Is the house price crash like a breath of fresh air?

Question

For people priced out with no hope of a future they can now look forward to owning their own home.

Answer 1

What a nice attitude you have. Prepared to benefit from others misfortune. No doubt you  will furnish your new house from Bailiff sales.

Dave s- Yawn....I am not about to be repossessed why would you think I am? I am  merely critical of the posters attitude. I would wish housing WAS more affordable for first time buyers I just don't think you should be happy to ride on the back of someone else's misfortune. I am very well educated thanks..went to uni and everything not just 'high school' pfffft.

Answer 2

Haz is an idiot.

Its those idiots who are now being repossesed who helped fuel the fire over the last few years, rushing to buy everything and anything that was going.

This is simply teaching people an economics lesson that I learned back in High School. Unfortunately there are a lot of idiots out there who dont understand how the economy works and believed houseprices could outstrip the CPI forever.

Answer 3

The prices have not dropped that much.  Many first tme buyer are still priced out.  We are a ways off from people finding themselves in negative equity, unless you took out a 100% mortgage, or are on an interest only and have borrowed against the increased value.  The borders are still open, the migrants are still flooding in, housing firms are laying off employees and scraping projects faster than any time in the past 10 years.  The prices will not go down that much.  It's the ones who offer there house for sale at inflated prices that won't get what they want, so then drop the price, then the monthly records are done and an overall drop is seen, but in reality it is not that much.  The prices are not going to drop that much, who in their right mind would offer a house up in negative equity, unless they were forced to because they were unable to make there repayments.

Answer 4

The positive and macroeconomic effects of the housing crash and boon in jobs had positive impact on jobs, income and spending.

Answer 5

For first time buyers you are definately right.

For recent buyers no.

Timing in the market is a tricky thing no one knows when the bottom is reached.

My advice is wait.

Buy near where you are working.

Start saving.

I hope it does not turn into a hurricane.

Luckily my house is fully paid.

Best of luck.

Answer 6

depends on each individuals situation...witht he economy   homes may be more affordable but people losing their jobs still cannot afford those homes

Answer 7

Plenty benefitted from the misfortune of those who could not afford to buy by charging excessive rents. It is high time some balancing started out.

Answer 8

Yes. It was both necessary and inevitable. And I agree, it is the only hope for first time buyers, However, just listen to all those that caused this problem calling for lower interest rates. The BOE must resist these clarion calls.

Answer 9

Well the flip side is for people who own they may have no future of ever having another home because their current home is mortgaged to high.  I'm lucky in the sense that my home is worth what I paid for it but I have but about $20k into it.  Plus the rules for mortgages are so tight now I'm not sure I could get one till have a large down payment.

Answer 10

No because people who are 'priced out' cannot get 100% mortgages therefore needing to save up massive deposits. So no.

Answer 11

As much as i am all for first time buyers having a helping hand in the right direction which i think they really need, i think it is very unfair that a family bringing up children with a mortgage they have had for a few years to now find themselves in negative equity and might lose there homes that they have worked much of their lives for is absolutely sole destroying.

This is a cruel world!