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joseph99 Posted on 21/11 16:21
Will house prices crash soon?

What are the opinions of the learned on here. I see the buy-to-let bubble is bursting judging by the collapse in Paragon. In this area I imagine a small correction, 5-10% max.

the_thread_needler Posted on 21/11 16:27
re: Will house prices crash soon?

I certainly, sincerely hope so in London. I want to see negative equity, repossessions going through the roof etc. Maybe I'll be able to afford a shoebox to squeeze my family into.

rigblast Posted on 22/11 7:50
re: Will house prices crash soon?

hope so !
get em down to 1990 prices yipee i'll be able to buy the kids a hoose or they will be living in a tent otherwise

Archie_Stanton1 Posted on 22/11 8:04
re: Will house prices crash soon?

Paragon aren`t in trouble due to a downturn in Buy to let, but because the places they borrow from to lend are not longer lending.

I think prices will stagnate, or maybe dip 5 to 10%.

BenJammin Posted on 22/11 8:39
re: Will house prices crash soon?

House prices are coming down already.

Its armageddon in financial markets right now. Cash is going through the roof. Nobody can fund themselves, if something doesn't happen soon there'll be more Northern Rocks but on a bigger scale. The Bank Of England have to cut rates at least to free up the funding markets and I'm sure they will within weeks. If they do not then we'll be in full blown recession next year.

White_Knight Posted on 22/11 9:05
re: Will house prices crash soon?

I can understand the sentiment that a house price crash would enable a cheaper buying price. However the down side to that would be that the country would be in recession and job security, a basic requirement for house buying, would be less than if the economy was strong. Unfortunately the high cost of housing goes hand-in-hand with a growing, healthy and stable economy.

boksic Posted on 22/11 9:15
re: Will house prices crash soon?

A lot of hte statisitics on "house" price falls are skewed because of the city centre apartment buy to let bubble, mainly in London. A lot of flats have been sold for a lot of money (over a million) to people who were paid huge bonuses or that were going to be used to buy to let.

The big bonuses are coming to an end becasue we are towards the end of one of the longest bull runs in history.

The buy to lets were sold based on yields that were never achievable.

That "model" has been rolled out to Manchester and Ledds where city centre flats have seen little or no capital growth for 2 or 3 years. Also a lot of flats are stood empty.

Conversely there is a shortage of family sized homes in decent suburan areas of large urban aread like Birmingham, Manchester, Leeds and of couse London.

While it is very hard to predict a lot of commentators think the city centre flat bubble has been bursting for a while but "house prices" ie 3 and 4 bedroom houses in decent neighbourhoods are not falling in price.

Some "million pound" flats will be gettign sold for more like 750k but they were always overpriced. You can't apply that model to the whole country but on a purely numerical average that makes it look like prices are falling everyhere.

Anyone who doubts me should have a look at some estate agents websites for Harrogate, York, Cheshire, north Leeds, south Manchester etc.

git_boy Posted on 22/11 9:20
re: Will house prices crash soon?

for houses prices to fall substantially you would have to have mass unemployment

baldycrowe Posted on 22/11 9:53
re: Will house prices crash soon?

This might

Link: give you a rough idea

sasboro Posted on 22/11 10:04
re: Will house prices crash soon?

cant see it happening really. interest rates could come down a couple of times before next summer. people have high deposits so less likely to get into negative equity. cheaper houses mean more affordable housing for landlords. Still a shortage of houses. Lots of foreign workers coming over need somewhere to rent and live.

Main thing is to avoid apartments and really expensive houses. as thats where the drops are. I mean in middlesbrough you can buy 2 bed apartments for 160k but 3 bed houses nearby are similar price. apartments are flooding the market and people will take a loss to sell them

On teesside prices will stagnate unless you need to sell quick. otherwise people just stay in their house. expensive houses in london could fall. Negerally though i think its all very regional on where the falls will be.

I think the change in CGT could have a bigger impact next april.

London_Boro Posted on 22/11 10:16
re: Will house prices crash soon?

Thread Needler. That is a ridiculous statement to make, Everyone needs to try to get on the property ladder and sometimes have to stretch themselves a little to achieve that. Some of us have families etc to support also, why would you wish financial hardship on people.

