Steve vRS

We are looking to buy a house at the moment after selling ours last year.

We had a mortgage affordability certificate from the Nationwide at Xmas and I've just been to see them again this morning as we've seen a house we want to offer on. The affordability has tumbled due to new tighter lending. I can still afford the house but it's making me wonder if this is a good warning that the market is about to crash again.

A colleague is also looking to buy a new build for around £177k. His mortgage co. value it at £155k !

Thoughts please...

Steve

Coffin Dodger

Banks being responsible in who they lend money too, can't be right surely

Steve vRS

I wasn't implying it was wrong, just wondering if sellers will quickly readjust their price expectations to reflect the lack of money in the market or whether there will be a Mexican standoff!

Steve

dunx

iTrader: (3)

That just means that you tell the developer what it is really worth, and let them price cut to suit. It happened alot this year as the last few on "our" development were completed.

IMHO

dunx

madscoob

iTrader: (3)

nationwide are a bunch of dicks the just told me i couldnt afford another £15.00 a month on my personal loan with them dispite paying a 190quid a month mortgage with the during the course of the loan .. mortgager is now payed off as sold second house . so therfore i am /we are 190quid better off as we have no mortage at all now and they tell me i cant afford another £15.00 a month ??? WORD THAT ONE OUT LOL

Midlife......

iTrader: (2)

Steve

Hope it all works out for you

When we were selling / buying there were 2 views on newbuilds. One developer (Otters Holt, Calthwaite) simply didn't budge on price, they were waiting for the market to pick up. The Developer we bought our house from in the end did drop his price because he was a small developer and needed the cash flow.

Shaun

FlightMan

WORD (sic) that one out?

What, your dispute with Nationwide, or your attempt at describing it?

madscoob

iTrader: (3)

i have had both a loan and mortgage with them for years 190mortgage and 155loan . i have payed off the mortgage in full and wanted to renew loan and was told sorry sir that will mean a extra 15.70 per month on your repayments you cant afford it . if i wasnt sat down i would of fell over laughing.

pslewis

I would say that their caution is because prices have shown a drop.

Mortgage approvals have collapsed.

Many more properties are coming to the market.

General Election looming - doubts at what lies after that.

It all unsettles confidence and that results in buyers fading away and prices dropping further ... deterring more buyers and further price falls ... I think 2010 will be the correction year for the property market.

So, in my opinion, I wouldn't be buying anytime soon.

Steve vRS

Hi Shaun.

We are in a rented house at the moment as we had an offer on ours last year we couldn't refuse, even though there wasn't anything we wanted to buy. We knew we wanted to move though.

We are limited in the area we can move within as we want to ensure my little girl gets into the same primary school as her big brother.

Steve

Steve vRS

Ahh Mr. Lewis. I've been expecting you.....

Steve

Steve vRS

Trouble is, when you are renting with a family, you can't plan ahead very well. There is always the hassle of having to make another short term move again if the landlord decides to sell his house.

Steve

pslewis

I'm always there for rock solid wise advice!!

BLU

iTrader: (27)

Thats all its worth then. Its a case of either pay 'over the odds' or get the house builder to drop the price. Its do-able I got 25k off the 'release' price of my new build. There is one chap on our development who got a whopping 45k off his (T*at ) These were with one of the countrys biggest developers.

Oh and THIS is your friend if you're looking to buy

Steve vRS

He already had £20k knocked off the asking price!

Is the link the same as Property Bee - I'm using that with Firefox and it has proved most enlightening

Steve

MattW

Zoopla is another one.

Been considering moving back home, we had some wide valuations on our house, a spread of 50k, the higer one had already had offeres on a property round the corner above any of the competitor agents.

Then when looking, i'm seeing houses on the market at 20% higher than purchase price in 2008, unless they spent a shedload on it, the prices don't stack up!.

pslewis

I've been looking for a bolthole pad on the South Coast, for a couple of years now.

I am seeing property bought in Spring 2009 coming back on for 25% more ... some speculators trying their chances - I hope they get a right royal shafting as prices fall!

Jamescsti

Me too, whats the world coming to? i'll be agreeing with Leslie too next!

cookstar

iTrader: (6)

I certainly hope they don't.