Doom & Gloom

crazygaijin

ukcarper wrote: »

Funny just looked on nethouseprices and thats where my figure of £124,000 comes up.

Yes I agree with Wookster (I mean !!!!!!) as well.

Or he could say

"My money is on a return to 2000/2001 (70% drop) property prices by the time this is all finished."

babs

Absolutey correct, as I've said before my sisters were very young when they bought (one was a teenager) in the late '70's early '80's all bought 3 bed semis. This rubbish about FTB'rs shouldn't set their sights on anything above a 1 or 2 bed flat is ridiculous, and only pedaled since the start of this boom, if you are on the average wage you should be able to afford an average house. It's not rocket science.

To put some perspective on it, I was on 10k in '96 and still managed to buy a nice 2 bed semi, with a front and back garden , a drive and a garage in a nice area, for 36k. I wasn't even on anywhere near the average wage then. Where is the progress ?

Totally agree with above. I live in a 5 bedroom detatched and couldn't give a stuff how much it falls by as long as young people starting out can afford what was affordable in the area where they live in the 70's/80's (agree, if you want the south then you might be looking at a flat only). I hope they do fall by a good chunk, don't think it will be as much as 80% though.

ukcarper

crazygaijin wrote: »

Yes I agree with Wookster (I mean !!!!!!) as well.

Or he could say

"My money is on a return to 2000/2001 (70% drop) property prices by the time this is all finished."

since when as £124,000 been 30% of £215,000 which is a 70% drop

novazombie

babs wrote: »

Totally agree with above. I live in a 5 bedroom detatched and couldn't give a stuff how much it falls by as long as young people starting out can afford what was affordable in the area where they live in the 70's/80's (agree, if you want the south then you might be looking at a flat only). I hope they do fall by a good chunk, don't think it will be as much as 80% though.

A few months ago everyone was talking about 50% drops.

Then came the 70% club

now every other post says something about 80%, even if its I dont think they will drop by as much as 80%.

A few months ago all the doubters were saying I dont think prices will drop by 50%.

novazombie

ukcarper wrote: »

since when as £124,000 been 30% of £215,000 which is a 70% drop

The other way to look at it is that in the last 8 or so yrs how much have prices risen?

If they fall to 2001 levels what %age drop would you call it? Can you say they have risen by this much but when they fall to the same level have they fallen lesser a %age?


My point is its all irrelevant trying to predict what %age drop because it depends how you look at it.


The facts are nothing has really happened yet the small amount come off these inflated prices, we have to have a hell of a lot more come off. It will be so obvious soon looking at prices just how much of a crash we are in. This will have a knock on effect and prices will overshoot the bottom what they were before they start rising again.

Pobby

Where I am we bought in 1998. At the peak it was just short of a 400% increase in value. So how far down it will go is anyones guess but 400%, come on!

Graham_Devon

novazombie wrote: »

A few months ago everyone was talking about 50% drops.

Then came the 70% club

now every other post says something about 80%, even if its I dont think they will drop by as much as 80%.

A few months ago all the doubters were saying I dont think prices will drop by 50%.

I've not seen anything about 80% drops, though I'm sure if every other post says it you will have no problem pointing me where?

I have personally predicted around 55% drops. I have also stated I see no reason why they couldnt go to 70%.

It's not doom mongering though. It's reality.

If the opposite of doom mongering is saying everything is alright while everything collapses around you though, I'd rather be called a doom monger.

StevieJ

novazombie wrote: »

A few months ago everyone was talking about 50% drops.

Then came the 70% club

now every other post says something about 80%, even if its I dont think they will drop by as much as 80%.

A few months ago all the doubters were saying I dont think prices will drop by 50%.

What do you mean a few months ago

Uncle_Rico

Pobby wrote: »

Where I am we bought in 1998. At the peak it was just short of a 400% increase in value. So how far down it will go is anyones guess but 400%, come on!

Forgive me if I'm misunderstanding you but there is no way how prices can fall by 400%.

They can increase by such percentages, but never fall by such percentages.

ukcarper

in my example the mortgage repayments for a house of £124,000 (42% down on peak) at 5% would be approx £450 per month just over half the present rental value at £64,500 (70% down on peak) it would be approx £240 per month less than a room. So 70% maybee but not likely