Good reasons to buy property NOW !

[snaw]

I wonder how you'll feel when you realise that the payments you are making now would have bought you a mansion in 2 yrs time, but you can't sell up and move due to negative equity.

You reckon it'll drop a massive more than the 20% we got off asking price then? ... I'd expect maybe another 5-10% max at some point but we need a bigger place, and I don't really want to wait on the vagaries of the market for the massive 'mansion' drop you're on about in two years.

[DimPrawn]

You reckon it'll drop a massive more than the 20% we got off asking price then? ... I'd expect maybe another 5-10% max at some point but we need a bigger place, and I don't really want to wait on the vagaries of the market for the massive 'mansion' drop you're on about in two years.

Prices will be 40 - 50% down in 12 to 24 months.

It always amazes me that people accept without a blink of an eye that house prices can rise 50% for no apparent reason apart from the availability of cheap credit and yet cannot accept the same fall when the credit bubble is removed.

[rootsnall]

You reckon it'll drop a massive more than the 20% we got off asking price then? ... I'd expect maybe another 5-10% max at some point but we need a bigger place, and I don't really want to wait on the vagaries of the market for the massive 'mansion' drop you're on about in two years.

How long is a piece of string !?

If you can financially cope with a possible big drop then take the plunge and live with it come what may. It's not much fun looking at Rightmove everyday with a growing household ! There is also the risk of hyperinflation wiping out the massive debts out there and making the prices seem not so silly.

[DimPrawn]

How long is a piece of string !?

If you can financially cope with a possible big drop then take the plunge and live with it come what may. It's not much fun looking at Rightmove everyday with a growing household ! There is also the risk of hyperinflation wiping out the massive debts out there and making the prices seem not so silly.

Sadly the hyperinflation we are seeing on fuel, food etc (e.g. 20+% pa) is not going to be reflected in incomes. If anything, incomes will fall due to massively rising taxes combined with recession and rising unemployment.

So the £500K bedsit will still seem expensive in a few years.

[rootsnall]

Prices will be 40 - 50% down in 12 to 24 months.

It always amazes me that people accept without a blink of an eye that house prices can rise 50% for no apparent reason apart from the availability of cheap credit and yet cannot accept the same fall when the credit bubble is removed.

I think we are in for a big crash but I don't think the official figures will come anywhere near that in that timespan. If you are looking at buying in areas of high turnover ( ie. London and its commuter belt ) then you might see individual houses losing 50% if things go really pear shaped, I know flats lost 50% last time round in ropey bits of London for a very specific time period.

[TheBigYinJames]

Can't be long until the BBC is wall-to-wall programmes about Property Developers giving up the strains and stresses of the rat race, for the quieter climes of City trading.

[DimPrawn]

I think we are in for a big crash but I don't think the official figures will come anywhere near that in that timespan. If you are looking at buying in areas of high turnover ( ie. London and its commuter belt ) then you might see individual houses losing 50% if things go really pear shaped, I know flats lost 50% last time round in ropey bits of London for a very specific time period.

Prices are now falling 2.5% in one month. Even assuming an average fall of 1% per month over the next 2 yrs equates to almost 25%.

1% is relatively speaking a soft landing.

[oracleslave]

You reckon it'll drop a massive more than the 20% we got off asking price then? ... I'd expect maybe another 5-10% max at some point but we need a bigger place, and I don't really want to wait on the vagaries of the market for the massive 'mansion' drop you're on about in two years.

Snaw, did you buy in SW london again?

[Platypus]

Prices will be 40 - 50% down in 12 to 24 months.

Cool! I might be able to afford something.

[chicane]

Cool! I might be able to afford something.

You can afford something right now you know:

http://www.rightmove.co.uk/viewdetai...a_n=5&tr_t=buy

What are you waiting for?