Do you think its really cool that house prices are dropping? soon more and more people will be able to afford?

Question

again. We can only pray and hope

Answer 1

Lower prices are good ( if you can get a mortgage ) for everyone except for the government ( stamp duty+inheritance tax) and those trading down or inheriting property. Higher property gives the elusion of wealth and encourages the foolhardy to borrow too much. Unfortunately everything else isn't equal and lower prices are because the economy is about to enter the worst recession since the war.

Answer 2

It's a bit of a double edged sword because a lot depends whether houseowners will be prepared to sell at a loss or sit tight.  Anyone who bought a house at sky high prices is unlikely to sell but those whose mortgages are paid off or who bought at low prices during the last recession in the early nineties may be prepared to sell.

For a potential new buyer, a house that has been repossessed (and the numbers are rising) is the best bet.  Unfortunately, one person's gain is another persons misery.  So no, I don't think it's cool.

Answer 3

good if you bought your house 5 years ago very cheaply like me, ive made 100% profit and don't expect to lose a huge amount

Bad if you bought your house last year for arguments sake, my house was worth 120K having paid 54K for it 5.5 years ago. If i had paid 120K last year for it it would have lost money (negative equity) as it is only worty 106K at the moment.

However if you want a nice house for around this price move up to Yorkshire and grab yourelf a bargain.

there is a house opposite me that has just been repoed by the Halifax on the market for 85K it needs attention cos the owners trashed it after failing to keep up with their repayments

Answer 4

its terrible for the people like me who already own a home!

Answer 5

oh yeah, its brilliant - not!

house prices are lowest they have been in years, but people still can't get mortgages cause the rates on them are worse than they have been in years!!! so although theres a pro, theres a big con too!

Answer 6

Yes, providing these people can get mortgages of course.

Answer 7

Falling house prices may not actually help first time buyers much given that the credit crunch has increased the amount of deposit required to secure a mortgage and made the borrowing more expensive.

Also, it's interesting that people think that everyone has the right to buy a house.  That's not the case in many other European countries - renting is the norm.

Answer 8

Be careful what you wish for! Remember as someone has previously stated, the signs are that we are about to enter the worst recession or "global credit crunch" since WW2  sounds like newspeak to me, as a result of that "depression" the NSDAP gained power in Germany and we all know what happened then, as London house prices pretty much control the rest of the country and as London has a mayoral election soon, I think we will see a big shift to the right with Boris Johnson as Mayor and the BNP,UKIP with maybe a small voice, as history has shown time and time again, once the economy in the UK has entered a sharp decline because of the Labour party, there has always been a shift to the right  since the war. Now our Armed forces are fighting a war ,many English people believe is wrong and it is Labour which has done this.  Best of luck with with your purchase.

Answer 9

not for the owners...just buyers

Answer 10

More and more people will not be able to afford homes as they won't be able to get a mortgage!

Answer 11

yep, and i know people who have been born and bred in they're country and STILL can't afford to buy they're own home.

Answer 12

here is 2 sides to this, it is good for 1st time buyers that the prices are coming down, but for the ones who bought a house when the prices were at there highest will be left with negative equity as they wont get as much for the house they bought, i want to sell up incase i lose out too much, i cant afford to.

Answer 13

A good thing.Yes.Everyone should have a chance to own a home.

Answer 14

good for buyers but not in the long run

Answer 15

The house prices are not dropping. Their annual growth is dropping. Instead of it increasing by lets say 4% its increasing by 1%.

Answer 16

Cool, COOL! YOU MUST BE JOKING, NEGATIVE EQUITY. DOES THAT RING A BELL? Affordable housing does not exist anymore.BTW after years of paying the mortgage off and now owning my own house I would like a return on all that interest I had to pay off.

Answer 17

All your roles, personna, and jobs are becoming undefined, from US devolution.

You cannot manufacture.  You are hostages.  You are preyed upon.  Yet you survive, until . . .  you disappear.