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Debate House Prices
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How far will prices fall in London?
Comments
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Where are the distressed sales coming from, with interest rates at historic lows and govt mortgage subsidy for people made redundant?
Subsidy was made for for people in the last recession and there was still plenty of distressed sales. Company cutbacks means less overtime and less pay increases. All this will add pressure to people on the borderline.0 -
Then Steve how will you feel when they fall another 20% (making 50% drop) AFTER you bought?
I don't believe they will fall another 20% (although I do expect them to fall up to another 10%), but even if they do I will be making an good return and they will eventually go back up again. Like when I origianlly bought n 1991 they fell for another 4 years but it didn't matter because I had bought at a price that gave a good return. My concern is not that I will miss buying at the bottom, but that the properties I want ie 3 double bedroom victorian houses will not be available in the pecific area that I want to buy in. Because I know exactly what I want and at what price, but I will do without if I can't get exactly what I want, I am not willing to compromise.
You can't plan to buy at the bottom because the bottom can only be seen when it has already happened so you have to buy when you believe the price is right for you.0 -
stonethrower wrote: »Subsidy was made for for people in the last recession and there was still plenty of distressed sales. Company cutbacks means less overtime and less pay increases. All this will add pressure to people on the borderline.
Interest rates 1990 = 14.785%
Interest rates 2008 = 3% down from 5.75% (and still reducing).
Spot the difference!'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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how many of you who say you will not see 40to50% drops are under 40..this is all new to you and your brain cant picture it because in your world it has not happened before..for us that have been round the block a few times well its just like last time only is different this time and it wont happen here ect ect.....you aint seen nothing yet...
I am under 40 (just!:rolleyes: ) and can remember all to well the last recession....probably why I am advising caution to anyone wanting to buy right now.We made it! All three boys have graduated, it's been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk - now having fun and games as a wheelchair user.0 -
stonethrower wrote: »how long were the interest rates 15%. You had miras then also house prices were not as far out of line with wages as they are now
It was still 10% in 1992, Miras was known to be on the way out (in any case restricted to 30k) and house prices were well out of kilter with wages, not as bad as now agreed but would you like to be paying 15% on todays house prices?'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 -
'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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We had a mortgae of 60k from 1990 - 1996...I remember paying £670 pm at one point..but not for too long...I remember it as it was such a struggle.
By 1996, it was around £430 ish?
Those houses now sell for, very roughly, £170k - £220k. I don't know what a repayment mortgage would be on the current values.0
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