 I'm currentley looking into buying my first house. The maximum mortgage I can get is £50,000.? |
| £50,000 won't buy me a house in or around my area. Is there no chance of me getting my own house unless I'm lucky enough to get a really well paid job? How do other people do it? I really ... |
|
 What would be the first thing you buy with 1,000,000 dollars? |
| The first thing I would buy is an additoin to my house......my ... |
|
 How can i convince my parents to move to an apartment? |
| i live in a small one story home, but it is cramped up and very depressing.there are times i dont even want to come home. i have to share my room that is very crowded. id love to have my own room, ... |
|
 HOW MUCH RENT SHOULD WE CHARGE NOW? |
| My Brother-in-law is currently living with my husband and I. We charge him $500 a month for rent, food and bills that include his cell phone and car insurance (we are under a family plan with the ... |
|
 Does my landlord need to replace the broken refrigerator? |
| When I signed the lease and moved into my apartment 3 months ago, a refrigerator came with the apartment, and it worked fine. Well this week it broke. My landlord came over to inspect it, but doesn&... |
|
 How do I get my mothers house? |
| My mother lives by herself in a huge 3 bedroom house in Hampstead that she's been in since the late 1960s. It's a (Camden) council house. She unfortunately is an extremely agressive nasty ... |
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 If you live in an apartment or rent a house.....? |
| How do you pay for it? Like do you have a good paying job? Just wondering. I make $10.40 an hour and it seems like I will NEVER be able to afford my own place. :(... |
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 Girlfriend and I bought a house together. We broke up and I want the house in my name whats the first step? |
| We seperated over a year and a half ago. I have been paying the mortgage myself since without a problem. She has told me she will have her name taken off the mortgage but it hasn't happened ... |
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 Does the seller have to lower his asking price? |
| We are In the process of buying a house, we had the property we are wanting to buy surveyed (home buyers pack) and the bank (barclays) value the property £13,000 less than the asking price we ... |
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 Please help? I am selling my home and my buyer wants to move in before the closing day.? |
| We tried closing twice before but it was contingent upon him selling his house in Maryland, which eventually got sold on Friday. Would you let someone lease or possess the house before closing? A... |
|
 Rent is dead money ? |
| heard so many people refer paying rent to money down the drain, but what about interest from mortgage ? isnt that money down the drain also ? only interest go to brank's drain , while rent go to ... |
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 Do I have to tell my landlord I lost my job? |
I've been retrenched from my job and I'm looking for work, I have enough money to keep paying rent for another 3 months.
Do I legally have to tell my landlord I'm currently ... |
|
 What else do estate agents do? |
From what I can tell they…
1: Take bookings and show people around your property.
2: Advertise your property.
3: Inform you of any bids made on your property.
Is ... |
|
 What to do about noisy neighbors? |
| I live downstairs and the other neighbors live downstairs as well. They play there music loud to annoy me and I have to turn my TV up, but then they blast there's and I still can't hear ... |
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| Should I buy a 900 sq ft home for $70,000 or a 1300 sq ft mobile home for $55,000.? |
The house is complete but basic. The mobile home has all upgrades.
Additional Details
I'm 42. No children at home. House or mobile home would go on same land which is not in a ... |
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 Can a 16 year old get an apartment? |
| Im almost 16 and Want my own apartment. Im not kidding, I have a job and Is already supporting myself. No dumb answers.... |
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James D | Will the property market crash? |
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commentator
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It will eventually stabalise.
There will be a number of corrections ( so crash is relative to how much you paid and how long you can afford to hang on)
Different areas will be changing values at different rates but in essence here goes:
The South East will maintain a very healthy outlook for a long time as more people live here and more people will move here ( children alone and divorces will keep the market buoyant for a long time) Add to that immigration and high property prices it will mean entry levels for proerty will continue to rise ( downsizing will occur )
Rest of the country is driven by income/inheritence ratios
Earnings inflation will drive prices in areas of increasing employment.
Areas of growing unemployment or where earnings are flat rely on inherited money to sustain the property market. Since the right to buy council homes in 1979 when Maggie came to power and people bought at a discount the proerty market has been artificially upbeat ( of course ineterst rates play a part but are not the real critical factor )
As the effect of free money gets diluted with 3 or 4 generations down the line inheriting a smaller % ( 8 grandchildren to 4 children etc) then the buyer has to rely on earnings ratio to purchase at this point all bank rate does is determine whether you buy at a multiple of 2 4 6 etc.
Past 6 times earnings IT IS IMPOSSIBLE TO PAY BACK.
So my guess is South east 50 years rest of country 30 then it flattens.
