In the dim and distant past meself and the missus had to have a deposit of 20% before the banks etc would look at us. Even with the multiple then of 5 times my salary it was hard going but and I know I'm going to sound like a dinosaur - We didn't drive new cars, we didn't take fancy holidays/weekend breaks, we didn't have large credit card balances - we lived within our means and they were the hard choices we made to get what we wanted. The availability of "free" credit, 100% mortgages etc and the general live for the moment me fein outlook surely means that there will be some pain involved and it will probably be the folks in the middle who will get hit the hardest. As Billy said the bigger impact is within the wider employment sector if construction slows down - as it has to. Just how many of the economic migrants leave etc and the availability of housing remains to be seen. Throw in an election campaign, currency fluctuations, proposed interst rate hikes from the ECB and we have the perfect recipe for delaying the inevitable.
I just hope that its not as bad as I fear it will be.
I just hope that its not as bad as I fear it will be.