First time buyers..please read !!!!

I'm a first time buyer that's been warned of a market crash for the past couple of years. There's still no tangible sign of one happening/starting.
 
Is this the house price crash that was supposed to happen in 2004, then 2005?

Because the bad news is, house prices are going up again, albeit slowly.

There is no reason for them to crash, people have money, people need houses, there are not enough house = house prices going up.
 
They describe the crash by past history, price goes up for a few years, couple of years peaking out, interest rate goes up, price plummets..there is an aticle on there which is fascinating and makes you think.
 
The big scare was last year, but even then prices didn't really drop THAT much, this year I haven't heard a peep from the media about price worries.
 
It is just scaremongering pap. Prices go up and down, but over the long term, which is what you should consider, house prices nearly always go up by prices higher than inflation - I doubt this will ever change.
 
I cant see a house crash in the near future, there is sufficient demand at current prices, one of the drivers for the current price level is the lack of first time buyer properties, whilst an increased construction of these properties will slowly level out the market it wont happen instantly.

I cant see a crash coming, and i'm a first time buyer in the South East how they can sugest its cheaper for me to rent around london than to buy around london is beyond me, to buy at a 15 minute train journey out of the city is around £140k upwards for a 2 bed place. (approx £550 p.c.m.) and renting is around £400 p.c.m, in the long run property ownership is so obviously the best option.
 
atpbx said:
Is this the house price crash that was supposed to happen in 2004, then 2005?

Because the bad news is, house prices are going up again, albeit slowly.

There is no reason for them to crash, people have money, people need houses, there are not enough house = house prices going up.
Click to expand...

LOL - Yup, that's the one.
I don't think a month has gone by for the past two years when we haven't been warned of the price crash - yet prices continued to climb, allbeit at a slower rate.
Then, for two months in a row we had a "slight" drop in price and you could see them all gathering "We told you so" & "We really do know what we are talking about".
Here we are some months later and once again prices are climbing at a slow rate.

I've been a "house owner" for a year now (yes, we took out a mortgage this time last year when we were once again being warned about the crash that was about to happen) and it's the best thing we could have done.
For those past twelve months our monthly mortgage payments have meant that some of the bricks that now surround us are actually ours and we weren't simply lining the pockets of some landlord.
I'm sure these "crash" stories are put out by the landlords you know.
 
I would not be willing to place any bets on the house values dropping. If you are a first time buyer widen your search area, lower your standards, and look in council estates. Ex-counsil houses are usually a lot cheaper.

What gets me is there are pleanty of affordable houses out there, and there are morgage companies willing to give you stacks of cash. I live in the South East. I have found an affordable 3 bedroom house. I am a first time buyer, I don't earn very much. If I can do it I cant see why no one else can (appart from those wanting to live in London, Windsor or Maidenhead)
 
Kronologic said:
I would not be willing to place any bets on the house values dropping. If you are a first time buyer widen your search area, lower your standards, and look in council estates. Ex-counsil houses are usually a lot cheaper.

What gets me is there are pleanty of affordable houses out there, and there are morgage companies willing to give you stacks of cash. I live in the South East. I have found an affordable 3 bedroom house. I am a first time buyer, I don't earn very much. If I can do it I cant see why no one else can (appart from those wanting to live in London, Windsor or Maidenhead)
Click to expand...

I couldn't agree more with this post.
I'm in the SE too - was living 10 miles from Cambridge and had about a 10-15 minute drive to work in the morning.
However we were paying rent on a flat.
We widened our search and found the three bedroom house we are currently buying.
The sacrifice? I now have a 30 minute drive to work in the morning and the same back in the evening.
Small price to pay for the fact we always paying a little bit of it off.

People get used to being close to work when they rent or are at home with parents.
Nobody wants an ex-council house.
Everyone wants that 3 bedroom house when a 1-2 bedroom house would suffice (we needed 3, master, computer room and for family to be).
At the end of the day we all know deep down that buying is the way to go.
Yes that first step onto the property ladder is difficult - but some people need to accept that they will have to lower their expectations for that first purchase.

When I passed my driving test soon after I turned 17 (about 13 years ago) I wanted a nice new car, nice and sporty.
I'd even have settled for something new and less sporty.
My first car was a 1980 Volkswagen Golf 1.1L - it was what I could afford to buy and run and that's the key.
Unless you're a London buyer there really is something for everyone's budget.
 
we said it would happen, we have been saying it would happen since it STARTED

its not gonna happen (/me watches it happen)

with any luck it will just slow down and ever-one won't go mad like last time.
 
Kronologic said:
intrest rates are set to drop by a 0.25% this year iirc. So I can't see a crash happening.
Click to expand...

Not in the next month, the minutes or the bank of england suggest a freeze on interest rates, with a possible drop of 1/4% in the fourth quarter.

We have just seen a 2.5% price rise in January, i have been looking for a house for two years but been worried about a crash.

To be honest it is unlikely to happen now, its hard to accept that things just are not likely to drop, you just have to swallow that bad news and get on the ladder. I have just put an offer on a house and its been accepted.
 
You must log in or register to reply here.
Back
Top Bottom