Price Crash??? Why would it happen

curriej99

what's an FTB?

tomstickland

Fat Twit Beardy

OldNelly

First Time Buyer

aloiseb

tomstickland wrote:

Fat Twit Beardy

Speak for yourself!

It took me ages to work it out. Mind you, I'm a TTB myself, so it's been a while. :j

I am going on my instincts here, and they are telling me yes, there will be a crash. I know this from the minute I saw that BBC programme about people getting together with friends to buy a house.(Well, you might as well trust gut reaction as economic predictions)

It's only a matter of time.... hopefully, it won't be quite as bad as the early 90s one which has caused us and so many others such big problems.

yoshihirouk

The only logical conclusion to the entire argument is: How prices must reduce. Crash? maybe not. But reduce? Certainly.

The average age of the first time buyer is now 34 (paying their mortgage right until retirement - assuming they live that long).

House prices have tripled since 1994.

And young people (like myself) who need places to live are way down the pecking order on council house/housing association lists and can't afford to rent or buy - where do we go? Renting a room from a distant relative is great but I can't provide for anybody else apart from myself.

This may sound "Woah is me" but unless my income dramatically increases, there won't be too many options.

meanmachine_2

Sorry Yoshi mate

You've missed the boat. It's your fault for not being born 10 years' earlier. You and your generation are doomed to never being able to afford anything anywhere.

At least, that's what the property muppets would have you believe.

I wouldn't get too stressed. Your time will come again. You'll get your revenge on the bloated boomers and their houses made of fools good.

Until then, pay off your debts and start saving.

zappahey

meanmachine wrote:

Until then, pay off your debts and start saving.

Probably good advice for most of us, especially those of us mortgaged to the hilt!

Deemy

A credit crunch is coming around the corner..

Pay down your debt whilst you have the opportunity to do so at low rates.

tomstickland

What appalling advice! You should "Release the equity" from your home and spend the money on a new car, an overpriced holiday and consumer goods that will be worth nothing in 4 years time.

meanmachine_2

Deemy wrote:

A credit crunch is coming around the corner..

Pay down your debt whilst you have the opportunity to do so at low rates.

No sign of it yet - A&L are still happy to throw cash at me, followed closely by the Nationwide...

I suspect a credit crunch will only come when bad debts really start kicking in and shareholders demand action...making any downturn in the economy that much worse...leading to more bad debt...leading to a further tightening...

A vicious spiral that has been avoided for a good few years. The question is, how much longer will it go on?