Nobbend!

mufflar Posted on 22/11 10:20
re: Will house prices crash soon?

big mortgage eh London Boro?

git_boy Posted on 22/11 10:22
re: Will house prices crash soon?

lol thats so true

people's opinions on house prices are split in 2, if you have a mortgage the prices will continue to go up, if you dont have a mortgage there is going to be a crash any minute so you can finally afford one

London_Boro Posted on 22/11 10:22
re: Will house prices crash soon?

Nope not me. I did buy within my means and can easily afford my mortgage payments, but I know people who did have to stretch their funds to be able to get a place of their own.

I just thought that his comment was out of order.

--- Post edited by London_Boro on 22/11 10:25 ---

zaphod Posted on 22/11 11:03
re: Will house prices crash soon?

When house prices go down, most people sit tight where they are and rein in their spending on other things, which causes GDP growth to dip. Most people don't need to sell as they live in their houses and can wait out any price slump. I expect prices to go down, but there won't be many sales and the housing market will grind to a halt. The headline numbers may be big, but will be based on a smallish number of transactions, including distress sales.

The worst pain is felt by people who can't keep up their mortgage repayments and have to sell with negative equity, but mostly by lenders who have to make provisions for bad debts.

The_DiasBoro Posted on 22/11 11:40
re: Will house prices crash soon?

What happened in the past with the house market won't necessarily happen the same way now because there are so many buy-to-lets in the equation. These can be put on the market whenever the owners want to. Big factors here are migrants, and the swollen numbers of students. I don't think the government will do much about either of these. however, if eastern European countries emulate Ireland's ecomonic growth then they will stop coming from there. That could lead to more provision of job training (which has almost disappeared), there could then be less uptake of degree courses. On the other hand, there is limitless demand from asylum seekers.

Boromart Posted on 22/11 11:45
re: Will house prices crash soon?

unlikely at the moment, especially if the forecasted interest rate drops happen and the housing shortage continues, supply-and-demand will keep the house prices at least stable.

--- Post edited by Boromart on 22/11 11:46 ---

boro_mod Posted on 22/11 11:57
re: Will house prices crash soon?

House prices will stagnate!

Morgage rates will go up houses will get reprossesed!

boksic Posted on 22/11 12:02
re: Will house prices crash soon?

mod - all indications are that interest rates will be cut twice by a quarter point between now and next summer.

beetlejuice Posted on 22/11 13:26
re: Will house prices crash soon?

I fixed my mortgage rate for the remaining 10 years of my mortgage. I did it 3 years ago and i only pay 4.95% interest rate. Its amazing how many offers of cash up front deals that i get from my mortgage company (Nationwide). Obviously they want to get me off the low rate i am enjoying onto a more lucrative rate for them.
I'm not budging.

onthemap Posted on 22/11 13:29
re: Will house prices crash soon?

London
"Everyone needs to try to get on the property ladder"

Why's that, in most other countries they laugh at us struggling to pay off a mortgage and given the comparitive lifestyles between say, Londoners and Parisiens, I can see why.

BenJammin Posted on 22/11 13:47
re: Will house prices crash soon?

People can't just sit it out though.

A lot of people are enjoying 2 year fixed rate mortgages at around 4% and are now moving onto 7% rates which they just can not afford. The banks that wrote these mortgages are also in the crap as they are funding these loans at 6.50% in the wholesale market.

Something has to give and soon.

Shaun71 Posted on 22/11 13:48
re: Will house prices crash soon?

Just fixed mine for 10 years at 5.29%, which I thought was quite good.

ExSqueezeMe Posted on 22/11 13:56
re: Will house prices crash soon?

It's my personal opinion that the ramifications of the current economic crisis, caused primarily by the sub-prime crisis in the US, will be a lot more impactful than initially envisaged.

LOL! LMAO!

--- Post edited by ExSqueezeMe on 22/11 13:56 ---

sasboro Posted on 22/11 13:57
re: Will house prices crash soon?

BenJammin, people might just go to interest only to ride it out or remortgage over a longer period like 30-35 years. or might just give up other luxuries or sell an expensive car..etc plus interest rates might drop about 0.5% in the next 6 months. they are not likely to keep going up.

White_Knight Posted on 22/11 13:58
re: Will house prices crash soon?

"House prices will stagnate, mortgage rates will go up, houses will get repossesed!"
I thought this only happened under a Tory government.

captain5 Posted on 22/11 13:59
re: Will house prices crash soon?

