Crash Crash Crash !!!!!!!!!!!!!!!!!!!!!!!!!!!

john539

We haven't been in this situation to know what will happen, people just assume prices will recover eventually.

Surely if your home has become a millstone with possibility market will not recover, it's better to get out if you can ?

lessonlearned

Interesting thread, very entertaining, just what I needed after the terrible fortnight I have just endured.

My darling husband, who suffers from a chronic neurological condition, has just spent the last two weeks in hospital fighting for his life after a virus attack degenerated into pneumonia. Next week he faces the dubious pleasure of a biopsy to his brain to try and get some answers about his underlying neurological illness.

Yes, the enconomic situation is grim, (in our case dire). But, here's the thing, we rode out the last two recessions and I hope that we'll do the same with this one. Like other posters have said, you tighten the belt, sell stuff, do extra work, whatever it takes.

I'm determined that we will keep our home because it is our haven and our "nest". In our case, it may well be the place where my husband comes home to die, but at least he will be in the place he loves, surrounded by our friends, family and neighbours.

A house represents so much more than bricks and mortar or a mere financial investment. For most of us it is a sanctuary from which we draw strength and comfort. It is a place of peace and love and nothing can replace that. Renting simply cannot give that security.

Just this week, in our local paper, a recently widowed lady has been given 6 months to leave her sheltered home, (owned by a housing trust). The reason being that the powers be have decided it is too large for single occupancy. Her husband is dead therefore she has to lose her home. How sad and cruel is that, as if her grief and loss weren't enough to deal with.

Home ownership doesn't come cheap, but our current tenancy laws offer no security of tenure. The only real security comes from home ownership.

MRSTITTLEMOUSE

lessonlearned wrote: »

Yes, the enconomic situation is grim, (in our case dire). But, here's the thing, we rode out the last two recessions and I hope that we'll do the same with this one. Like other posters have said, you tighten the belt, sell stuff, do extra work, whatever it takes.
I'm determined that we will keep our home because it is our haven and our "nest".
A house represents so much more than bricks and mortar or a mere financial investment. For most of us it is a sanctuary from which we draw strength and comfort. It is a place of peace and love and nothing can replace that. Renting simply cannot give that security.
Home ownership doesn't come cheap, but our current tenancy laws offer no security of tenure. The only real security comes from home ownership.

We're the same,although I'm fortunate my husband is in good health.We lived in our first property for 26 years and after our children grew up moved to a house we intend to live out our days in.Not once did we consider if it would make us money.
I realy do think that this recently acquired attitude of property being an investment instead of a place to live and make into a home is just ridiculous.I don't care how much my house is worth.To me in one way,it's realy quite worthless because if I want the value of it I'll have to sell it and make myself homeless and then pay more rent than I would mortgage to some greedy landlord.On the other hand it's worth more than money can buy because it's our home and the place we feel happy and safe.
Being in my early 50s I'm hoping that I've got a few more years yet but when I do leave this mortal coil at least my family will get the benefit of the house,which if I'd rented,would be in the pockets of some landlord instead.
I would never feel safe and secure in a rented property.I'd have to pay rent to enable me to have somewhere to live anyway so why not pay a mortgage and at least I get to keep what I'm paying for.

john539

Lookks like things are going to get worse

UK house prices 'to fall by 30%'

Can they fall much more, how bad can it get.

john539

Who knows where this will end. :eek:

Seems this will continue all of next year, 2% decrease per month, maybe another 25-30% to drop.

What has happened to scary 90's term Negative Equity, doesn't seem to be in news anymore ?

House prices 'fall to 2004 level'

besonders1

Pity that they say that homes are now at 2004 levels but I have seen only a couple where I live and all are repossessions, all the rest of the properties are at 2007 prices and have been on the market since god knows when.

ps2659

besonders1 wrote: »

Pity that they say that homes are now at 2004 levels but I have seen only a couple where I live and all are repossessions, all the rest of the properties are at 2007 prices and have been on the market since god knows when.

Thats the reason they are not selling still priced at 2007 levels.

john539

ps2659 wrote: »

Thats the reason they are not selling still priced at 2007 levels.

Looks like people are 3-4 years out of date on their pricing.

mitchaa

john539 wrote: »

Looks like people are 3-4 years out of date on their pricing.

Really

Is every house in the UK therefore at 2004 levels an should be priced accordingly to what the Halifax tell us?

dopester

mitchaa wrote: »

Really

Is every house in the UK therefore at 2004 levels an should be priced accordingly to what the Halifax tell us?

If you want to stand a good chance of finding a buyer... YES !!!!!!!!!

2002/03 levels to whip up some interest for a fast sale, instead of chasing the market down, else another 12 months and your looking at 2000/01/02 levels.