Just bought a property and dont know to pay interest rates and get another or just pay the full loan amount!!
2007-07-15 23:42:02 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I don't think the UK property will crash. this would take a real disaster. Prices fluctuate of course but since most people buy on mortgage then they need to sell at a price which will repay their debt so there is a built in resistance to house prices coming down whereas if house prices go up estate agents make more commission and mortgage lenders make more interest so there is a built in underlying boost for house prices to rise
2007-07-15 23:49:44 · answer #1 · answered by Maid Angela 7 · 0⤊ 0⤋
The crash in property has been expected for the last couple of years now and could happen very very quickly.
I would be very careful in a choice of Mortgage and house right at the moment.
I brought my property at the bottom of the last crash for 36k, it has just been valued at 135k, if I could move in somewhere at the same mortgage price I am paying now, then I would! But the lowest I could get is way out of my budget range.
2007-07-15 23:51:19 · answer #2 · answered by Kevan M 6 · 0⤊ 0⤋
I suspect there will be a crash in the next few years. However in 1989 my house was worth £120,000 a year later it was around £90k, after 5 years it was back to £120k but now worth over £350,000. So if there is a crash just sit tight and it will eventually bounce back.
The only thing to worry about is I can remember 15% interest rates, true it only got to 15% for a few days but it was well over 10% for years.
2007-07-15 23:50:21 · answer #3 · answered by Jim 5 · 0⤊ 0⤋
I doubt there will be a crash but a slow down in prices as there is a shortage of properties. If there is a crash then it will help 1st time buyers getting onto the property ladder but will screw those who have just bought.
2007-07-15 23:55:31 · answer #4 · answered by Mogseye 3 · 0⤊ 0⤋
The marketplace is unquestionably previous due for a correction - maximum in all danger as much as twenty% of contemporary values. All markets - in spite of if genuine supplies, inventory, bonds, futures and so on - bypass by using cycles the place values decline. the income of supplies is that regardless of the undeniable fact that the marketplace fee could decline quickly, the valuables remains there; while the marketplace recovers, you will nonetheless have a marketable asset.
2016-12-14 10:17:08 · answer #5 · answered by ? 4 · 0⤊ 0⤋