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Debate House Prices
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Nationwide -1.7% MoM. -12.4% YoY
Comments
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There may be an increase in STR-wannabees to lock in their gains at current valuations it is true. That is part of the greed as you call it?
I think it is a reaction to multiple serious circumstances of the economy, but way way too late, or if they saw it coming earlier, too reluctant to aggressively cut their prices earlier to escape with a decent "profit" (for those who could) for the new circumstances of the market.
With shares, you can sell if you are worried, and complete the deal within minutes of deciding, and cash-in. Not so with houses and apartments is it? Illiquid. Many are strapped in and will see the house price inflation of recent years imagined wealth/equity slashed.
And of course others have those who want to trade, those who have to sell for employment reasons, and all the BTL merchants trying to offload multiple properties, with unemployment and recession/depression and deflation on the way.
Can't argue with any of that.
Not a dig at STRs as it is compleatly sensible financialy to do so. Greed was used lets say as a loose term.
I am just argunig the falls are fast but I tink they will slow not gain pace as the initial "sell off" I think, as now happened.0 -
Really - if you think the conditions you see right now, today, are anything like what we saw even the middling-bad recession of the early 90s you must have a seriously defective memory. Don't worry - once the actual recession hits you'll notice it all right.
The early 90s recession didn't hit all of the UK that badly. Some people claim they didn't even notice it, but I get your point. This will be much more painful and widespread, and near enough everyone will notice it.0 -
The recession is coming, the first waves of the approaching hurricane are lapping the beaches, but is nothing like full on yet. We are in the very early stages of an economic crisis (falling growth over the last few quarters and zero growth last quarter) but employment is still high (only began falling a few months back) and interest rates are remarkably low, especially given inflation.
We are of course in a full on financial system crisis but that's not the same thing as the economic recession. Although it will exacerbate the coming economic disaster and in turn be worsened by it.
Really - if you think the conditions you see right now, today, are anything like what we saw even the middling-bad recession of the early 90s you must have a seriously defective memory. Don't worry - once the actual recession hits you'll notice it all right.
As lovely you little stories are you back them up with little fact.
I don't mind debating but to try and bore a retreat out of me will not work.
I was in a different industry in the 90's do you know it will be different to me.
You remind me of the preachers you see in most city centres!;)0 -
The early 90s recession didn't hit all of the UK that badly. Some people claim they didn't even notice it, but I get your point. This will be much more painful and widespread, and near enough everyone will notice it.
On the other foot (and not taking the pee) there will be companies who win.
The companies who are cash rich and not exposed to bad debt should survive well and prosper on the way out.0 -
On the other foot (and not taking the pee) there will be companies who win.
The companies who are cash rich and not exposed to bad debt should survive well and prosper on the way out.
Yes - just like individuals who rented and lived within their means will prosper over the less savvy who borrowed massive amounts of cash to buy property that was way overpriced, leaving them saddled with debt.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
The early 90s recession didn't hit all of the UK that badly. Some people claim they didn't even notice it, but I get your point. This will be much more painful and widespread, and near enough everyone will notice it.
If you were not saddled with crushing debt and had a safe-ish job then it's perfectly possible that the early 90s weren't too bad.
I however remember being on the dole after Uni and writing 30 application letters a month. Going to interviews and finding you were applicant #29 or some such wasn't too great either. In the end I went back and did a postgrad.
There was sod all cash around generally, people didn't have anything like the standard of living they enjoy today (multiple foreign holidays and weekend breaks, new cars, home interior makeovers, 4x4s to drive the kids to school, designer gear, loads of gadgets), business was flat (none of this shopping as a hobby BS) and they knew that if they lost their job they'd be on the dole for a long time.
What's coming is going to be a lot worse. Anyone who is currently living beyond their means and carrying lots of debt is going to be squeezed very, very hard indeed.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Yes - just like individuals who rented and lived within their means will prosper over the less savvy who borrowed massive amounts of cash to buy property that was way overpriced, leaving them saddled with debt.
Only the ones who keep their jobs etc.
It is unfortunately a great leveller.0 -
Only the ones who keep their jobs etc.
It is unfortunately a great leveller.
Even if you lose your job, having decent savings and not being up to your neck in debt puts you in a much, much better position.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
If you were not saddled with crushing debt and had a safe-ish job then it's perfectly possible that the early 90s weren't too bad.
I however remember being on the dole after Uni and writing 30 application letters a month. Going to interviews and finding you were applicant #29 or some such wasn't too great either. In the end I went back and did a postgrad.
There was sod all cash around generally, people didn't have anything like the standard of living they enjoy today (multiple foreign holidays and weekend breaks, new cars, home interior makeovers, 4x4s to drive the kids to school, designer gear, loads of gadgets), business was flat (none of this shopping as a hobby BS) and they knew that if they lost their job they'd be on the dole for a long time.
Sorry but you had no work experience so virtualy unskilled so no wonder it was hard to get a job.
I never had a foreign holiday ever recession or not.
newer cars were more prevelent as a % as car were so unreliable (a 7YO car was a knacker, a 10YO was a tea bag)
Agree on business.
And agree on dole as most jobs were in the manufacturing industry.
See I am not that bad.;)0
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