me and my girlfriend are trying to get a morgage, the morgage offer we can get is rubbish and all we can afford is a crappy 1 bed flat.
2006-07-19 00:57:05 · 15 answers · asked by bender 3 in Home & Garden ➔ Other - Home & Garden
House prices will go down when the little piggies start to develop wings. Sorry.
2006-07-19 01:01:20 · answer #1 · answered by Roxy 6 · 0⤊ 0⤋
So, what are you guys planning for the next 3-5 years? I predict that the bottom will drop out of real estate prices in 4 or 5 years...
Starting in about 2010 or so, peaking in about 2016, all the Baby-Boomers will be retiring, their kids will be moving away from home, etc. They're not going to want their bigger 3-bed homes anymore- they'll only need 1 bedroom, so there will be a glut in the housing market... especially if you want a bigger home.
This time could be a blessing in disguise- give youtime to make sure your credit is clean, save some $$ toward a down payment... that down payment can go a long ways toward droping your mortgage payment and possibly even your interest rate (which is ALWAYS a good thing!!).
2006-07-19 08:06:22 · answer #2 · answered by Yoda's Duck 6 · 1⤊ 0⤋
There is speculation that the Bank of England will raise interest rates soon - but I doubt that this would impact significantly on house price trends. You could (people do) create scenarios were a number of factors come together to cause a house price "crash". A relatively sudden exit of buy-to-let investors from the market (for economic or demographic reasons) is, I think, a particular concern. But long-term, it seems that demand will continue to exceed supply and that house prices will therefore continue to rise. I would advise buying now. Even if you suspect that house prices will drop in the future, will the additional rental payments you will make waiting for that moment outweigh the saving?
2006-07-19 08:15:44 · answer #3 · answered by Mark J 1 · 0⤊ 0⤋
buy whatever you can - I had a crappy 1 bed flat which I sold 18 months later for double the money - this gave me enough equity to buy my next house (still not a great house) then I sold that and bought the house I wanted (4 years from buying the first flat) if you can afford something buy it. It will only go up
2006-07-19 08:07:29 · answer #4 · answered by themelon 2 · 0⤊ 0⤋
It is very doubtful that house prices will ever really go down. They are very likley to go up each year (albeit at a slow rate). I suggest you buy a rubbish 1 bed flat and live there for a few years whilst you pay some of the mortgage off, and then move on upwards in a few years. Bo-Selecta Rewind
2006-07-19 08:04:53 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Sorry hun but there are going up by about 20k a year start with a flat make some money and move on thats what i did and i now have a nice big house. It will take time but we have to start somewhere good luck and look at other areas
2006-07-19 08:06:10 · answer #6 · answered by dizzymooo 4 · 0⤊ 0⤋
You will just have to go for what you can get at the moment as the house prices are due to increase on a yearly basis over the next few years, at least if you get a 1 bed you can sell it later at a higher price and put towards a bigger place, we all gotta start somewhere.
2006-07-19 08:06:21 · answer #7 · answered by ooooh look @ me, lol 3 · 0⤊ 1⤋
Housing will always go up. That is why it is such a good investment.
Your best bet is to try to save a little more for a down payment and look for a fixer upper with owner financing.
Good Luck.
2006-07-19 08:01:44 · answer #8 · answered by Anonymous · 0⤊ 1⤋
They NEVER go down in the long run.
They might fluctuate short term.
Perhaps you could look further afield.
It's amazing what you can get for the money the further you are from the centre of a city.
2006-07-19 08:02:07 · answer #9 · answered by Anonymous · 0⤊ 1⤋
When someone takes over from Gordon Brown and cocks it all up causing a housing market crash, yay!
2006-07-19 08:44:36 · answer #10 · answered by Anonymous · 0⤊ 0⤋