That’s fab! Hopefully it’ll still be available when the time is right, but if it isn’t park it and move on. Don’t keep comparing everything to the house that got away....you may never find anything if you do and miss out on lots of great properties as a result....everything happens for a reason!Guys I have found a house that I really like and would be perfect for us. It is exactly what I want and the location is perfect! We would have to save up a little bit more for the deposit though and would like to wait until the market settles to make the offer! Hoping it is still on the market in a few months time.
I don’t know much about buying houses in the uk in general but I thought the minimum deposit was 10% unless you’re getting a new build on a help to buy scheme? Maybe different in Wales where I am. I wouldn’t be surprised if banks start asking for higher deposits too which is a pain. We were supposed to start looking end of this year, and we were in the process of setting up a meeting with a mortgage advisor so this is all now on hold. I’ve been checking rightmove and nothing seems to be much cheaper, but nothing is selling. I’m scared that no one will sell after lockdown and we’ll be renting for years! Unless we get a new build which I am dubious about if I’m honest.
Interesting insight, thank for sharing! 1.7% is quite low but still a decrease which is huge as pre-covid prices were steeply increasing!Nationwide report house prices down 1.7% in May.
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House Price Index Headlines | Nationwide
Read the latest headlines on the house price index and download our monthly and quarterly house price index reports.www.nationwide.co.uk
UK house prices fall at fastest rate since 2009 amid coronavirus crisis
UK house prices fall at fastest rate since 2009 amid coronavirus crisis
Biggest monthly drop since financial crash as potential buyers delay for six monthswww.theguardian.com
I think -1.7% now in a month while many things are effectively frozen is actually huge. Could be low transition levels but it won't be until September when things become clear.Interesting insight, thank for sharing! 1.7% is quite low but still a decrease which is huge as pre-covid prices were steeply increasing!
Lots of people say that. But I highly doubt it, they'll only lose money if they bought near the peak and for anybody that wants to move to a new house the new one will cost less, so it makes little difference. If anything may benefit those that want to upsize the next house costs less and everyone will save on stamp.If prices fall massively it’ll cause a massive shortage, people will choose to stay put and extend or just live with what they have rather than lose thousands
This seems like the biggest recession in living memory, will need a lot of stimulus in the budget next month to stop any impact. We will see though.I don’t think this is going to have a huge impact on house prices overall
Aw I'm glad you got yourself sorted. It is really hard to buy a house and you did what you thought was right so don't beat yourself about it. Please may I ask what percentage did you initially buy your share for and what percentage would you like to buy? You don't have to share! Just interested to see how people work this scheme out.I had literally no choice but to get a shared ownership property - I got a new build. My situation was that I was living with my Mum in a HA property and when she died they evicted me and I had 4 weeks to get out (I didn't tell them until I had sorted somewhere to live so gave myself 8 weeks). Rent where I am is extortionate and I was being asked for 40/50k for a deposit for a full mortgage which I didn't have and couldn't get in that time. My mum unfortunately had no insurances/savings etc either only her death in service grant which enabled me to buy via shared ownership. My only hope is that house prices slump now to a level I can staircase my other half otherwise I've got a few years of saving ahead of me (and I went through my lease with a relative who is in housing So know the leasehold etc rules and if I buy the final % I then obtain the freehold at no fee which is positive ish). Desperately need prices to drop selfishly!
Heya I'm on 50/50. I do have to maintain but for the first 2 years the house was under a warrantee so alot got fixed from that and all gas/fire checks are done annually by the HA who own the other half but I would like to own outright one day so I am trying to save what I can to do so. I find mortgages bizarre as if I can afford shared ownership why can't I afford a mortgage (which i could). But yeah was this or homeless. I know what I'd preferAw I'm glad you got yourself sorted. It is really hard to buy a house and you did what you thought was right so don't beat yourself about it. Please may I ask what percentage did you initially buy your share for and what percentage would you like to buy? You don't have to share! Just interested to see how people work this scheme out.
I couldn't get a HA property as they said I earned too much, clearly didn't if I couldn't get a full mortgage alone with an obscene mortgage (also in the south and work for the council lol) my building insurance is covered by the HA who have 50% and they send me the insurance certificate and then I'm liable for contents and maintenance. I do wish I could own it all but the circumstances didn't allowWe brought a new build last year and I think it will lose money if we sold now but we don’t intend to. We will stay here forever now.
the rooms aren’t huge but the dc are all almost grown up and will move out at some point and so we won’t need tonnes of space. The only reason I could see us selling would be to move to a much smaller more manageable property.
Our first house was shared ownership and it’s nothing like you’ve said above. It was a new build and most of the shared ownership properties around here seem to be new builds unless a part owner is selling their share.
This was in 1996/7 though. We brought 50%!at a good price and the rent was much less than the mortgage. We were also liable for the buildings insurance and had to prove we had content insurance as well.
the downside for us was when it came to selling. The housing association had to have 6 months to sell it and they did nothing. Not a thing! We sold privately in the end but a long time after initially wanting to sell. We could have staircased but the property was 2 bed and no garden and we were selling as baby number 2 was on the way. Well he’d arrived by the time we moved.
It’s also misleading to say that those buying shared ownership would be entitled to council/housing associations housing. The area I live in has so little housing stock that even if we had been anywhere near being eligible for a house from them it’s on average a 10/12 year wait. And no guarantee even then.
there are not many authorities now especially in the south that can and will house people/families that are working.
We have friends stuck renting as they have had to private rent and have moderate salaries of say £25-30k that can’t save and haven’t had inheritances or parents that can give them money.
How do you think it would affect mortgages and LTV offered?Look's like 90% LTV have been pulled again after a short re-introduction, so could mean lenders are factoring at least 10% reduction in house prices
First-time buyers frozen out as 90pc mortgages pulled from sale
One bank said it had experienced its two busiest days in 17 years of business – with some daily deals gone by 8.30amwww.telegraph.co.uk
Short term high LTV products are in short supply. Long term like everything who knows. House prices are likely to fall at least 10% this year. Next year who knows with all the money printing.How do you think it would affect mortgages and LTV offered?
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