Property Watch is part of the delusion

lostinrates

1984ReturnsForReal wrote: »

She is buying up repossessed horses on the cheap..

:rotfl::rotfl:
Hope they are'd as knackered as many repossessed houses. Sadly, a coat of paint doesn't make a horse sound.:D

Snooze

lostinrates wrote: »

:rotfl::rotfl:
Hope they are'd as knackered as many repossessed houses. Sadly, a coat of paint doesn't make a horse sound.:D

Nor does it to a house either, although most rental properties I've seen seem to think that is all it takes to warrant the "fully modernised" ad description. :rolleyes:

Rob

technik_2

I'm somewhat "fortunate" in that I don't own any property (never been able to afford it in the few years since graduating). I'll likely never have to worry about shelling out extortionate prices (and they are extortionate even now after falling by close to a 1/3) because i'll likely have moved out of this screwed country.

My degree wasn't in any sort of business or economic field and as stated I don't have any foot on the property ladder but even I saw this coming and pleaded with a member of my family not to buy a home in 2007. They did anyway and it's now worth something like 25%-30% less than was paid.

The amount of people out there at the moment who seem to think the market will suddenly rebound seem to be quite numerous and it is quite worrying. I personally can't see it getting any better in the next few years. The economy as a whole isn't really suited to house prices jumping back up even a couple of percent when GDP is falling and millions are losing their jobs. People obviously have a vested interest in property going up especially if they own some but it seems like wishful dreaming. I'm only 24 and out of my circle of friends 1 has a mortgage. The other dozens live at home or rent. If next to no new buyers are entering the market it seems to me a vital cog in the system is totally missing.

Of course "good houses in good areas" will have a fighting chance but here in N.Ireland you had ex council houses in estates (and you'll probably be aware that NI housing estates usually come pre-decorated with hooded men and guns painted on the gables) going for close to £200k...and people were actually buying them. Lunacy.

I can't really see how an average 3 bedroom semi anywhere in N.Ireland is worth more than about £120,000 based on wages of the average man and woman on the street. Yet those houses will still be well on the sunny side of £150,000.

House prices were rising for many years. I don't think they'll be falling for only 2

Lotus-eater

geoffky wrote: »

Some people really do believe this will be all over and we will be back to 2007 levels...What will it take for them to get a reality check....this is going to cost some people a fortune.

I know, I know.

Was talking to a relative at the weekend, waiting to sell a property "till it goes up again, cos we can't afford to sell at these prices..... and we need the money now"

translation....... we need it to be back to 2007 prices where we missed out selling it, because no one would buy it for the inflated price we had it on the market for.

:headbangingagainstwallsmiley:

Lotus-eater

By the way, that TV show on BBC4," the popes children" was good last night about Ireland. Bit weird though, it seemed like it was made before the bubble started bursting.
Prob available on iplayer

samba

Just to add some balance to this discussion, seeing as most of the previous posters expect further falls in the property market - I don't agree and think things will stabilise over the coming year. Whether this is good or bad I don't know. Where I am there doesn't seem to have been sharp falls, more a long protracted decline.What I do know is that prices WILL go up again in the long term, so anyone who can keep paying their mortgage and hold out will be back in equity eventually, tho it may take 10-15 years.

Personally, I didn't think the program was very balanced and they should have had a selection of "experts" rather than wheeling the same one out all the time, who has a very one-sided opinion (she may be right of course, but they should have still presented both sides).

p.s. no one knows what is going to happen in the future, so those talking about others who have a different opinion as being delusional and needing a reality check are just as delusional and also need a reality check!

mystic_trev

lostinrates wrote: »

I can't find the thread on the Gloucester landlady: but its awful, and she keeps laughing, I'm just so gobsmacked. And if she thinks she can make money in dealing horses ATM, well, she knows something a lot of the very good studs who can't move much right now don't know. Its just how much she keeps laughing I find a bit, well, odd.

It would appear she's got the right raving hump as she's had the BBC iplayer link removed as well!

http://news.bbc.co.uk/1/hi/business/8044817.stm

All the other links from the program are still there.

you can still read about her on TMF

http://boards.fool.co.uk/Message.asp?mid=11545788&sort=whole

Hope it works!

Yakubu22

technik wrote: »

I'm somewhat "fortunate" in that I don't own any property (never been able to afford it in the few years since graduating). I'll likely never have to worry about shelling out extortionate prices (and they are extortionate even now after falling by close to a 1/3) because i'll likely have moved out of this screwed country.

My degree wasn't in any sort of business or economic field and as stated I don't have any foot on the property ladder but even I saw this coming and pleaded with a member of my family not to buy a home in 2007. They did anyway and it's now worth something like 25%-30% less than was paid.

The amount of people out there at the moment who seem to think the market will suddenly rebound seem to be quite numerous and it is quite worrying. I personally can't see it getting any better in the next few years. The economy as a whole isn't really suited to house prices jumping back up even a couple of percent when GDP is falling and millions are losing their jobs. People obviously have a vested interest in property going up especially if they own some but it seems like wishful dreaming. I'm only 24 and out of my circle of friends 1 has a mortgage. The other dozens live at home or rent. If next to no new buyers are entering the market it seems to me a vital cog in the system is totally missing.

Of course "good houses in good areas" will have a fighting chance but here in N.Ireland you had ex council houses in estates (and you'll probably be aware that NI housing estates usually come pre-decorated with hooded men and guns painted on the gables) going for close to £200k...and people were actually buying them. Lunacy.

I can't really see how an average 3 bedroom semi anywhere in N.Ireland is worth more than about £120,000 based on wages of the average man and woman on the street. Yet those houses will still be well on the sunny side of £150,000.

House prices were rising for many years. I don't think they'll be falling for only 2

Exactly right! Property prices from the period of 2002-2007 rocketed -well out of line with the average salary increases. There now has to be a period of adjustment. High unemployment, Smaller pay rises, and stricter lending conditions means less will be able to afford.
IMO prices have another 10% at least to fall.

For the average family who may have bought at the peak - i feel for. But people like that woman who racked up £Ms by loaning herself to the hilt and treating her tenants like animals. I hope they get nailed just a little more by the downturn

trumpton

I'm viewing Property Watch at the moment. The Gloucester BTL woman seems a typical example of how people took advantage of lax lending and constantly remortgaged to buy more houses. It would seem obvious to me that that business model would end in tears. She should have sold off a few when prices went up, instead she bought more and more HMO's, even getting fined for overcrowding and poor conditions. No sympathy for her, I'm afraid. It was a business risk and didn't work out.

Now I'm watching that annoying Rosie Millard gobbing off and talking over the sensible beardy man. Of course, she has to talk up property as an investment as she has just bought a £1 million quid house to renovate. Supremely irritating woman.

Lotus-eater

trumpton wrote: »

Now I'm watching that annoying Rosie Millard gobbing off and talking over the sensible beardy man. Of course, she has to talk up property as an investment as she has just bought a £1 million quid house to renovate. Supremely irritating woman.

Yes annoying.
http://www.thisismoney.co.uk/dealing-with-debt/article.html?in_article_id=399501&in_page_id=62
and this was in 2005, no wonder she was shouting the market up. Desperation springs to mind.