50% drops by 2011

chucky

neverdespairgirl wrote: »

In London, at least, that simply didn't happen in any significant way in the early to mid 1990s. The market bumped along tamely for ages.

tend to agree here - there were a number of people who did invest their cash in property in the medium term but for at least 4 years it was quite flat.

mitchaa

dopester wrote: »

Cash is king now. Those who have it or can get finance won't be over-paying for anything. Aberdeen and near enough everywhere else is going to crash back to 1992 prices.

You need locking up and the key throwing away.

Either that or a straight jacket:D

I bought in June 2007 and can sell my property now for £35k more. Not fiction, fact;) Give you your due though it's probably dropped about £5k from its peak back in June when i had the place valued, that to me is about a 2% drop.

All this oil money, cheap housing and £50k+ salaries does the world of good up here;)

I dont think there is a better area in the UK to live for salary and affordability purposes. No point earning £100k in Central London when 1 bed flats cost £500k:D

1992:rotfl: :rotfl: :rotfl: Some of you are taking things way too far

Dopester...Are you not the chap that lives in a poverty stricken Glasgow council estate? An estate that resembles that of Beirut near Govan? Granted, you may well see 1992 levels return there. Buy a whole street for about £5k because no-one sane enough wants to live there

dopester

Welcome back mitchaa, :j
-2% eh?
Seems others officially calculate Aberdeen took a -7% hit in the 3rd quarter. That £35K equity is rapidly being eaten in to.

Meanwhile, Aberdeen recorded the greatest reversal in fortunes. The Granite City, which had previously recorded the highest prices in Scotland, has now been knocked from the top position.

In the second quarter this year, house prices in Aberdeen rose by 3 per cent year-on-year, but in the third quarter the average price in the city dropped by 7 per cent.

http://news.scotsman.com/scotland/Scottish-housing-sector-joins-the.4555236.jp

IveSeenTheLight

dopester wrote: »

Welcome back mitchaa, :j
-2% eh?
Seems others officially calculate Aberdeen took a -7% hit in the 3rd quarter. That £35K equity is rapidly being eaten in to.



http://news.scotsman.com/scotland/Scottish-housing-sector-joins-the.4555236.jp

Actually, you are incorrect again.
The figures are taken from nationwide and there was not a 7% drop in Q3 2008. Actually there was a 2.4% drop in Q3 2008

What happened was that there was a 6.9% drop YoY in Q3 2008

Incidently, in Q3 2007 there was a 35% rise

So in short, since Q3 2006, prices rose 35% and then lowered by 6.9% resulting in the average property price according to Nationwide being 25% higher in Q3 2008 than they were in Q3 2006.

As mitchaa bought in June 2007, comparing Q2 2007 with Q3 2008 his property theoretically is roughly the same if not a little higher

http://www.nationwide.co.uk/hpi/historical/q2_2007.pdf

http://www.nationwide.co.uk/hpi/historical/q3_2008.pdf

Cannon_Fodder

Its not like they weren't warned...
http://thescotsman.scotsman.com/latestnews/-Recession-threat-Bank-of.4032746.jp

And won't to be helped by;
http://news.bbc.co.uk/1/hi/scotland/7672431.stm
either.


I think 1992 is a tad negative, mind!

mr.broderick

howler wrote: »

Nope - I haven't got a mortgage :j

Yeah that makes sense. "yipee I haven't got a mortgage....Unfortunately i do live on the streets though"

js76athome

Personally, get saving, wait for the bottom then buy and buy 2 if you can

novazombie

mitchaa wrote: »

You need locking up and the key throwing away.

Either that or a straight jacket:D

I bought in June 2007 and can sell my property now for £35k more. Not fiction, fact;) Give you your due though it's probably dropped about £5k from its peak back in June when i had the place valued, that to me is about a 2% drop.

All this oil money, cheap housing and £50k+ salaries does the world of good up here;)

I dont think there is a better area in the UK to live for salary and affordability purposes. No point earning £100k in Central London when 1 bed flats cost £500k:D

1992:rotfl: :rotfl: :rotfl: Some of you are taking things way too far

Dopester...Are you not the chap that lives in a poverty stricken Glasgow council estate? An estate that resembles that of Beirut near Govan? Granted, you may well see 1992 levels return there. Buy a whole street for about £5k because no-one sane enough wants to live there

I am very interested to know what everyone else thinks about your claim that you could sell you house now for 35K more than you bought it for in June 07. Obviously we all haven't seen your house but the way things are looking for the property market know one really needs to.

I admit if its something very special that super rich would like to own and you bought it way way below market value, then yes even now in these times you may find someone who has enough equity elsewhere to actually get a mortgage approved. But then again why would said person want to when all the smart people know we have a long way to fall yet.


I'm sorry but your a living in a dream world and you can go on thinking you may find someone who is like you (not understanding whats happening around you) to buy your house but the facts are houses just are not selling right now, even at hugely reduced prices we have the lowest figures of sales going through since colour TV was invented.

So anyway yes I disagree with your statement that you claim is fact not fiction, I'm sure other will give their opinion..............

chrisandanne

novazombie wrote: »

Iaround you) So anyway yes I disagree with your statement that you claim is fact not fiction, I'm sure other will give their opinion..............

Delusional. A x

RDB

novazombie wrote: »

So anyway yes I disagree with your statement that you claim is fact not fiction, I'm sure others will give their opinion..............

There is no way ANYONE can sell a house for that much more than they bought it for at the top in 2007.

Did you get mistaken and mean to say you can sell your house for only 35K less than you bought it for at the top? That wouldnt be too bad compared to what you could get for it in 1 or 2 yrs time.