What are people’s views on the current news around the above topic? Is anyone here either planning to purchase a property or in the middle of finalising a sale on a property? How about people who are first-time buyers - what do you think? Has it put you off buying - if so for how long? How do you see things for say the next few months? When do you think will be the right time to buy? And is anyone here coming towards the end of their fixed rate deal and experiencing difficulty of dreading the thought of how much the interest rates will affect them?
Im actually looking to purchase a home with my husband soon. Either in NY or in the surrounding area. I really dont know if I should right now, so I am talking to an adviser this weekend.
The prices have been falling quite sharply recently and last month fell by around 5% in some areas of UK. Doom and gloom merchants are predicting a 20% fall in the next two years. Personally I don't think it will happen because interest rates are low and employment situation while not brilliant si not bad either. Furthermore, the govt cannot afford to let the property prices slip that far down because it will have major impact on the economy and unemployment situation. Already Brown has stepped in and the BOE is talking to the banks to end the mortgage draught. A number of steps are being considered. It is going to be unpleasant in the next year or so but not disastrous.
I understand home prices are down as much as 25% in some places. Where we live which is a very convenient upper end suburb of Manhattan, prices are definitely down between 12 and 15% (based on actual home sales).
But I don't think actual Manhattan prices have come down - I understand European and Arabs are buying up like crasy