Getting Old...

[archangelonline]

As we close in on my 27th birthday, time for me to get really old and start discussing house prices

Comments

[arethosemyfeet]

The problem is that, while ostensibly lower house prices would be a good thing, having them fall too fast will absolutely cripple anyone with a large mortgage wanting to move. If house prices aren't within about 10% of their current cash value when Fluzz and I next want to move (e.g. when we have kids), then we're pretty well scuppered. There is also the effect on the economy to consider, which will tank even faster if house prices start to fall. The best option I can see is a gentle decline ( say 5%) in each of the next couple of years follower by zero growth so earnings can catch up.

[archangelonline]

Well, yeah, I figured there'd be broader economic knock-on wodjamas, but I'd like to be able to afford a house at some point before I'm much over the age of 30.

I just get pissed at how the media always focus on the stress caused to people trying to sell their house, and only later tack on, "Oh, and it sucks to be a first time buyer."

[arethosemyfeet]

To be fair, if you are accepted for police training your salary once qualified will be large enough for a house in Morecambe at current prices, just not the exhorbitant bought-to-let prices in Lancaster.

[captain_carrot]

*Once you've managed to save the 15-20 minimum deposit everyone is asking for now. 100% mortgages do screw you over compared to ones with even a small deposit, but at least they were an option before. I think i've only seen 1 company still offering them, and all the ones who were ofering 125% or whatever so you could have some extra cash to do up the house a bit as well have vanished completely.

Not that i'd want a 100% mortgage, because of the aforementioned screwing, but for some people who are unable to raise the initial deposit it's the only option.