Tory government with a red tie.

boksic Posted on 22/11 13:59
re: Will house prices crash soon?

sas - the irony is that in an era of high interest rates doing those things are the worst you can do as you are never re-paying the capital and paing back huge amounts of interest.

sasboro Posted on 22/11 14:06
re: Will house prices crash soon?

interest rates arnt that high comparable to times in the past.
but i understand what you are saying though. People will just pay interest only rather than pay rent. in 20 years time the money is worth less but rent will still be going up. interest rates have peakes in the medium term. or people will just have a mortgage over a longer period to reduce the repayments.

In the long term i see a lot of people never clearing their mortgage loan but just treating it as renting.except your repayments wont go up like your rent will with inflation. just with interest rate rises

onthemap Posted on 22/11 14:09
re: Will house prices crash soon?

It's all heading toward lifetime mortgages.

Dr_Evil Posted on 22/11 14:20
re: Will house prices crash soon?

The government have increased the interest rates to slow the housing market down.

Next year, the interest rate will drop, pushing prices slightly higher.

Or so I hope anyway, as my other flat is in negative equity currently, and im suffering for it.

kazzaxxx Posted on 22/11 14:24
re: Will house prices crash soon?

glad my mortgage is paid off

captain5 Posted on 22/11 14:25
re: Will house prices crash soon?

So it should be, at your age.

kazzaxxx Posted on 22/11 14:26
re: Will house prices crash soon?


BenJammin Posted on 22/11 14:32
re: Will house prices crash soon?

Its just not as simple as that. Some people are so leveraged its untrue.

Take my sister for example. 2 years ago Halifax gave her a 2 year fixed rate at 4.20% over 38 years with no deposit. They wrote to her saying she would be moved to their varibale rate of 7.25%, meaning her repayment would almost double. She couldn't afford it, tried to sell the house but couldn't get an offer near what she paid for it. And she's not the only one.

Another problem is that cutting the base rate doesn't mean mortgage rates have to come down (although it should help). Banks that don't have enough deposits are funding themselves in the money markets where libor rates have risen in excess of 75bp in the last few months while base rates have been on hold.

Someone has to take that hit and ultimately its the man on the street one way or the other.

beetlejuice Posted on 22/11 14:33
re: Will house prices crash soon?

7 years left to go on mine. Although i fixed mine for the remainng term. I cant pay anything off the blance without big penalties. They get you one way or the other i suppose.

Dr_Evil Posted on 22/11 14:33
re: Will house prices crash soon?

Benjammin, i know how your sister feels.

:(

onthemap Posted on 22/11 14:36
re: Will house prices crash soon?

Benjamin, did they hide the terms when she signed for the loan?

BenJammin Posted on 22/11 14:40
re: Will house prices crash soon?

She didn't even think about it, I cant believe she did it.

Its typical of a lot of people though, she doesn't know anything about interest rates and didn't really care. She liked the house and could afford the payment they told her so she did it. And besides house prices always go up anyway so she could always sell. Don't they?

onthemap Posted on 22/11 14:43
re: Will house prices crash soon?

Unfortunately no matter what some people are tols they wont listen. I still do some mortgage business and rarely is anyone interested in being told they can't afford a loan.

sasboro Posted on 22/11 14:45
re: Will house prices crash soon?

7.25%?? surely once the discounted period is over you can jsut look elsewhere or they offer a new discoutned one? that 7.25 is way too high

onthemap Posted on 22/11 14:46
re: Will house prices crash soon?

She must have tie-ins SAS.

Mattyk50 Posted on 22/11 14:46
re: Will house prices crash soon?

you'll have to pay an early repayment penalty, but sure its better off in the long term to shift your mortgage to another fixed rate

susy Posted on 22/11 14:46
re: Will house prices crash soon?

Benjammin, has your sister talked to a mortgage advisor about this? This sounds like a typical 2 year fixed term mortgage that then returns to the standard variable rate after that. She just needs to contact a mortgage advisor who will help her bring down her payments by remortgageing the property appropriately. I use an excellent advisor if you want his details.

sasboro Posted on 22/11 14:51
re: Will house prices crash soon?

that explains, i never get a tie in that lasts beyond the the life of the deal. couldnt they have switched to a discount rate which is lower than the fixed rate probably.

looking at the current fixed rate for halifax the tie in is same length of time as the fixed rate offer

onthemap Posted on 22/11 14:55
re: Will house prices crash soon?

