House Price Crash

ManAtHome

Saw an article on another (news) site - apparently "more-gages" (their term for 125% loans etc) are becoming more widely available. Good deal for the banks as your chances of re-mortgaging tend to diminish when you're instantly in negative equity.

RHemmings

meanmachine wrote:

That's a good point.

Look on the mortgages site and you'll see that almost every FTBer is looking for at least a 100% mortgage. When I suggest they should save a deposit, I'm attacked like I'm a mad thing, and that if they don't buy now then they'll end up in the gutter. Or words to that effect.

Do you mean the mortgaging forum of this site? I'll go have a look but probably won't post. Maybe I shouldn't put my head over too many parapets at once. You couldn't post or PM a link to a thread where you're attacked for suggesting that people should save a deposit could you?

Sadly, these people are setting the new market value.

It's entirely possible that their houses being repossessed will be setting the new market value in a year or two.

wibble68_2

Had a conversation with a friend who's going to invest in property.

He tried to inform me that:-

1. You can't lose money on property

2. House prices will never go down because the
government will invent new shared ownership
schemes to keep the housing market afloat.

3. House prices will stay permanently high to incomes

I think he's been watching too much property !!!!!! on TV.

RHemmings

wibble68 wrote:

Had a conversation with a friend who's going to invest in property.

He tried to inform me that:-

1. You can't lose money on property

2. House prices will never go down because the
government will invent new shared ownership
schemes to keep the housing market afloat.

3. House prices will stay permanently high to incomes

I think he's been watching too much property !!!!!! on TV.

Maybe you could try "three two one *click fingers* you're back in the room" to see if it makes any difference.

manhattan

i love it when people quote "house prices never go down" thats so funny! lol

wibble68, tell him to cut down on the property !!!!!!,it will make him go blind!;)

them shows were probably recorded 2 years ago.

Pobby

The one quote I like ``they{who they are I have no idea} won`t let it happen``.I presume a house price crash.

wibble68_2

People seem to be going mad for property here in Oxfordshire.

There was an 18 month period where prices were static
or even dipped slightly.

Now houses are selling quickly and for very near asking
prices.

Where will it end?

manhattan

wibble68 wrote:

Where will it end?

quite likely in tears,for some people?

westernpromise

wibble68 wrote:

Had a conversation with a friend who's going to invest in property.

He tried to inform me that:-

1. You can't lose money on property

2. House prices will never go down because the
government will invent new shared ownership
schemes to keep the housing market afloat.

3. House prices will stay permanently high to incomes

I think he's been watching too much property !!!!!! on TV.

The alarming thing is how short memories are. I recall being at a stag do in 1998 where a guy of about 27 was saying that property prices only ever went up. This was what, all of 3 years? -- if that? -- after they finally stopped going down?

jezebel

westernpromise wrote:

I want to marry you.

LOL. I'll take that as a compliment

And as for CB1979 not sure where you got that idea from - I'm a lady - and not in the David Walliams sense