Property Auctions

my parents got there parents house, i will get theres and so on.

Also when you've finished paying your mortgage, you then don't have to pay anything, if you rent you have to rent forever, its not rocket science, it is a good investment.

I'm not saying there aren't better investments to be had. just property is a good way to secure less money worries when you get older.

Our bank has actually pulled out of the 100% mortgage market as they have decided that at the present time it is just far too risky (in my branch anyway) and a lot of banks are going to if they havnt already pulled out. My fear is for those who borrowed more than 100% ie the 125% mortgages that Northern rock offer as they are totally screwed even if the market just stays flat never mind drops.

It scares me to think how some people see buying a house as an impulse buy. I see loads of people every day wo basically woke up and though 'oh today I'll buy a house' and dont want to and wont want to save for a deposit.

At least if you put a deposit down then you are in a much better position. Renting sometimes is a better option for people but it is the whole stigma of having a property that they buy into when sometimes renting is a better option.

I hav always been of the opinion that as long as you can afford to keep your property for as long as need be then eventually you will make money on it. At present, I have a flat which is currently being rented out for twice the mortgage payments and am in the process of buying this house which is on a 50% basis and without including rental income from my flat I will still have a massive disposable income.

So for people like me there is no way I would consider renting, because I am in a position where I can afford to keep both properties even if interest rates increase loads etc. Unfortunately, some people arent in such a good position, I realise i am extremely fortunate in the position I am in and will never regret buying as the house I am buying is absolutely gorgeous and even if house prices do decrease I will be happy living where I am

i wasnt trying to talk you out of buying, i say go for it

Brid is always doom and gloom on this issue

im just saying the newcastle flat market is a buyers market, people will do deals (not everyone, but some will)

it is specifically the newcastle city centre flat market that i think is overvalued (in terms of asking prices), where the market has been distorted by a high proportion of flats being bought by investors

i dont think the same necessary applies to a teraced house in fenham, a flat in low fell or a semi in north shields (just 3 random examples)

Brid you're only a couple of years older than me but you always seem to bot on about the nineties/thatcherism like you lived, worked and paid taxes through the era.

not quite true shandy drinker, 100% mortgages are a bad idea where people are not willing to do what it takes to SAVE for somewhere - banks are too willing to dish out money to anyone - 125% mortgage with no desposit?!?!?!? what the fuck is that about?

the MOST i could get when i started was 90% no matter what the price, plus i had to save £4grand for the desposit.

i've moved 3 times since i first bought a house, getting increasingly bigger each time still buying well within my budget - problem is nowadays the current pay-later generation want EVERTHING and they want it NOW, no ones willing to wait to put a bit of effort in

we used to lick t'road clean...

and crap in a SHARED bucket for the whole street !

They still do in Yorkshire don't they?

haven't been back in a while... it's possible....

no I'm sure thats the French

found a flat, near the centre for life, funnily enough it is owned by the bank at the moment as it has been repossed from a buy-to-let investor.

put an offer in this afternoon (20% below asking ) - just going to keep my fingers crossed now.

Its all about buying a run down place and doing it up

Although fingers crossed when i Graduate il go straight in for buying my nans place which she's lived in for 54 years should get a decent enough price for it and hopefully itl provide me with some financial security

to buy a run down place and do it up, you need a) lots of time b)patience c) some basic DIY knowledge.

i possess none of them, so it is not even an option for me.

Shame on you even I pocess basic DIY skills

Whereabouts is it?

in a building called Centralofts, overlooking waterloo sq on waterloo street - i think it is possibly an old council building which has been converted.

the ceilings were at least 14ft high in the lounge which was 31' by 17'

still waiting to hear back.