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We've been looking in Woodseats the last 4 or so months - and theres quite a few that have been reduced - or sat on the market for a very long time. We do have a sale agreed, but theres one on the same street 5k less, thats been on for at least 8 weeks by my guess - which is really slow, as it looks a nice house. Think people are panicking with rates etc

 

I think some people are hanging on to see if interest rates will come back down as has been predicted. The market will pick up again after christmas.

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So some people are stating it has levelled off, a couple say its falling slightly and then there are those who say up up up!

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But one look at a property price website such as the land registry shows what prices people have paid for houses in any area. In our area the average sold price is about 100k for the last 12 months.

 

Id suggest a better place to look for more current 'prices' would be propertysnake.

 

Youre right about ftb beeing the lifeblood of the market. The problem is there arnt any...

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Id suggest a better place to look for more current 'prices' would be propertysnake.

 

Youre right about ftb beeing the lifeblood of the market. The problem is there arnt any...

 

There are still plenty!

 

The house over the road from ours went up for sale 3 weeks ago at 100k. It was sold within a week. If houses are priced realisticly they will sell. It is a buyers market at the minute plenty of deals to be made and sellers just have to be imaginative to make their houses sell.

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I don't know about plenty, mortgage lenders have been reporting dropping numbers of FTB for a while and now the lenders themselves have increased rejection rates for all mortgage applications by a large percentage (can't remember how much exactly). Which all combines in many potential FTB being priced out of the market.

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I don't know about plenty, mortgage lenders have been reporting dropping numbers of FTB for a while and now the lenders themselves have increased rejection rates for all mortgage applications by a large percentage (can't remember how much exactly). Which all combines in many potential FTB being priced out of the market.

 

If lenders start to refuse FTB then they will be shooting themselves in the foot. Without FTB no one can move up the ladder meaning no new mortgages meaning no new money. They cant refuse all FTB or they dont make any money. They may have tightened up there lending requirements but there are still many who meet there criteria.

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I think the current market trend will be for higher value properties to stagnate while the type of properties that FTB go for will remain steady. However with current mortage rates making monthly payments more than renting a similar property I think there will be less FTB's around.

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I think the current market trend will be for higher value properties to stagnate while the type of properties that FTB go for will remain steady. However with current mortage rates making monthly payments more than renting a similar property I think there will be less FTB's around.

If you look at the Lenders statistics FTB's figures are down

Prices at the lower end of the market will probably not decrease but those in the middle range may see a small decrease and at the top end of the market houses will probably show the biggest % fall.

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If lenders start to refuse FTB then they will be shooting themselves in the foot. Without FTB no one can move up the ladder meaning no new mortgages meaning no new money. They cant refuse all FTB or they dont make any money. They may have tightened up there lending requirements but there are still many who meet there criteria.

 

I didn't say they were refusing FTB's, they are probably refusing roughly an equal proportion of FTB and not FTB. But anyone who previously might have got a 100% mortgage, or a self certified mortgage, or a 5* mortgage is now going to find that lenders are being a bit more picky.

Being a FTB is fine if you can put down a 10% deposit and want to borrow 3.5* your salary, but the easy money is gone.

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Houses are worth what the bank is willing to lend someone. Up until the last few months, the sky was the limit and houses were bid up, with the vendor secure in the knowledge that the valuation would miraculously match whatever inflated price was reached.

 

All that has now changed. Sales are falling through as the lenders value properties at less than the agreed sale price. Back to 2002 prices soon...... :-)

 

And a word of warning for people shopping around for mortgage deals. A few rejected applications will soon give you a negative credit rating and its downhill all the way from there.

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O/P here..

 

I fully intend to wait for the housing market to sort itself out before I purchase. After more looking around at the market I am certain that I definitly wont lose out by waiting, and have potentially a lot to gain

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And a word of warning for people shopping around for mortgage deals. A few rejected applications will soon give you a negative credit rating and its downhill all the way from there.

 

Surely one of the best reasons to use a reputable mortgage broker, as they should know which banks to apply to and what they are likely to lend you.

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