Housing market...how much has the market value dropped for your home?

[illdecide]

I don't know what this year will hold for me but all i know is my job is on it's knees and how much longer my boss can afford to pay me with little to no work is another matter. I have good equity on my home as it's worth £240k and i've a mortgage for £100k but there is no way i'm messing with that. I have insurance out that pays £800 a month for a year so hopefully that will help as well as an option of a years holiday on my mortgage. It's gonna be a long year lads

On the false value, i was offered £340,000 for my home at the height of the boom and turned it down if i'd have taken that and held of for a year or two and then rebought i'd prob have the same house now with no mortgage

[balladmaker]

The maximum value for the north's property was a false value. unless you bought at this time you cannot say your property 'dropped' in value

Correct, but try telling that to those who did purchase with real money 2 to 3 years ago.

[balladmaker]

On the false value, i was offered £340,000 for my home at the height of the boom and turned it down  if i'd have taken that and held of for a year or two and then rebought i'd prob have the same house now with no mortgage

And a neighnour of mine did just that.  Sold not far from the height, rented for the last couple of years, and is now on the lookout for a so called bargain....for every loser there is a winner somewhere.

[Zapatista]

However its a great time to buy  for for those who can get credit. The problem is that the lending institutions have made it very difficult with new policies and procedures.

I think this is looking at it from the wrong side. The problem is that lending practices were bad and this led to the difficulties now. I don't think they have made it difficult to borrow they are just no making it easy. If they had have done this  over the last 10 years things wouldn't be so bad. A nod and a wink would have got you a mortgage twice that you could afford 3 years ago.

[Tony Baloney]

Have built on the wife's family land so any previous worth was just numbers on a sheet. I'll be leaving the current gaff in a box. Having said that I would assume still in positive equity but not sure how much by.

[Maguire01]

I've just recently bought a house. It was only built in 2007 and the vendor is taking a loss of approx £115k in selling it.
The people worst affected are probably the first time buyers, many of whom are stuck in a small house/apartment suitable for a couple and won't be able to move 'up' into a family home.

[ONeill]

http://www.youtube.com/watch?v=vnLTxEBpMYo&feature=channel

[CiKe]

No sign of rates increasing any time soon, but once they do, with the current more demanding lending environment (by that I mean more realistic than the fastasy loans of a couple years ago), could find first time buyers squeezed out again. The north may well have seen the biggest drop in prices, but surely it must have seen the biggest boom, or at least one of.

Prices rose by what 150%? and then fell by 40% over course of 10 years, that is still 50% over 10 years, or 4% p.a. That would seem to be something more in line with GDP growth than what the north, and indeed many other places saw.

I'm no economist, but I can see two scenarios. Wiith the £ screwed and the € screwed, the next govt will have to balance the budget which will mean hard times indeed - not really good for those who own a property, but for those like balladmakers friend who are cash rich, means they may get an even better deal than about now.

Alternatively they try and induce inflation with rates "low for long" as they are shit scared about ending up in a Japanese style lost decade. If they are successful, then house prices will rise in value, and homeowners will see the the value of their debt inflated away. On the negative side, wages unlikely to rise as fast as house prices, so good look trying to find a new house. Additionally those who have been prudent over the last decade will be raging as the value of hard earned savings disappear in smoke.

Now I'm a committed pessimist, but either way I look at it, things look pretty crap! People will simply have to adjust to the idea that they've had their heads up their holes for the last decade and that they are poorer than they thought they were, so no more keeping up with the Jones' maybe...

[nrico2006]

Anyone know if any of the major lenders are offering 100% mortgages at present? 

[ludermor]

You would be doing well to get a 90% mortgage ( most people wouldnt get a 1% mortgage!!!)

[el_cuervo_fc]

I've been pricing around and the best I've seen is 90% - Alliance an leicester are offing a 3.89% fixed repayment mortgage which isn't bad.  Alternatively they are offering a 2.99% tracker mortgage

[Bensars]

I've been pricing around and the best I've seen is 90% - Alliance an leicester are offing a 3.89% fixed repayment mortgage which isn't bad.  Alternatively they are offering a 2.99% tracker mortgage

Its 4.99% for a tracker based on a 10% deposit.

if you want the 2.99% you have to put a minimum of 25% deposit

[Lazer]

Anyone know if any of the major lenders are offering 100% mortgages at present?

Ulster bank are offering the 95% momentum mortgages on certain developments

[el_cuervo_fc]

I've been pricing around and the best I've seen is 90% - Alliance an leicester are offing a 3.89% fixed repayment mortgage which isn't bad.  Alternatively they are offering a 2.99% tracker mortgage

Its 4.99% for a tracker based on a 10% deposit.

if you want the 2.99% you have to put a minimum of 25% deposit

If you are an existing customer they give you the 2.99%