment or reassurance from the misfortune of others.

Pretty fecking ugly, really.

Positive mental attitude and using the power-button ... that's my approach. No amount of listening to or indulging in negativity will change the figures on my bank statement anyway, in fact positivity is far more likely to help them go in the direction I want.

Hang on in there


V

Amen.

We're literally talking ourselves into recession! It's crazy!

Thanks V.

It does seem like the wiser idea to reduce the stress and just save ... instead of all this uncertainty.
Its so annoying ..... I wish everyone was like me and you V ... so then we could all unite ... and be positive and kick all the opinioned people off the TV.


Faggie are you still looking to buy another property ? ? ? While theres bargains to be had ??
I know a nice little 2 bed terrace .... perfect for the rental market. 

Oh, so NOW you're selling?

Oh im still selling it !

I just dont think it will sell very well .... even though it should.
My fingers and toes are crossed though ! 

On paper, with the current state of the market, are you still going to make a good profit?

Well i'll odviously make abit less but I still should make a healthy profit IF it sells.. and it should.
Ive really done them max I can for it to sell, so if it doesnt then the only thing to do it offer an incentive but that would be if it was still on in October.
So im hoping it will sell within 3 months. 

It best do ! 

Young scamp, im sure you will benifit from your hard work 
.

I wish you would call me scamp now and then =/

Good things come to those who wait Fee! If you have to wait 3 months for it to sell, it'll be worth it... 

I too am sick of all the crap I'm hearing about the crash/crisis blah blah blah - so my plan is to sit tight and save... well after I've been to NY.