House Prices Only Set To Fall By Maximum 20% In Total

bigfatbelly

Reports in all the newspapers today (including the News channels) say that house prices have fallen 8.9% this year and are expected to fall by another 12% in 2009 until they bottom out.

So we're looking at 20% reductions from the peak which I suppose is about right.:money:

The report also says that people are rushing to pay off their mortgages, so this will mean fewer distressed sales.

Good news for present homeowners (most of them anyway) but not so good news for those waiting and hoping for the price falls that haven't materialsed.

Here's one of the links to the report

http://www.dailymail.co.uk/news/article-1102446/Homeowners-seek-cut-debt-experts-warn-house-prices-plummet-12-2009.html

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Jolly japes from a sock puppet, com' on, your cover is blown, show yourself.:D

mewbie_2

So the message is - you would be a raving lunatic to buy in the next twelve months because they have another 12% to fall? Ok... and thanks for the heads up.

mvengemvenge

bigfatbelly wrote: »

Reports in all the newspapers today (including the News channels) say that house prices have fallen 8.9% this year and are expected to fall by another 12% in 2009 until they bottom out.

So we're looking at 20% reductions from the peak which I suppose is about right.:money:

The report also says that people are rushing to pay off their mortgages, so this will mean fewer distressed sales.

Good news for present homeowners (most of them anyway) but not so good news for those waiting and hoping for the price falls that haven't materialsed.

Here's one of the links to the report

http://www.dailymail.co.uk/news/article-1102446/Homeowners-seek-cut-debt-experts-warn-house-prices-plummet-12-2009.html

There are several organisations predicting falls of of 35-50% before the bottom is eventually reached, so my advice would be to hold back on any celebrations.

itsgototstop

bigfatbelly wrote: »

Reports in all the newspapers today (including the News channels) say that house prices have fallen 8.9% this year and are expected to fall by another 12% in 2009 until they bottom out.

So we're looking at 20% reductions from the peak which I suppose is about right.:money:

The report also says that people are rushing to pay off their mortgages, so this will mean fewer distressed sales.

Good news for present homeowners (most of them anyway) but not so good news for those waiting and hoping for the price falls that haven't materialsed.

Here's one of the links to the report

http://www.dailymail.co.uk/news/article-1102446/Homeowners-seek-cut-debt-experts-warn-house-prices-plummet-12-2009.html

Where I am ( Zone 2 London) falls this year have been alot more then single digit, sadly even my own, it seems optimistic

drbeat

bigfatbelly wrote: »

which I suppose is about right.:money:

In comparison to what?

[Deleted User]

Cough *Gullable Mug* Cough

islandannie

Sense at last, when the much vaunted 60/70% drops in value entice cash rich mortgage free multiple property owner landlords like me back in to the market,guess what, all you doom mongers will be priced out.

Cat695

erm didn't halifax and nationwide put the HP at being around 14% off peak this year???

I rather believe a bank and LR than a newspaper

Update halifax are saying 14.9% as of november this year

http://www.hbosplc.com/economy/HousingResearch.asp

and we're currently at 2005 for average house prices (£163,605)

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islandannie wrote: »

Sense at last, when the much vaunted 60/70% drops in value entice cash rich mortgage free multiple property owner landlords like me back in to the market,guess what, all you doom mongers will be priced out.

I see this argument all the time, their was a 35 fold increase in BTL since '97, most were amateurs using HPI in their own property to finance BTL. Unfortunately for them, this finance model is now dead, as are their finances if they did it in the last 3 years.:D

The point I'm making is you maybe a 'cash rich mortgage free multiple property owner landlord' but most are/were not. You, personally, may do very well but there are not enough of you to steer the 'oil tanker/housing market' back towards the calm seas of HPI.

The crash will see property down 40% on average by Dec 2009, so if you are telling the truth in your post, rejoice, but with a 4-5 year window at least when prices finally bottom out, to hop aboard the property boat, no one with good credit/savings will be priced out.

Just to edit..... I don't see anything doom mongerish about falling house prices, it's better for the whole country in the long run, it's just short term where the pain lies.

Cat695

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This is just another non believer.......time will tell

if they want to believe a newspaper over LR and Bank predictions and current FACTS then let them...just means it will hit them harder than the rest