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Posted: Mon Jun 16, 2008 3:56 pm
by Emily
Prepare for this 'treat' this evening. The most calamitous yet and with inflation going up at the same time.....this is worse than the 1992 Housing crash - a perfect CRUNCH.
If you are in an IVA for 5 years as of now then it isn't that bad as being FF settlelemt free now means you are still in a credit drought.
In London they say you need 13% deposit NOW to buy a house?? That's five figures plus stamp duty,legal fees, etc
Posted: Mon Jun 16, 2008 4:58 pm
by kallis3
Emily I am so glad that I don't want to move house. I don't have negative equity either as we have been here for 20 years. Don't have a lot to spare though with a remortgage and a secured loan.
Just started my iva, so hopefully things will have bucked up by the time I finish. Don't ever intend to have any more credit after that either!
13% deposit for a house - that's ludicrous. I shall watch this programme with interest
Posted: Mon Jun 16, 2008 5:07 pm
by kallis3
What time is this programme on, Emily? Just went to check on it and can't seem to find it? Is it just a local one to you or is it national?
Posted: Mon Jun 16, 2008 5:38 pm
by TheMatrix
It's on in the central region at 7pm this evening ITV1 - Beat the property slump Pt 1 of 2
Mark Jordan gambles £225K of his own money to see if he can profit from Britain's tumbling housing market.
Posted: Mon Jun 16, 2008 6:20 pm
by kallis3
Thanks, found it now.
Posted: Mon Jun 16, 2008 7:04 pm
by TheMatrix
Anyone watching?
Posted: Mon Jun 16, 2008 7:25 pm
by jane.l
I am watching!
Well, NRock took 13 long months to repossess my house, it was put up for sale about 8 weeks ago and then very shortly afterwards the price was lowered by £10,000, it has still not sold! We had a cash buyer too but now its for sale for at least £30,000 less than the price we would have got for it!
I am guessing it will go to auction very soon
Posted: Mon Jun 16, 2008 7:26 pm
by kallis3
Just finished watching - scary isn't it?
Posted: Mon Jun 16, 2008 8:05 pm
by jpj
Scary but true....best thing we can all do is sit tight and realise its not gonna be easy to move for the next 3-4 years!!
Sadly we have to treat our houses as homes and not cash dispensers for the next few years!!
Posted: Mon Jun 16, 2008 9:06 pm
by animaleyes76
got to say long may it continue.
whilst i feel sorry for all the people it affects the more prices go down the better position i will be in when my iva finishes.
It's sad that people see houses as investments rather than homes.
Posted: Mon Jun 16, 2008 9:10 pm
by cat 1
I realised just how much mine meant to me when initially our iva proposel was rejected and I was asked how I thought about loosing it!Realised it was more than a cash dispencer then.This is where we live and I have brought up children and animals.Would hate to loose it even though it's not much.Cat
Posted: Mon Jun 16, 2008 9:14 pm
by angela18
me too Cat.. it might not be a palace but its my home.. not just a house
Posted: Mon Jun 16, 2008 9:16 pm
by animaleyes76
i'm not bitter that i wasted 38k, (the majority of which i have no idea where it went) instead of getting a house deposit together when prices weren't so crazy honest..... lol..
I'll be 34 b4 i can even look at buying a house and that will be on cr@p rates... Then there's the fact I can't afford to save anything for retirement either..
(
Having a bad IVA day.. sorry.. lol
Posted: Mon Jun 16, 2008 9:21 pm
by angela18
know how you feel!!
Posted: Mon Jun 16, 2008 9:26 pm
by Moneystinks
I'm having a bad IVA week and haven't even got one !
I am totally confused............
I feel like an idiot.
Enough with my self pity.. I hope you are all okay [:)]