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What do you think properties will be worth 10 years from now?
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breadlinebetty
Posts: 896 Forumite
I was talking to a banker friend of mine last night and he sais that in 10 years from now property will have risen AT LEAST 100% - possibly much more. Now I know 10 years is actually not all that long (blimey, don't time fly?:eek:) and 10 years ago seemed like yesterday to me!! But I looked back at property prices 10 years back (1989 prices, and 1979, 1969, 1959) and I was shocked at how much property prices rise every decade. In 20 years from now my house will be worth half a million!!:j I'll go retire somewhere sunny..........................................:beer:
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Lovey, you don't need to be a banker to know that properties rise every 10 years. They alwayws have done and always will do. It's what's called inflation. Over the years things get more expensive.0
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Dear oh dear!! No they haven't always gone up & they won't always do so in future...
The simple answer is "F K".
Anyone who tells you they know different ain't worth trusting. Many will say they think that prices probably will go up, and they may be right...
Just because prices have over the past couple of decades tended to go up don't mean they will. Trusting on that basis is like driving down the M4 but looking out the rear window (so far so good, so far so good... ooopppsss!!!)
You might find this illuminating...
http://www.abc.net.au/news/stories/2008/01/28/2148237.htm
Cheers!
Lodger0 -
They'll be higher priced, but money will be worth less so who knows! EVERYTHING costs more now than it did 10 years ago, but its relative value is often the same or somethimes less.0
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breadlinebetty wrote: »I was talking to a banker friend of mine last night and he sais that in 10 years from now property will have risen AT LEAST 100% - possibly much more.
... and we all know how much we can trust bankers... Right?!I love giving home made gifts, which one of my children would you like?:A
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I always loved the satirical magazine 'Private Eye' take on this which I've amended to the OPs enquiry.
"News reports today suggest that property prices will decrease/stay the same/increase in 10 years time"0 -
My crystal-ball is telling me that house-prices will increase but the pound in your pocket will be able to buy you much, much less. There are swingeing tax-increases on the horizon, so you'll be taking home fewer of them as well.0
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breadlinebetty wrote: »I was talking to a banker friend of mine last night and he sais that in 10 years from now property will have risen AT LEAST 100% - possibly much more.
Most probably wrong by a long way. In 2007 prices peaked due to years of corruption and loose lending. Now the fall out of this is still going on with lots of big future loses to come. Remember these debts are yet to be repaid and getting bigger by the day.
Prices are going back to a more balanced level and will continue falling for a few years. Then you have most likely a few years stagnation.
To say that property doubles every 10 years is wrong and the most proven property cycle has always been the 18 year one which includes crashes. We are at the start of the crash period on that cycle after the biggest housing bubble in history.
Property prices go up sustaiably with inflation, abaove that you need to add value, above this without adding value is an unsustainable buble.
Your banker fried will be only correct if we have rampant inflation till then and in that case everything will be far more expensive. So all the gains will be negated by the other rises including taxation.
Prices are going to fall and stagnate in these ten years much like they did in Japan when a similar buble happened there.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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breadlinebetty appears to be one of these multiple accounts used by rampers. Just checked the previous posts.
Be carefull when reading such posts which oftern don't have supporting links. Try to understand the underlying issues and fall for these one line soundbites.
Remeber a lot of buy to let investors thought property goes up 100% every 10 years. They now are being increasingly repossessed and portfollio values have fallen dramitically.
There is no money to support 100% rise and preasure on wage inflation is likely to limit prices futher.
Just ask where is this money going to come from?:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Right, I have before me monthly house prices from 1971 to now... and so I have just done a check. Month by month, when had houses doubled over 10 years and when had they not.
01/71-06/93: YES
07/93-05/02: NO
06/02-07/09: YES
So for 12 years they did, then for 9 years they didn't.
If house prices sit exactly where they are now and don't move, then by March 2010 we will again be back to "NO", so they won't have doubled in the previous 10 years of March 2000 to March 2010.0 -
Out of interest, what was the average 10 year gain for 1993-2002? Was it much better than you'd get in a bank?0
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