House prices down 1.7% in July - Halifax

[DimPrawn]

anyone own their accomodation without a mortgage yet? did you buy it all with cash? possible for an experienced contrator I would have thought

Bought in the early nineties for close to nothing. Switched to a flexible mortgage and just made big payments in every few months. Paid it all off over about 7 years start to finish.

[TykeMerc]

anyone own their accomodation without a mortgage yet? did you buy it all with cash? possible for an experienced contrator I would have thought

I bought this place for cash then mortgaged it when I needed to free up some capital. I now maintain an offset mortgage with very little outstanding on it so that I have cash on hand for when I take some time off as I am now and for emergency cash.

[contractor79]

anyone own their accomodation without a mortgage yet? did you buy it all with cash? possible for an experienced contrator I would have thought

[Xenophon]

BTW - Can anyone lend me a tenner ?

Yes. I'm loaded.

[NetworkNinja]

Buy lottery tickets.

I'm already a subscriber to the stupid mans tax !!

Started looking for contracts that offer higher rates (regardless of area) to try and cover any potential shortfalls. Its worked so far.

BTW - Can anyone lend me a tenner ?

[DimPrawn]

I took out my mortgage with NR just over a year ago. However due to the fact the purchase took a long time to go through my 2 year fixed period ends in March next year. I'm faced with a difficult scenario. I haven't been contracting long enough for the majority of lenders to consider lending to me (most want three years) and the amount of mortgage I need scares off those that will.

I spoke to NR and they informed me they wont offer any new products to existing customers and once the period ends my mortgage repayment goes up by over 25% (based on todays base rate). At the moment, we're a bit unsure of what to do. Looks like we either have to bite the bullet and pay over the odds to stay in a house we're not that fond of, or sell up, loose some money and go into rented. We got a good deal on the house when we bought it which we though would always give us a bit of leeway if the prices fluctuated but it seems now as if all bets are off !!

Buy lottery tickets.

[NetworkNinja]

I took out my mortgage with NR just over a year ago. However due to the fact the purchase took a long time to go through my 2 year fixed period ends in March next year. I'm faced with a difficult scenario. I haven't been contracting long enough for the majority of lenders to consider lending to me (most want three years) and the amount of mortgage I need scares off those that will.

I spoke to NR and they informed me they wont offer any new products to existing customers and once the period ends my mortgage repayment goes up by over 25% (based on todays base rate). At the moment, we're a bit unsure of what to do. Looks like we either have to bite the bullet and pay over the odds to stay in a house we're not that fond of, or sell up, loose some money and go into rented. We got a good deal on the house when we bought it which we though would always give us a bit of leeway if the prices fluctuated but it seems now as if all bets are off !!

[TimberWolf]

Where would we be if everyone could afford to buy a house without being in debt all their lives. Ruined that's where. Everyone would just stay at home winking. HTH.

[DimPrawn]

I can't see how everyone borrowing like mad to buy a house is any good for anyone

It's good for banks.

Boomed! Borrow 10x your income for 50 years. You know it makes sense.

[snaw]

I can't see how everyone borrowing like mad to buy a house is any good for anyone

Yeah, cash only is the way forward.

[contractor79]

I can't see how everyone borrowing like mad to buy a house is any good for anyone

[TykeMerc]

That will still leave the "average" house price >£150k which is bloody silly.

Ok I'm in a good position re my house value and mortgage, but I've felt for quite a while that the property prices need a hefty readjustment so that people can afford to get a house without an insane debt burdon.

[beaker]

I wonder where this figure will sit by the end of the year? Prices are off by 10% since Jan, so I think new year should see annual rate of decline hit 20%.

Loverly jubbly.

That's one big pickle you have there

[Pickle2]

http://news.bbc.co.uk/1/hi/business/7546644.stm
taking the annual rate of decline down from 6.1% to 8.8%.

I wonder where this figure will sit by the end of the year? Prices are off by 10% since Jan, so I think new year should see annual rate of decline hit 20%.

Loverly jubbly.

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/7546644.stm

The house price slump continued in July according to the latest monthly report from the Halifax.

The lender said prices fell another 1.7% last month, taking the annual rate of decline down from 6.1% to 8.8%.

The Halifax calculates that the average house in the UK is now worth £177,351, back to the value seen in June 2006.

The bank said demand from home buyers had been "significantly curbed" by the lack of mortgage funds, high prices and the squeeze on household finances.


Boomed!