Am I missing something...

MRSTITTLEMOUSE

Bf109 wrote: »

In this case, they are not so much a symptom as a cause.

I stand corrected.Your'e right.

MRSTITTLEMOUSE

Bf109 wrote: »

I think the other thing to note is that the few thousand jobs cut by big builders is going to be masking tens of thousands of job cuts in contactors/sub-contactors with knock on effects on suppliers and from there, the whole economy.

A building sector collapse is really quite serious indeed.

My husband in his work has noticed a lot of smaller companies paying off,because they've lost contracts for materials or labour from sites that have been hedged.I think the knock on effect has started already.

bo_drinker

Watch the news instead of soaps and big brother and read the papers a bit. The s.hit is hitting the fan.
PS bf109. I wouldn't give you 90 pounds for a share in a chicken coup in stabby gangland London. S.hithole

Treadmill

I live in Peterborough, I've not seen the figures broken down but we must be one of the fastest falling areas, asking prices are falling by tens of thousands a week here in some cases, new builds that where priced up at 220K a few months ago are now 170K.

Looking at property bee for this area shows me that there are much larger than normal amounts of houses going on the market which will lead to oversupply and further reduce prices, people are getting the message about falling prices and want to sell while we are still near the top of the market.

The problem around here also is that the development plan for Peterborough involves building thousands of houses on estates to the south of the city where all the major house builders have developments, the local economy here will suffer if they stop building as thousands are employed building new houses.

Some areas will suffer more than others in a housing crash and economic slowdown, unfortunately I think this area will be one of the worst hit.

Bf109

bo_drinker wrote: »

PS bf109. I wouldn't give you 90 pounds for a share in a chicken coup in stabby gangland London. S.hithole

Agree with you. I simply cant understand why people pay to live is some parts of london.

Honestly, you couldnt pay me enough to live in a place like Thornton Heath.

kriss_boy

Captain_Mainwaring wrote: »

Firstly C75K is hardly the top end of the market. For many people that is the minimum deposit.

Secondly - you would say your house is worth whatever, and I would say that my ***** is a bloater, it is worth whatever you get when you sell it.

You need to understand that people are already starting to lose a great deal more than you original purchase price ,

Obviously 75K is nothing compared to other parts of the UK, but for my town, where once only the nicer areas in town could achieve a figure of 70/80K for a 1 bedroom flat.. suddenly idiots started paying the same for ones in the worst areas.

I just have little sympathy for the 100% mortgage crew. Me and my girlfriend pretty much 'did without' for a couple of years to raise our deposits. I dont have a particularly nice car... god knows Id love to walk into a garage this afternoon and buy one but Im not that sort of person.

Its just not possible for the scottish market to take as severe a hit as the english, nothing like it. To suggest that these 75K flats in my town will soon be notably less... 60K for example, just isnt possible.

If that happened then my girlfriend and I could afford to buy one to rent out. So could my parents, and my brother, and neither of us are particularly well off.

More people from down south would move up here too to capitalise.

I just cant see the market 'crashing' because houses are still affordable... people might just have to save up a deposit first, heaven forbid.

TTMCMschine

kriss_boy wrote: »

Obviously 75K is nothing compared to other parts of the UK, but for my town, where once only the nicer areas in town could achieve a figure of 70/80K for a 1 bedroom flat.

Its just not possible for the scottish market to take as severe a hit as the english, nothing like it. To suggest that these 75K flats in my town will soon be notably less... 60K for example, just isnt possible.

Famous last words eh? "It just isn't possible." Why not add in "they wont let it happen," "house prices only ever go up," etc.

You state at the beginning that only the best parts of town could achieve £70K, but are now convinced prices can't fall back from there.

Why do you think it isn't possible? I would suggest it is highly likely.

gallygirl

kriss_boy wrote: »

Its just not possible for the scottish market to take as severe a hit as the english, nothing like it. To suggest that these 75K flats in my town will soon be notably less... 60K for example, just isnt possible. OH YES IT IS, TRUST THOSE OF US WHO LIVED THROUGH THE LAST CRASH. AND WHAT ABOUT YOUR OWN HOUSE - WHAT ARE YOUR & YOUR GIRLFRIEND'S JOBS? JUST ABOUT ANYTHING CAN BE AFFECTED BY A RECESSION. YOU BOTH LOSE YOUR JOBS. CAN'T PAY MORTGAGE. GET REPOSESSED. BSOC SELL FOR 55K. THEN COME AFTER YOU FOR DIFFERENCE

If that happened then my girlfriend and I could afford to buy one to rent out. So could my parents, and my brother, and neither of us are particularly well off. USING WHAT TO BUY IT WITH? IF PRICES CRASHED THAT MUCH YOU'D BE IN NEGATIVE EQUITY & NO-ONE WOULD LEND YOU A PENNY. AND WHO WOULD TENANST BE? FOLK ON HB WHICH MIGHT TAKE 3 MONTHS TO COME THROUGH, LEAVING YOU TO PAY MORTGAGE IN MEANTIME?

More people from down south would move up here too to capitalise. EM, DOUBT IT, AT THE TYPE OF PRICES YOU ARE QUOTING I'M GUESSING YOU'RE NOT EXACTLY IN RELOCATION TERRITORY. OLD FOLK WOULDN'T WANT TO RETIRE THERE, YOUNGER FOLKS COULDN'T GET WORK. HAVING BEEN TO A FEW SCOTTISH TOWNS WITH THOSE TYPE OF PRICES RECENTLY YOU COULDN'T PAY ME TO LIVE THERE. AND I DON'T EXACTLY LIVE IN PARADISE MYSELF. :rolleyes:

I just cant see the market 'crashing' because houses are still affordable... people might just have to save up a deposit first, heaven forbid. THE POINT IS THOUGH THAT DEPOSITS ARE GETTING HIGHER & HIGHER, PROBABLY ENDING UP AT 25% FOR FTB. THE FACT THAT PRICES ARE LOWER WON'T COMPENSATE FOR THAT. ANYWAY, IF THEY ALL BOUGHT THERE WOULD NO-ONE TO LET YOUR BTL FLAT

You've been sensible in saving up for a deposit, but please don't think you can read the market. A year from now prices could have increased by 5%, stayed level or lost 30% - no-one knows & don't let anyone kid you otherwise. Ditto with the economy, unemployment etc. Interesting times ahead :eek: .

Turnbull2000

kriss_boy wrote: »

Its just not possible for the scottish market to take as severe a hit as the english, nothing like it. To suggest that these 75K flats in my town will soon be notably less... 60K for example, just isnt possible.

If that happened then my girlfriend and I could afford to buy one to rent out. So could my parents, and my brother, and neither of us are particularly well off.

More people from down south would move up here too to capitalise.

So why didn't every man and his dog do just that during the troughs of the 70's, 80's and 90's? And why isn't every person over 30 a landlord by now, and the North of England and Scotland's population at bursting point?

Sammz

kriss_boy wrote: »

Its just not possible for the scottish market to take as severe a hit as the english, nothing like it. To suggest that these 75K flats in my town will soon be notably less... 60K for example, just isnt possible.

I'm in Aberdeen. A flat that would have sold for £125k late last year has been on the market for weeks at offers over £92k. Couple of months back one sat at offers over £99k, then fixed £120k (or thereabouts) then offers over £89k. I've never seen it on nethouseprices so I'm thinking they maybe decided not to sell.