'50% drops'

pickledpink

Max_Headroom wrote: »

Only!!??? :eek: 14% in a year and you say only..??



How are the "nice" properties getting further out of reach? You think they're going up..?

Max_Headroom wrote: »

Only!!??? :eek: 14% in a year and you say only..??



How are the "nice" properties getting further out of reach? You think they're going up..?

No I don't think nicer houses are going up.

But a fall of, say, 15% on a £500k property brings it down to £425k.

A fall of 15% on a £200k property brings it down to £140k.

They're STILL miles apart in terms of affordabillity!

If all the desirable houses dropped to such ridiculously low prices EVERYONE would be rushing to buy them!!!:p

The trouble with a lot of people on this forum is that they are pinning their pipe dreams on snapping up a beautiful home for peanuts. And it ain't gonna happen!!!:p

Most people who already own (or are buying) their beautiful homes, usually have a lot of equity in them (if they don't already own them outright) - and that's why they won't sell them at the present time. They don't need to. They'll just enjoy their home and wait for the market to recover:money:

Dithering_Dad

Did you not attend my basic arithmetic course then, pp?

Max_Headroom_3

pickledpink wrote: »

No I don't think nicer houses are going up.

But a fall of, say, 15% on a £500k property brings it down to £425k.

A fall of 15% on a £200k property brings it down to £140k.

They're STILL miles apart in terms of affordabillity!

If all the desirable houses dropped to such ridiculously low prices EVERYONE would be rushing to buy them!!!:p

The trouble with a lot of people on this forum is that they are pinning their pipe dreams on snapping up a beautiful home for peanuts. And it ain't gonna happen!!!:p

Most people who already own (or are buying) their beautiful homes, usually have a lot of equity in them (if they don't already own them outright) - and that's why they won't sell them at the present time. They don't need to. They'll just enjoy their home and wait for the market to recover:money:

15% off of £200K is £170K actually.

But whatever, more expensive houses are still more expensive, I don't think anyone expects all houses to drop to the same figure.

However (to make the maths easy) if you get a 50% drop then a £400K house becomes £200K, and a £200K house becomes £100K. So the gap shrinks from £200K apart to £100K apart.

So I don't see how you can say that "The gap between rich and poor is widening at an alarming rate".

It's actually doing the exact opposite.

ess0two

ad9898 wrote: »

It doesn't really matter whether nice properties are being pulled or not. It only takes a couple of forced sales in a street and when these 'nice properties' eventually come up for sale, they may have a shock at the valuation they are given.

I'm pretty certain surveyors check what others have sold for and value accordingly.

Your right but 'eventually' if they come back on.

Max_Headroom_3

ALL houses have to be sold eventually, death, divorce, marriage, money, kids coming, kids going, whatever.

Now in the case of one particular house that forced sale might be next month, might be in 50 years, might be in 150 years if passed down through the family, but it will happen.

Thing is, there's millions of houses out there so logically there are forced sales going on all over, and those will set the values (as no one will pay £200K for a house when one very similar in the same area sold last week for £150K just because the £150K was a forced sale. Hence the forced sales set the market level).

pickledpink

Max_Headroom wrote: »

15% off of £200K is £170K actually.

But whatever, more expensive houses are still more expensive, I don't think anyone expects all houses to drop to the same figure.

However (to make the maths easy) if you get a 50% drop then a £400K house becomes £200K, and a £200K house becomes £100K. So the gap shrinks from £200K apart to £100K apart.

So I don't see how you can say that "The gap between rich and poor is widening at an alarming rate".

It's actually doing the exact opposite.

Yep, you're right!

Must have been my long lazy Italian lunch (with oodles of crisp white wine:p )

But............back to my point.............. the difference between £170k and £425k is still very considerable. A £255k difference.

Big mortgage!!!!!

stevetodd

T4i wrote: »

:mad: :mad: :mad:

Greed! God I hate it! Isn't that part of the problem?

Why is it greed just because I am looking for a decent investment for my money? do you expect me to give it all to charity? (incidently I do donate monthly to both the RSPCA and the dog's trust). Obvioulsy I am going to invest my money where I think it will perform best! I worked very hard for years to get financial security, it didn't come easy.

mewbie_2

I don't buy the nice houses don't drop in price argument. It's like "nice girls don't", when actually they do.

stevetodd

mewbie wrote: »

I don't buy the nice houses don't drop in price argument. It's like "nice girls don't", when actually they do.

They will of course drop, no house will escape the fall, it's just that some of those over hyped 'luxury flats' were never worth what they were marketed at in the first place so obvioulsy they will drop more

Max_Headroom_3

pickledpink wrote: »

Yep, you're right!

Must have been my long lazy Italian lunch (with oodles of crisp white wine:p )

But............back to my point.............. the difference between £170k and £425k is still very considerable. A £255k difference.

Big mortgage!!!!!

Big mortgage indeed. But I still don't understand how you feel that "the gap between rich and porr is widening alarmingly". How? It appears to be narrowing to me (as per my example above).