The bank has to recoup the money it loses during the fixed rate period, thats why there are tie ins. Remortgaging is just another short term fix leading to two more years of discounting or fixed rates then tie ins again.
The only time its of benefit is if your circumstances are going to change for the better in a couple of years time, like first time buyers or young professionals, for the rest it's false economy.

susy Posted on 22/11 14:56
re: Will house prices crash soon?

But is there a tie in though? There were loads out there without 2 years ago, and Benjammin hasnt mentioned a tie in yet. If there is she should still see if it worth her while paying off the tie in penalty or not.

BenJammin Posted on 22/11 14:56
re: Will house prices crash soon?

Oh yes, that was just the standard variable rate her bank offered her. I put her in touch wiith a broker I know but because of the term of the mortgage, her house price value and the rise in interest rates and mortgage rates, the best she could get was around 6% fixed and that was with a 1500 initial fee and someone acting as guarantor on the loan. She couldn't even afford to do that.

onthemap Posted on 22/11 14:57
re: Will house prices crash soon?

Susy no tie ins just mean big arrangement fees.

onthemap Posted on 22/11 15:00
re: Will house prices crash soon?

Benjammin she needs to go back and find a lender that will add the arrangement fee to the loan.
The guarantor thing will always be a problem though.

susy Posted on 22/11 15:01
re: Will house prices crash soon?

Thats why im a nurse and not an advisor mappy lol

I really hope that the rates come down soon, Im due for a remortgage soon

onthemap Posted on 22/11 15:04
re: Will house prices crash soon?

Sounds like she's looking at a high LTV - thats usually the problem. Susy being a nurse is far more worthwhile than being a mortgage broker, trust me, the whole financial services industry relies on the gullibility of the general public.

susy Posted on 22/11 15:06
re: Will house prices crash soon?

Thanks mappy.


I do think the fact that people also want to own their houses is also an influence too.

What is high LTV?



Remembereed it... loan to value!

--- Post edited by susy on 22/11 15:06 ---

sasboro Posted on 22/11 15:06
re: Will house prices crash soon?

how easy is it to train up to be a mortgage advisor. when i've been to banks and stuff in the past i seem more clued up about working things out than them. can you train up in your spare time. seem slike all they do is pull the stuff out of a softwarre package and pick the deals that suits you best

onthemap Posted on 22/11 15:13
re: Will house prices crash soon?

You need to pass the CeMap quals, there are 3 and it's not particularly hard. After that it's just a case of proving via a paper trail that you've offered what the client wants.
Details are taken then fed into a software system that supposedly searches the whole market and gives the recommendations.
In practice the details are fed in in a way that suits the deal the advisor wants to recommend.
Advisors will say different but essentially they want to earn money so if the best deal doesn't earn them money it never sees the light of day. People in the North wont pay fees so they get whatever the advisor wants.

sasboro Posted on 22/11 15:16
re: Will house prices crash soon?

i remember going to main bank about a re-mortgage about 3 years ago, the person struggled to work out a percentage of something. I ended up doing it.

Arent you Financial Advisor, that probably a lot more difficult to learn.

Just seems a doddle being amortgage broker these days with internet and software packages.

susy Posted on 22/11 15:17
re: Will house prices crash soon?

So on the back of that would you recomend someone that charges fees instead Mappy, thus freeing them up to give you what you want rather than what earns them the most commission?

onthemap Posted on 22/11 15:19
re: Will house prices crash soon?

It was much harder to get the FPC quals than the mortgage stuff.

sasboro Posted on 22/11 15:24
re: Will house prices crash soon?

best thing about being a mortgage broker is it makes it easier to open and estate agent. Less to do

onthemap Posted on 22/11 15:32
re: Will house prices crash soon?

Yes Susy, in the South they pay fees, up here if I said I want 1000 for doing a mortgage I'd be out of business in no time. I used to advertise in the Standard with a 1% fee and got endless calls asking if I was able to do the job for as little as that.
Up here no one wants to pay a fee.
Generally.

MrPropaganda Posted on 22/11 15:45
re: Will house prices crash soon?

I was in exactly the same position. 2 year Fixed rate of 4.2% with halifax which came to an end in October and I would have had to pay 7.5% to stay with them which would have increased my monthly payment by 200 which I could not afford. I sought advice from several brokers but I did not go with any of them (Bad experience in the past with a mortgage broker so I would never use them again).

