Property crash.

some good posts on this, as entwisi says, do yer homework, the simple anology i used when i started way back was borrow no more than £4000 over 15 yrs, that equated to payments of £48 per month, which if the worst happened n i was cast on the dole, i reasoned we could still afford £12 per week. ok i started with a 2 up 2 down terrace, but always payed mortgage off before 15 yrs, n sold then bought a better house, using same criteria. had some lovely property inc semis, bungalow, etc, trouble today is most want the best NOW, n many come unstuck, when things like this happen.:rolleyes: other circs can balls things up, but that was my general rule.
 
When interest rates were 4% my son was buying his house and I pointed out they may go to 5% and he said that was a 1% increase! In fact it's a 25% increase but he never really got the message.
 
wadey said:
When interest rates were 4% my son was buying his house and I pointed out they may go to 5% and he said that was a 1% increase! In fact it's a 25% increase but he never really got the message.
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if they did wadey, it would probably be a first!:rolleyes:;)
 
absolutely, now is probably not the time unless you go in with a silly low offer and accept even then it may drop further. You should be in for teh long run if you buy now
 
The price of housing escalated because there is a housing shortage - too many people chasing too few houses.

Ironic isn't it - that house builders are now shutting down building and laying off workers because no-one can afford to buy what they have built.
 
[email protected] said:
The price of housing escalated because there is a housing shortage - too many people chasing too few houses.

Ironic isn't it - that house builders are now shutting down building and laying off workers because no-one can afford to buy what they have built.
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I spent some time on a new development site and to be honest for what they were charging for these buildings and considering how they were built its no surprise. The cost comes (from what they told me) more from the price of the land than the actual build but wether that was bull or not I dont know. Up my way housing with a garden and garage go at a premium compared to those of similar/same age area build quality etc. That though raises the question of the cost of housing on former brown field sites. Ok location, amienities, motorway access etc play a part but the question I have is do those that move to the area benifit it?
 
From what I read, the English real estate market is going to take a bigger beating than the American .... things are still OK here in Ontario, and the housing market is positively booming in Saskatchewan, Alberta, and Newfoundland ... but I still like the idea that there should be more to owning a home than merely looking to make a buck out of it.
 
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