Halifax August - 1.8% yoy -10.9%

dopester

Treadmill wrote: »

10 years from now prices will just about got back to 2007 levels I reckon.

Care to give any reasoning behind that?

You might not want to consider how so many 30+ year olds now have more than 1 property, buying on margin in the boom - and now at risk of not only losing their BTLs but also their main home.

You might not want to consider the record debt levels compared to the last crash of the 90s.

You might not want to consider the huge multiples banks and building societies have lent at, nor the damaging self-cert lie-to-buy mortgages where people have bought in for more than they can afford - on the expectation prices will continue to rise.

You might not want to consider how much the financial system (banks) have been rocked by the reversal, and its only just begun.

You might not want to consider just how much our economy has been built and running on HPI over the last number of years.

You might not want to consider 300% gains in just 11 years is the biggest property price rises / bubble we've known.

You might not want to consider the job losses, pay cuts, and general economic carnage which is getting worse near weekly.

FGS - don't you think all the variables are slightly worse than the early 90s crash?

Read what Merryn at MoneyWeek wrote only the other day.

Let's not forget that it took six years for the market to hit bottom in the last crash and a long 11 years for prices to regain their previous peaks.

Conditions this time around are so much worse.

Chris2685

dopester wrote: »

The sooner you exchange on your circa £215,000 property (the one its now crossed your mind to gazump on in the light of recent falls but you say you are too honourable to do such a thing) the happier I will be.

I don't understand the problems you have with people... You're all high and mighty saying this and that about prices dropping, as soon as someone opposes that view, you talk to them like a piece of !!!! on your shoe.

dopester

Chris2685 wrote: »

I don't understand the problems you have with people... You're all high and mighty saying this and that about prices dropping, as soon as someone opposes that view, you talk to them like a piece of !!!! on your shoe.

You're the one now telling us that you could possibly get many thousands of pounds off the deal you've agreed with the seller - but you are too good for that and you will honour your original offer.

Go ahead. Well done. Well played.

Chris2685

So you're saying you would get to the contract exchange and then turn around to the person selling and say you won't continue unless they drop the price x%? That is pretty despicable. I was saying that I could hypothetically do that, but I would not do that because it goes against all my morals. I would be equally upset if they turned around in a rising market and said that they were pulling out unless I stumped up x%!

dopester

Chris2685 wrote: »

So you're saying you would get to the contract exchange and then turn around to the person selling and say you won't continue unless they drop the price x%? That is pretty despicable. I was saying that I could hypothetically do that, but I would not do that because it goes against all my morals. I would be equally upset if they turned around in a rising market and said that they were pulling out unless I stumped up x%!

Damn right I would - if I'd gotten myself in to such a position, although I wouldn't have gotten in to that position in the first place, as you have done.

My offer would make a sellers heart thud heavy with how low it was to asking price.

You've already stated that given recent falls, it would be reasonable if you did it again to offer thousands lower.

It is good for the sellers you are so honourable. You're like some fairytale prince.

Despite market conditions having taken rapid negative falls, you're still willing to overpay many thousands on current market value. Rushing to the assistance of some house seller, who you most likely will never see again in your life, who may be sitting on stacks of HPI equity gained in the last 11 years in a property price boom we might never again see in our lifetimes.

I think that is really great and clever.

Chris2685

Well, regardless of how I feel, or how my morals compare to yours, I bloody hope they make it illegal to gazump/gazunder before anyone buys/sells to you!

I REALLY can't see how you know EXACTLY what is going to happen to the economy in 10 years time... Even the most brilliant economist wouldn't claim to know!

ad44downey

Dan: wrote: »

Oh no. You can now expect BoE to cut rates later today..

Top prediction Mystic Meg

Dan:_4

Dopester likes to think of himself as a brillant economist who can predict the future. Of course, if that was really the case then he would have sold a BTL empire last year instead of being a struggling FTBer.

Dan:_4

ad44downey wrote: »

Top prediction Mystic Meg

oh well, at least I voted for a hold on the poll yesturday.

dannyboycey

Treadmill wrote: »

Crikey... only another 65% to go and I'll be in negative equity

Whilst it may seem pie in the sky now.... that quote could come back to haunt you. Things are much worse than you think.