Old age care provisiosion will then cause the backside to fall out of the market as people have to sell their homes to pay for care a glut of properties appear and less gets left in wills as people live longer and have to discpose to pay for care at that point the market goes into freefall and we get an economic downturn bigger than at anytine in history.
But hey what do I know!!! |
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Saqlain J
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I doubt it very much. With more Eastern European countries joining EU, the open borders that we have for labour from those countries, inelastic supply of land in metroplises, inelastic supply of new houses in big cities... I doubt if the property market will suffer a crash that we have seen in the past.
Having said that, higher the BoE base rate goes, lesser the demand for new mortgages and hence the property prices will go down. But I can not see the base rate factor alone acting as a counter-balance to all that's raising the house prices.
Other than simple demand and supply issues of housing market, any upheavel that the stock markets might suffer because of any unforeseen events will see the capital flowing from bourses to housing market.
A house, in the longer run, is a safer investment than capital markets. |
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PETER F
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Well it can't stay the way it is. I heard recently that the average house price is ten times the average salary so they have to come down eventually. It will only take interest rates to go up a percent or too to have them going into freefall.
Mind you there are a lot of people who say they won't. However I remember a few years ago people telling me that the stock market wasn't going to crash because the economy was stable under labour. How wrong they turned out to be. The same bloke lost a fortune on shares and his endowment was worth about a third of what it should have been.
As someone else said, what comes up must come down. |
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Chris G
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No - I think there will be a slide but not a crash. The reason being that everyone expects a crash and the market never goes the way people think it does (otherwise we would all be asset-rich millionaires!). |
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Felidae
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Depends; which country are you in? |
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kardea
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In Canada/USA definately! |
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bambam
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No. |
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Why Not!
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no way, this is just a correction phase..... |
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Drew
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Yes it will.
http://www.breakingbubble.com/index.htm |
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Stumpy
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I didnt know that property was driving!! |
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Notorious
 |
If you live long enough, you'll see many things.
Hopefully we are not talking about a huge crash here, but WHAT GOES UP MUST COME DOWN; SPINNING WHEELS DO GO AROUND. |
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Rawz
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i hope so i need to earn £60000 per year to get a mortage in my area the average income is £15000 you do the maths |
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DARREN B
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No but stabilisation over the next five years whilst interest rates go up may still leave many people unable to pay their mortgages or move. |
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jester
 |
Property prices are determined by many factors, most continually in flux.
In UK, especially southern UK, cost of getting onto the bottom of the housing ladder is now beyond all but very well paid and wealthy (huge deposits from Mum and Dad etc). If there is no one to buy starter homes at prices needed for their present owners to trade up, they don't sell, if they don't sell, everything slows. Small properties and first time buyers under-pin the whole market. It has only been kept buoyant so far by the wealthy and those investing in rental properties, and regardless of the 'spin' we all hear about how market will carry on like this forever, it is only 'spin' to try and overt an inevitable slow-down and crash.
Add to this the: struggling job market, imminent mortgage interest rate hike, continued building frenzy, rising utility costs and rumoured 'brain drain' and you have a potential disaster for the whole country.
Everyone is working busily to prevent a crash and talking the market up like as if that will stop it, but the longer it takes the harder it will be. With the levels of debt everyone apparently has, based on over-inflated house prices, everyone will come to learn what negative equity is.
On the plus side, if you are waiting to buy and are saving hard, you should be able to pick up a bargain from some poor soul. |
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Searchlight Crusade
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Depends upon where you are and what your definition of crash is. The real estate market is only a statistical amalgamation of local markets, not itself any kind of unified market.
Here locally, we've lost about twenty percent of peak value and may (or may not) lose another ten before it turns back up. If that's a crash, it's already happened.
Some places aren't overpriced at all. Others are badly overpriced. As you might expect, that has an influence on whether they will crash, but I wouldn't be looking for anywhere to lose more than thirty percent. |
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Stookie2
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Doubt it. Not unless there is a population crash first. Everyone always needs a place to live. |
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psychoticgenius
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Eventually yes. |
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Pandak
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The operative word here is not "will" but "how far", for the market is already going downhill, and the speed is increasing. The government (and the Fed) cannot afford to let the market crash because millions of people would lose their shirts (make that lose everything but their shirts), and a depression (or at best a recession) would occur.
Right now, building construction worker is a bad occupation; increasingly, real estate agent and broker will become a bad occupation. Banks are on edge (those who gave out ARMs, for example); many people have mortgages that are higher than the value of their houses (and the house value is decreasing, so they hold debt that is more than the value of what they got into debt for). I think the whole house of cards (actually, house of wood) will come tumbling down in the course of the next year so that by this time next year, many homes will be sold for 50 to 80 percent of their current book value)...Want to buy a home? Wait a year. |
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