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Debate House Prices
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1 in 9 mortgage holder in NE
Lotus-eater
Posts: 10,789 Forumite
According to BBC Radio 2 news
Freedom is not worth having if it does not include the freedom to make mistakes.
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Is that in the North East or Negative Equity?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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Negative equity.Freedom is not worth having if it does not include the freedom to make mistakes.0
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http://news.bbc.co.uk/1/hi/business/8095612.stm
Interesting for everyone who says this isn't as bad as the last recession.
But it has emerged as a problem much more quickly, because of the very sudden fall in house prices from their peak in the middle of 2007 to the first quarter of 2009.
In that time UK house prices fell by about 20%, whereas it took six years for them to fall by 15% between 1989 and 1995.Freedom is not worth having if it does not include the freedom to make mistakes.0 -
Lotus-eater wrote: »http://news.bbc.co.uk/1/hi/business/8095612.stm
Interesting for everyone who says this isn't as bad as the last recession.
But it has emerged as a problem much more quickly, because of the very sudden fall in house prices from their peak in the middle of 2007 to the first quarter of 2009.
In that time UK house prices fell by about 20%, whereas it took six years for them to fall by 15% between 1989 and 1995.
Which is why I think it will be over quicker
'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 Brourt our house at the start of 2006. By now i would say that we are one of the one in nine that are now in Negative equity Were we live there have been a lot of price falls (west midlands)
I lost my job in january so its not like we can up our payments at the moment to try and being our debt down a bit to get back into equity. We only put down a 5% depodtit. We have dont a lot of work to the house which would have inproved the price. And we made some over payment when i was still working. We paid £86000 for the house and put £6000 down so that left us with an £80000 debt on the place. I would say that we wpuld get around the £80000 for it. If we could sell the house market around here is not moveing at all really there has been a high number of job loses in our aera.:jYou can have everything you wont in lfe, If you only help enough other people to get what they wont.:j0 -
On the other hand it could last just as long with prices falling further.
Believe that if you wish '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 -
I believe it's much higher than 1 in 9, don't forget many people will not acknowledge what price drops their property has taken, and if they were to try and sell it for what they think it's worth it would probably languish in the EA's window for a year like most do now, before reality hits home and they drop the price or take it off the market until things 'return to normal.'0
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