In the end I went with hsbc flexi tracker. This follows the interest rate +0.25% so I currently pay 6%. This is still an increase but I am in a much better position. The deal had no arrangement, solicitor or valuation fees. No tie in period and I can make overpayments at anytime. This was perfect for me as I believe the interest rate will come down a minimum of .5% in the first 6 months of next year at which point I could fix the rate if I wanted to do so.

This was really easy to arrange I had an initial meeting that took about 30mins and 4 weeks later the mortgage was transferred. The only cost was 175 transfer fee which I have to pay Halifax at some point.

Also, Halifax send out a statement towards the end of your fixed term. This includes a property value estimate. The chances are if your sister bought 2 years ago it will show at least a 10% increase in property value. I'm not 100% on this but I think that this capital gains could be used as her deposit...worth a try.

hope this helps

MrPropaganda Posted on 22/11 15:50
re: Will house prices crash soon?

Health warning for the above post. Forgot to mention if rate goes up so does monthly payments...

BenJammin Posted on 22/11 15:51
re: Will house prices crash soon?

Thing is she can't even afford 6%! It's just a nightmare situation. The only way out for her, at least to avoid a lifetime of debt that I can see is for her to find a rich bloke and marry him.

onthemap Posted on 22/11 15:51
re: Will house prices crash soon?

MrPropaganda
All fine unless interest rates go up.
It sounds as if shes tied in anyway and hasn't the equity to get a low LTV mortgage deal.

MrPropaganda Posted on 22/11 16:01
re: Will house prices crash soon?

If she isn't tied in to the mortgage she could perhaps go interest only but I would try to avoid this if possible. I am not an expert in this area just personal experience but could the capital gains (if there is any) in the property be used as equity to get a low LTV mortgage deal.

I have a friend who has gone interest only for the short term and is renting out his spare room for 300pm in Linthorpe which means he can still meet his payments.

onthemap Posted on 22/11 16:19
re: Will house prices crash soon?

By capital gains I think you mean equity.
Judging by whats already been posted she doesn't seem to have any, thats what a low ltv mortgage is, one where the equity in the property means that the lender isn't taking a higher than acceptable risk.
She could go interest only but the lender would ask what repayment vehicle she has in place ie endowment and it wouldn't stack up because of her monthly income discloser.
Basically she needs to shop around and get any arrangement fee added to the loan, problem is her personal circumstances dictate that the lenders are asking for a guarantor and it's not possible to get around that.

junouk Posted on 23/11 9:23
re: Will house prices crash soon?

OK.....

House prices are not dropping in the north east but it is a buyers market. Meaning people are prepared to put in very low offers. Some people take it some dont. The right house still sells at the right price. I find day in day out you can tell someone the houses around are worth, lets say 150K everything sold recently has sold for 150K but they insist because they have decorated and put in a new carpet then the price should be 175K. This is the vendor ( person selling) putting a personal value on the property, not an economic value.

As for the mortgage rates.... They are dropping Abbey and Halifax has dropped there rates last week as has a number of main stream lenders. The banks must be expecting an interest cut.

High loan to value mortgages are getting very difficult to get and anyone with a poor credit rating is going to find it impossible without a 15% deposit. I had an email from Kensington ( one of the largest adverse lenders) telling me they are dropping all adverse products.

We will wait and see but things in the housing market will slow down further before it gets better. Hopefully in time for the spring summer market.

zaphod Posted on 23/11 10:05
re: Will house prices crash soon?

This thread is an eye-opener. I didn't realise there was so much financial stupidity and lack of foresight around. The problems described on here don't seem to have anything to do with the financial crisis; they would have happened anyway.

Stand by for the next disaster: credit card debt.

boroboyinbath Posted on 23/11 11:43
re: Will house prices crash soon?

In the South West ( bath - bristol ) the market is starting to stagnate, prices are dropping.

Neighbour of mine put their house on the market for 248K, about standar good condition etc etc, estate agent said there were 20 other properties within a mile similar at a similar value, they all had to drop, neighbours highest offer was 200K !

Many people are making the mistake of thinking that intrest rate must go down, but bank of Englands remit is to use interest rates to keep inflation under 2% inflation is rising, meaning in priciple that interest rates need to go up in theory....

House prices are irrelevent, but morgate payements do constitute towards inflation.

The other variable is the cost of boorwing which has shot up even though interetet rates have remaind constant

onthemap Posted on 23/11 12:51
re: Will house prices crash soon?

