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Debate House Prices
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50% drops by 2011
Comments
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People keep quoting the drop in August figures on house prices - but isnt that a normally very quiet month as people are on holiday? Plus everyone was waiting to hear about the decision on Stamp Duty?
Its the best we have until Land Registry comes out for September...
The August figures were produced 26th September, so going to have to be patient a bit longer...
Why the big jump from May to June, the big drop from June to July...?? Govt fiddling, or skewed by low volumes...? Time will tell.0 -
People keep quoting the drop in August figures on house prices - but isnt that a normally very quiet month as people are on holiday? Plus everyone was waiting to hear about the decision on Stamp Duty?
Yes - it's just a matter of waiting for the Spring Bounce
Mind you, we are still waiting for Spring Bounce 2008. :think:--
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 -
paying £800 pm to £1200pm. Bonkers.
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Again you are using figures which I have explained. The £800 was early 2005 prices, and we knocked £100 of the original asking price. We were still paying £800 come Jun 08. The exact same house as mine, just 2 streets away, but with no conservatory has been succesfully let out since Jan 08 for £1100(work mate) on a 12 month tennancy. Not that any of this is important, I just wanted to clarify that matterDebt free. March 2020
Mortgage free-August 2021
Planned retirement date- 19/5/2026
£29500 saved. Target £420000(19/05/2026)0 -
Yes - it's just a matter of waiting for the Spring Bounce
Mind you, we are still waiting for Spring Bounce 2008. :think:
!!!!!! you can sure talk the talk.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
!!!!!! you can sure talk the talk.
Just making an observation. There was a lot of banter here about the 'Spring Bounce' early in the year. I hope no-one was holding their breath for it.--
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 -
Just making an observation. There was a lot of banter here about the 'Spring Bounce' early in the year. I hope no-one was holding their breath for it.
If you say so.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
I thought I would drop my two pence worth in as I am a seller trying to sell at the higher end of the market in the South Bucks area. Our house has been on the market for a month with some viewings and we took the middle valuation. Like a number of sellers we are not desperate to sell and to be honest we have probably chosen the worst time in the world to sell. We have a large amount of equity in the house and our mortgage is approx 25% of the proposed selling price so we have plenty of leeway but I would like to make the following points to all those people out there who are wondering why we dont reduce further and give them the bargain they are all looking for.
1. We are not desperate to sell. We can borrow some more money using Nationwide's flexible advance facility should we need to. The reason we are thinking of selling is that we want to be comfortably off to afford our children's school fees in the coming years and whilst we would downsize slightly it would still allow us to look at house in the £650kish price bracket.
2. I hear from some people that houses should be no more than 3 times the average salary. How does that work? If you have a family of 5 with father earning say £30k do they demand a 4-5 bed house. What about different areas of the country.
3. 50% drops. Maybe on a new build one bed flat but on a period 4-5 bed house in Gerrards Cross. I dont think so.
4. There seems to be a culture now of wanting it all now. Sky TV is a right, a car is a right, having as many children as I like is a right, chosing not to work and living on benefits is a right, a mobile phone is a necessity.
What ever happened to starting off on the bottom rung and moving up and a house being a home. As one earlier poster says, lots of people go and buy a new car (men seem to do this a lot!) and no one complains that they are losing 50% at least in the first 3 years.
If I was young and single I probably would rent but with children and good schools to sort out I am better off buying.0 -
Just making an observation. There was a lot of banter here about the 'Spring Bounce' early in the year. I hope no-one was holding their breath for it.
i sympathise !!!!!! - i'm still waiting for the 50% price drop on properties and 110,000 job losses in the City. I hope no-one holds their breath for them either.0 -
i sympathise !!!!!! - i'm still waiting for the 50% price drop on properties and 110,000 job losses in the City. I hope no-one holds their breath for them either.
Actually - you were originally arguing that there weren't even going to be 40k losses in the city - but of course after I highlighted it you went back and deleted your posts about that. :rolleyes2
Whether we get the 110k predicted by the Hay Group
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2972502/Thousands-of--financial-jobs-will-go,-economists-say.html
remains to be seen. I wouldn't bet against it though. However, now that half of Britains banking system is in government hands who knows how many jobs will be 'saved'.
Regarding price drops, my own predictions are for about 35% (national average) at the trough but some parts will see 50% or close to it, I reckon. Probably areas of Wales and Northern Ireland.--
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 -
What ever happened to starting off on the bottom rung and moving up and a house being a home. As one earlier poster says, lots of people go and buy a new car (men seem to do this a lot!) and no one complains that they are losing 50% at least in the first 3 years. .
I think some of the guys on this forum think that prices will drop that much that they will be able to skip the mortgage bit and 'first rung' totally.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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