"donki" a similar attitude is taking place up here in Yorkshire, there was a few companies (LARGE ONES) that have laid staff off due to the downturn in the market, ive also noticed that the local newspaper is now FLOODED with home owners selling there houses & the word "REDUCED" is popping up all over the place in the paper...
I have really noticed a change like urself, in Belfast there is a huge "buy to let" market, with street after street of rented homes alot of them are students or young professionals. Last year all these houses would have had rental signs outside them waiting for the next occupiers. Now most are for sale.
I can only imagine the stress and finincial problems a crash could cause. Its a surprise to me the banks and estate agents let it go so far.
Well I have been waiting for my own place for a number of years, I did rent for a years when I finished uni in 2003 but moved back home 2 years ago to start saving (not that I saved much, kinda spoiled myself a bit). So When it comes a time when I can afford a house, and I mean afford, not streach myself beyond my means, I will enjoy it.
peter99co I totally agree the lenders have increased the price by increasing the amount people can borrow, I did here 7 times salary/40 year loan. I for sure could not buy my first house again if I had be born 20 years later. My kids just rent and spend it on fast cars now.
I'm not a Gordon Brown supporter, but try to understand that's the kind of thing Prime Ministers say - it has little do do with being trustworthy or not. Any Prime Minister would be saying much the same in the cirumstances, because there's not much else that can be said.
Anyone who knows anything about the housing market knows that house prices will not fall in the long term; what we're experiencing at the moment is a glitch. Lenders are pausing cautiously, and understandably so. It will pass, and prices will rise again - it's predictable and inevitable.