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House price CRASH is good for everyone
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Ivor_Bigun
Posts: 49 Forumite
except the fools who have over borrowed and the govt who cant get stamp duty etc.,. Your house goes down in price, but first time buyers can now afford it, then the house you are going to buy will also be cheaper. happy for everyone, except the fuggers who mortgaged upto the hilt at the top of the market, they are the losers.
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Ivor_Bigun wrote: »except the fools who have over borrowed and the govt who cant get stamp duty etc.,. Your house goes down in price, but first time buyers can now afford it, then the house you are going to buy will also be cheaper. happy for everyone, except the fuggers who mortgaged upto the hilt at the top of the market, they are the losers.
Unfortunately, there are probably quite a few of these people and with an election coming up in the next couple of years, Mr Brown will need to keep people happy. This means bailing out Northern Rock and ensuring that the Bank of England lowers its interest rate despite the fact that CPI is currently above target. Of course, those of us who have been more careful will be screwed.0 -
So HPC isn't good for everyone.0
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As a rough rule of thumb, it's probably worst for those who created the HPI monster and kept it going, than those who were unhappily left behind.So HPC isn't good for everyone.
Those who couldn't get a mortgage stood on the quayside, waving goodbye to the rich folk on the Titanic (to re-use and amend an analogy used in these forums last week).0 -
My OH both run a business in Construction Industry. We are mortgage free and have a decent amount of savings. We were very careful in the good time to make sure that everything was covered in the bad times. We are subcontractors and have 5 apprentices at the moment with about 20 joiners who are all workings for us. We are going to have to let some of them go shortly and if things do not improve then most of them will be going. This is causing problems allowing younger people to get new jobs and giving them the opportunity of getting an apprenticeship. In addition with all the lay offs that we are hearing about in the Construction Industry it is eventually going to spiral into the rest of the economy with other jobs going.0
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A 30% crash is good for everybody except:
1) Those who bought in recent years.
2) Those who do not want to sell.
3) Those who have withdrawn equity from their property and cannot afford to pay the mortgage without withdrawing more.
4) Anyone who is left a house in a Will.
5) Anybody who wants to remortgage.
6) FTBers with less than £20K in savings.
7) FTBers with less than a good credit record.
8) Anybody who has to pay more tax as a result of a drop in Stamp Duty income.
9) Those who want to sell to rent.
10) Housebuilders.
11) Home improvement companies.
12) Banks and building societies and their staff, shareholders and members.
13) Estate Agents
14) Her Majesty's Government
Any more?
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
How could you miss Estate Agents GG?
A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
BobProperty wrote: »How could you miss Estate Agents GG?
Becoz they were stuck to the sole of his shoe:p:p:pIn case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Errm yes, EVERYBODY else who'll be hit by "essentials"** inflation due to broon-troosers (mismanaging the eCONomy) and btl-badger (where's me washboard) devaluing the quid and racking up "the debts-massive"...Gorgeous_George wrote: »Any more?
** essentials for normal peeps being being food, fuel, and shelter, although all of this drops into trough-snoughting freebies for the afore-mentioned "members" of the house of pr@s.
[edit] Blimey. nearly forgot the "make B**** rich project" - that one seems to be working out for one or two peeps...0 -
Gorgeous_George wrote: »A 30% crash is good for everybody except:
1) Those who bought in recent years.
Why these people? what effect would it have on them? Surely none?
2) Those who do not want to sell.
Why these people? what effect would it have on them? Surely none?
3) Those who have withdrawn equity from their property and cannot afford to pay the mortgage without withdrawing more.
Why should anyone feel sorry for the irresponsible and greedy?Had they been responsible, they would have a massive chunck of equity in their property, ready to cash in. Of course, for those who blew it on holidays in the costas.... no sympathy
4) Anyone who is left a house in a Will.
Will benefit from decreased death taxes
5) Anybody who wants to remortgage.
They can get a smaller mortgage
6) FTBers with less than £20K in savings.
They will need a smaller deposit
7) FTBers with less than a good credit record.
Then they probably wouldnt be able to run a mortagage without getting into areas anyway and would have even less chance of getting a mortgage if prices continue to rise
8) Anybody who has to pay more tax as a result of a drop in Stamp Duty income.
Who cant afford a shoebox at the moment but might be able to if prices crash. Who the hell pays more tax as a result of a drop in tax anyway?
9) Those who want to sell to rent.
At the expense of the multitude who are compelled to rent to buy?
10) Housebuilders.
Who build sub-standard rabbit-hutches and offer fraudulent gifted-deposits to encourage people to buy their overpriced shiatholes? Boo-Hoo. My heart really bleeeeeds for them!
11) Home improvement companies.
Who should have been making hay while the sun shone
12) Banks and building societies and their staff, shareholders and members.
Their fault for causing an un-sustainble bubble in the first place
13) Estate Agents
Good!
GG
Did you mention the government?[FONT=Arial, Helvetica, sans-serif]Rise like Lions after slumber
In unvanquishable number -
Shake your chains to earth like dew
Which in sleep had fallen on you -
Ye are many - they are few.[/FONT]0 -
Its good for first time buyers, and owners wanting to move up, it is not good for property investors intent on capital gains.
:beer::exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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