I know there are estate agents contributing on here and in the past a look in their window was all that was needed to gauge the market, houses were either selling for the asking price or they were'nt, that was about all that was taken into account when setting property prices.
The constant for decades was readily available mortgage finance, first time buyers, buy to let landlords, those without deposits or with bad credit histories, all had banks falling over themselves to lend money.
One can even get finance on a self certification basis where proof or earnings aren't even required (the abuses of self cert are well documented).
Things are changing, US markets have been hit and are subsequently changing the way they lend money, the UK market is following.
Virtually all of the UK housing market relies on mortgage finance, I can get the actual figures for anyone who's interested but only a small minority buy with ready cash.
Estate agents are still indicators of the trends but ultimately if the banks won't lend the market will change drastically regardless of estate agents being bullish.
Banks are withdrawing products overnight and restricting their lending in the riskier sectors.
The first indication of a crash is, as Juno pointed out above, vendors being unable to ask silly money anymore, the second will be when they start asking for less than they paid, and/or mortgaged the property for.

It's also true to say that there are still ever increasing numbers of borrowers who take not the slightest notice of any of this and simply stretch themselves thinking prices only ever go one way, unfortunately they are the ones now taking the first hit.

br14 Posted on 23/11 12:53
re: Will house prices crash soon?

The US sub-prime mortgage fiasco is evidence of what could happen in the UK.

Citigroup for example is said to be writing off a further $11 billion in sub-prime mortgages losses.

Thats a lot of people who can't pay their mortgages.

The Northern Rock is further evidence of what happens when credit tightens. Their problem was supposed to be being unable to finance further business.

Turns out maybe they overvalued their assets. Why else do you think noone wants to buy?

The market doesn't think their assets are worth anywhere near book value. Either because NR values homes at more than they were really worth, or because the market expects house prices to collapse.

Now the UK government (taxpayers) is owed 24 billion by the Northern Rock.

It's a disaster of monumental proportions. You can tell that because even the Economist thinks the government should nationalise the NR to prop up market sentiment and avoid a full financial crisis.

rocky10 Posted on 23/11 13:00
re: Will house prices crash soon?

Can't help thinking I'm moving at the wrong time.

Having finaly sold my house (onthemap, got even worse the other day as the valuer down valued my house to 125K because of the shale; upshot was the buyer stumped up another 3k deposit - can't understand why, as he was already put 30k down as a deposit which would have covered any work required 4 times over VERY CAUTIOUS APPROACH).


Wish I was going to rent for 6-12 months and then buy.

Anyway, I have just signed up for a 3.5 year fixed rate of 5.19%; a bloke I play 5 a side with said that the drop in interest rates may not necessarily come through to mortgage rates and I should take the rate on offer as it may not be there for long.

My tie in is as only as long as the fixed rate itself and the girl from the building society said that we could then choose a different product at the end of the term.

Just need to keep shopping around after the rate ends - mortgage companies rely on large start up fees and people not changing mortgage in time at the end of the enhanced rate.

onthemap Posted on 23/11 13:10
re: Will house prices crash soon?

Rocky, just make sure that although there are no extended tie-ins that you do not have to pay a lump sum at the end of the fixed rate period to take your mortgage elsewhere.

I agree with your mate that mortgage rates may not come down despite what happens to bank rates.

The other thing to ask yourself is whether you are buying a home or it's an investment. If you can afford the payments and it's not a property that you will need to sell on in the near future (the key word here is 'need') then all of this speculation is immaterial.
Half of the problem is everyone wanting an investment rather than a home, things will steady eventually, just make sure you are comfortable whilst they do.

rocky10 Posted on 23/11 13:21
re: Will house prices crash soon?

Onthemap

No this is the family home for at least the next 10 years

Quiet area, greenery to front and sides, detached 120' south facing rear garden and plenty of potential for extending a snip at 166k reduced from an asking price of 172k. I'm happy with the payments and no there are no extended tie ins and I can pay 10% each year without penalty.

So all in all a good deal just wished I could have rented for 6/12 months to gauge market in the short term.

onthemap Posted on 23/11 13:26
re: Will house prices crash soon?

Then the worst thats happened is that by snapping the property up now you have missed out on a possible (possible) further saving, provided no-one else stepped in?
Not much to worry about really - IMO of course - I'd get on with it.