Quote:
Originally Posted by DanDare
Its gonna affect everyone in different ways due to their circumstances.
I would welcome a house price fall, then I can afford to buy, however those looking to sell or tied into a mortgage would not see it as so good.
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Quote:
Originally Posted by Dave The Rave
I don't think that the price fall will be that major, if any at all. But then I just bought a new house so I have to say that.
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I'm in the fortunate position that I've not that long ago bought a house too. Two years ago actually, but our fixed rate is still valid for another 3 years yet.
If house prices fall, for people in my position, who cares?
I'll probably be in this house for a good 20 years yet.
I have to say I agree with what Mr Squid was saying. If they do reposses houses, then who are they going to sell those reclaimed houses to? I would imagine that the people that have been evicted would appreciate having a house. All repossessions will do is lower the average house price (as the banks will slash prices in the attempt to recoup as much of their costs as they can).
I see it as following the generic supply & demand rules of business. That's great, for people like me, I just need to be careful about when I sell my house, then it makes no odds to me at all.