How far will house prices fall [volume 4]

[anonymous-user]

I am looking to buy a house and my main fear was that there were an awful lot of people waiting on this result. My concern was that if we remained all of these people would suddenly want to buy and prices would go up massively over night and the craziness would continue.

Now I am not sure, if the stock market crashes could these people take their money out and put it in to property?

[EddieSteadyGo]

thelittleegg said:

I'm just about to buy in East London, now wondering if I should stall it.

Let's be honest, no one knows. But I wouldn't be expecting house prices to rise in the short term...

[powerstroke]

anonymous said:

[redacted]

Maybe but one of the drivers of rises at the lower end of the market might be ending
I'm thinking the BTL for housing the eastern european migrants.....

[Al U]

Another one in the minority here that is in the middle of buying a house.

I think for people that have already got their houses they are just thinking that if the market does crash they will ride it out until it picks up again. Those that cannot afford to buy yet and are saving up are hoping for a crash.

Then there are people like me that are close to exchange wondering WTF to do now. If the market does crash I hope it does it quickly! Obviously being quite selfish with that statement.

[WCZ]

thelittleegg said:

I'm just about to buy in East London, now wondering if I should stall it.

i'm stalling on a property which I fully intended to buy.

[Al U]

WCZ said:

i'm stalling on a property which I fully intended to buy.

How long are you realistically going to be able to stall for until the markets move or seller decides to put it back on the market? How are you stalling it as well may I ask?

[boxedin]

You're not the only ones now re-thinking / delaying a purchase.

[jonah35]

thelittleegg said:

Barclays down 35%
Some house builders down 40%

House builders are worst affected. Read of that what you will....

[NerveAgent]

I sold my last place in February so I am sitting on some cash and I'm ready to go but I'm not sure what to expect now.

[BRISTOL86]

We bought this time last year at 95%LTV - we were hoping to remortgage next year at 85 or 90% and now I'm seriously worried that this time next year when we come to remortgage we will have nil or negative equity

[walm]

I fixed my mortgage last December for 5 years.
What.
A.
Muppet.

[p1stonhead]

walm said:

I fixed my mortgage last December for 5 years.
What.
A.
Muppet.

I did the same. Im glad I did. Dont want to have to think about any changes. One less uncertainty in life for the time being.

[walm]

p1stonhead said:

I did the same. Im glad I did. Dont want to have to think about any changes. One less uncertainty in life for the time being.

It just looks like rates are going to be cut so I would be a little better off while still not having to think about it.

[Matt p]

walm said:

I fixed my mortgage last December for 5 years.
What.
A.
Muppet.

I'm in the same boat. Wouldn't say it was a muppet idea. I went for security over house price volatility and getting bit hard after say a two year fix.

[WCZ]

Al U said:

How long are you realistically going to be able to stall for until the markets move or seller decides to put it back on the market? How are you stalling it as well may I ask?

stall was a bad word, I'm releasing it back to the market and taking the fees i've already paid on the chin.

I suspect we will go into a recession now and if so I'm not taking the risk of buying something now which will be £50k+ cheaper in 6 months

[Amateurish]

I'm honestly wondering what I should do about my current house purchase. I'm quite far down the line, exchange soon. Big mortgage, expensive property. Incurred survey fees and legal fees. How worried should I be?

[Candellara]

Amateurish said:

I'm honestly wondering what I should do about my current house purchase. I'm quite far down the line, exchange soon. Big mortgage, expensive property. Incurred survey fees and legal fees. How worried should I be?

Proceed as per normal. The dust will settle

[Pete102]

BRISTOL86 said:

We bought this time last year at 95%LTV - we were hoping to remortgage next year at 85 or 90% and now I'm seriously worried that this time next year when we come to remortgage we will have nil or negative equity

Very similar thing happened to me back in 2008, bought at the peak, sold in 2013 for not insignificant loss. Needed out though mind.

[loafer123]

Candellara said:

Amateurish said:

I'm honestly wondering what I should do about my current house purchase. I'm quite far down the line, exchange soon. Big mortgage, expensive property. Incurred survey fees and legal fees. How worried should I be?

Proceed as per normal. The dust will settle

It depends where you are. What is the price per square foot?

[BRISTOL86]

Pete102 said:

Very similar thing happened to me back in 2008, bought at the peak, sold in 2013 for not insignificant loss. Needed out though mind.

The good news is we plan to be here for a while so not overly fussed right now about the actual value, only the relative value to our o/s mortgage. I already pay through the nose due to a low deposit and if I can't remortgage at 90% in a years time things could be sticky.