House Price Crash Calculator

MissMoneypenny

"If house prices start to fall how far will they go?

Until now, no one has been able to predict the future.

Enter the details of your property, choose a year and see what would happen if prices crashed to the level they were then."

http://www.thisismoney.co.uk/house-price-crash-calculator

DirectDebacle

Interesting but not very useful, not for me anyway.

I bought tce in 1996 for £57k

Valued in 2006 around £280k

S.W. (Devon)

Calculator tells me it would now be worth £82k @ 1996 prices

Looks like my house has crashed by gaining 44% over what I paid for it. Long may the crash continue:D

MissMoneypenny

What area is that? North?

Kez100

SW Devon is what it says.

DirectDebacle

MissMoneypenny wrote: »

What area is that? North?

I amended it.

Down here the problem is that we have suffered some of the highest HPI after the S.E. A survey last year showed that the S.W. had become 100% unaffordable. That was based upon average house prices to average earnings. Down here it is a low wage economy, one of the lowest in the country. The next most unaffordable area was S.E. with the London area at 95% unaffordability.

The problem down here is that many choose to retire here and the natural beauty attracts many 'second-homers'. This has a tendency to inflate prices even more than the norm. I expect prices to drop swiftly and sharply but because of the above factors perhaps not as much as in other parts of the country. I do not see prices falling to 1996 levels. For many this will still be an attractive place to live and keep prices higher than they should be in relation to the earning power of the workforce.

The calculator is too much of a broad brush, but as I said interesting for 5 minutes.