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£20,000 to be wiped off every home

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  • £20,000 to be wiped off every home

    There has been a lot of speculation from experts about the housing market lately with many saying house prices will plummet this year. Research from accountants at Grant Thornton has stated that an average of £20,000 will be wiped off the value of every home by the end of the year. This equates to a [...]

    More: £20,000 to be wiped off every home

  • #2
    This is pretty horrifying. Certainly it is looking like now is a horribly bad time to buy, but give it a year and you might do really well with a house purchase.
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    • #3
      I was intending to buy late last year, but with the market how it is I'm glad I didn't.

      It looks almost certain that prices are going to be coming down and by quite a bit - the main worry I have now is when will the market bottom out? Waiting a year to get on the property ladder isn't so bad but realistically prices may carry on dropping for the next 2-3 years

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      • #4
        Yes, that will be a big worry. It won't be comfortable for anyone who actually needs to buy a place and hasn't the luxury of waiting several years.

        All I can say is use this time to save a nice large nest egg, a big deposit for when the time comes.
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        • #5
          the only time you will lose money in a property crash is if you are a first time buyer, or you are trading down in houses. I bought a house a few years ago, a small 2 bed, and am really looking forward to the housing market crash. Yes my house may lose 100,000 in value, but I dont care, the 5 bed family home I'm after will lose 200,000 in value at the same time, making it possible for me to trade up.

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          • #6
            Many people of my generation are choosing to go directly between living at home and buying their first place, missing out the years of renting inbetween. I guess this year will see a decrease in the amount of first time buyers.

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            • #7
              i am a first time buyer in london with a really small deposite. presently i can just about get a mortgage but i dont know how long my criteria will fit. i have found a great place in a very good location, but its not at a bargin price. Do i wait for the market to drop but risk not being able to get a mortgage or get one now and pay too much and be in negative equity for a few yrs until the market comes up again? note; rent is costing me almost the same as the mortgage....

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              • #8
                I think you need to be clear on being able to afford your mortgage payments. If you default on rent, you move on. If you default on a mortgage, you move on, lose your home, get a nasty credit rating, and get credit doors slammed in your face.

                If you feel you can maintain the payments, then a short period of negative equity shouldn't cause too much harm, presuming your income is secure, and you're planning to live there a good 10 years or so.

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