www.iva.co.uk

If i applied for a mortgage today and i am in an IVA i would most probably be shown the door and laughed at if i wanted to buy first time with a £200000 Mortgage on a property.

With House Prices set to crash and fall at an alarming rate due to the credit crunch crisis, once my IVA is totally completed and house prices have maybe crashed to the floor i could get back onto the property ladder.

Maybe doing an IVA at this moment in time was a good financial move.[:D][:D][:D]

lol [;)]

That's the way I'm looking at it. Even if I was not in a IVA at the moment I would not be looking to buy. I think the housing market has had its boom and now due a bust.

all that happens during a house market crash is rental properties increase in rent, an reverse in a house price boom. no win situation

CRASH is a very strong word!! The housing market has ground to a halt,and prices will prob fall 9% this year..(but rose more than that in 2006 alone!) none of us have a crystal ball, and they probably will fall further,but a market correction is more likely than a CRASH!

I absolutely agree jpj - we should not kneejerk, as there is still an enormous amount of wealth in the domestic property market in this country.

I sell new properties and have seen lots of changes in the last few months with redundancies and housebuilders closing various regional offices and such like, even getting made redundant myself a few weeks ago but I can honestly say there is not a lack of buyers out, especially as the interest rate is still relatively low, prices are decreasing but i agree with jpj about the fact its more a correction than a crash - things were far to high before.

I had an interview last week for a city centre developer and they still sold 17 apartments last month which is good at the moment. Lets hope it picks up sooner rather than later though.

its crashing

With virtually full employment,a lack of affordable housing, historically low interest rates and as Melanie points out still a vast amount of wealth in the domestic property market...the situation is very different from the last crash!

some reports claim the credit crisis could end as fast as it started, even if it is in 1 to 2 years time! most people dont need to sell now...more of a stagnation than a crash me thinks!

it is crashing

I disagree that it's actually a crash. Houses in our area are still selling for the same (more in some cases) as when we moved last year.

its crashing
houses in our area are maintaining value apparently
but there are loads for sale an no sold signs
its crashing
been here twice before

It doesnt have to be boom or bust!....the market can just go on hold for a year or 2!! lots of for sale signs doesnt constitute a crash!

The crash in late 90's was partly due - among lots of other things - the interest rate rising to around 15% or more and people not being able to afford their current mortgage, no way of getting another and no way out, things are different this time - The property market was way overpriced and is coming down to a more acceptable level - the banks are being more cautious because of Northern Rock and variousother financial institutions and this is causing a huge slowdown in the market but its unlikely to 'crash' I spek to an purchaser today who has happily had a 90% mortgage agreed with the Nationwide without any trouble and has also been able to get deals with other lenders too

the fact there are no sold signs yet is just a sign its very slow - they will sell eventually - for less than that of 6 months ago but then thats needed anyway

it is crashing, come one would you buy in present climate