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long term you'll be fine. Those who will be hardest hit are those who've got several mortgages to buy investment properties. With them no longer going up in value but still having to meet mortgage repayments they may be interested in selling them now so they don't lose more money, vs. hanging onto them until the economy bounces back.
People who already are homeowners should think long term, long term the value will go up so just keep paying off the mortgage. If you want to move don't worry about negative equity because other house prices will have changed in relation to yours to offset any gain / loss.
This means that if you have a £300k house when you bought it and it goes up to £500k, you might not have any extra spending power because the other houses have gone up too. In this situation what we have seen though is those who are just getting on the property ladder struggle to get the ridiculous sums needed to afford a house.
Oh yea. :chin:
Although I'd be very surprised if in London and sought after areas there's a 'crash'.
There were a few areas of London which actually went up during March, granted it was by 1% but it was a gain.
Most of london prices are now staying the same, and have done for some time now.
Doesn't surprise me. It makes sense for existing (high) prices to stay the same or slowly increase given that demand is consistently high.
searching for what?
?
Erm, no..