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

blisk3

Lewis1967 wrote: »

I agree something has to give, I also agree that it will be slowly and surely. Slowly means it may take years before we reach the bottom of this bear market in UK property. I still agree with those who say the bottom will not be reached until interest rates are back to normal and all the repossessions of home owners who can not afford to own at normal interest rates have been cleared out.

Prices have crashed, just people & market haven't realised or accepted.

Dan:_4

Lewis1967 wrote: »

I agree something has to give, I also agree that it will be slowly and surely. Slowly means it may take years before we reach the bottom of this bear market in UK property. I still agree with those who say the bottom will not be reached until interest rates are back to normal
and all the repossessions of home owners who can not afford to own at normal interest rates have been cleared out.

This is the NEW normal

Dan:_4

blisk3 wrote: »

Prices have crashed, just people & market haven't realised or accepted.

I wish that was true.

Pete111

blisk3 wrote: »

Prices have crashed, just people & market haven't realised or accepted.

So prices have crashed except 'in reality' then?

It's one thing to argue that the basis of the current stagnant market remains fundamentally unsound, quite another to claim that the market at present is not actually happening.

Dan:_4

blisk wrote: »

Get out while you can.

..........

Quite a turn around from the orgional post 4 years ago.

blisk - you shoud have got in back then!

sabretoothtigger

Those are rate of change graphs anyway. I think we're mostly flat in general pricing

RenovationMan

Dan: wrote: »

Quite a turn around from the orgional post 4 years ago.

blisk - you shoud have got in back then!

Let's not forget the cheap rate mortgages he's missed out on and he would have been 4 years closer to having his mortgage paid off. On a 25 year term, that amounts to being almost a 5th of the way through the mortgage term.

I've no idea what the average drop in house prices have been (nor do I care), but someone on a 25 year repament mortgage would have repaid 6.25% of their mortgages off by now. Have prices dropped by 6.25% since 2008?

Out of interest, does anyone know how much more it is on average to rent than to own? That amount should be added to the calculations. One wonders just how much someone has lost by not buying at the bottom in 2008?

wotsthat

RenovationMan wrote: »

Out of interest, does anyone know how much more it is on average to rent than to own? That amount should be added to the calculations. One wonders just how much someone has lost by not buying at the bottom in 2008?

LSL reckon average rents are £718. That's going to put a dent in the average deposit savings pot.

Only up by 2.4% in the last year so it's not running away but, with hindsight, buying when this thread started could well have been a better move.

Lewis1967

blisk3 wrote: »

Prices have crashed, just people & market haven't realised or accepted.

You mean are crashing still.

Pete111 wrote: »

So prices have crashed except 'in reality' then?

In reality property is still crashing, it is going to take some time to reach bottom.

The sooner interest rates go back up the sooner the bottom can be reached and the next bull market in property can begin.

If interest rates correcting is postponed it will just postpone the bottom of the bear market in property and the bottom will be at a lower point than if rates correct sooner.

heathcote123

Lewis1967 wrote: »

You mean are crashing still.



In reality property is still crashing, it is going to take some time to reach bottom.

The sooner interest rates go back up the sooner the bottom can be reached and the next bull market in property can begin.

If interest rates correcting is postponed it will just postpone the bottom of the bear market in property and the bottom will be at a lower point than if rates correct sooner.

It would probably be a bit more relevant if posters who claim house prices are crashing could maybe state their area?

No doubt hp's round here have risen sharply over the last year and still seem to be rising - I'm in Hertfordshire. Yes there was a bit of a dip 2008 etc, but to put it into context, it was tiny, and prices seem to have risen way past that again.

I want to upgrade my house, so would welcome a huge crash... just think people are kidding themselves if they think thats whats happened.