Crashers get ready with those big deposits!

Pimperne1

mbga9pgf wrote: »

Someone who was smart enough to secure purchase at 25% below local market value by being extraordinarily canny.

Besides, its a long term home, its not a piggy bank. If it loses 25% of its overpriced market value, so what?

bearing in mind I bought with a 30% deposit, I am a LOONG way away from negative equity. I would be happy to lose equity in my home if for no other reason to wipe the eye of pathetic smug B*stards on here that enjoy trolling individuals that despite working hard, cannot enjoy the benefits of cheap decent housing those a few years older got to enjoy.

If they lose their homes due to poor financial choices and believing "value only ever goes up" then sorry, you shouldnt believe everything you are told.

Oh, I think I get it. If prices go down 25% you won't actually have lost anything it'll only be those other suckers who are currently buying and who aren't as savvy as you. I think I get the gist of your point. What if it loses 50% of its overpriced market value. Who cares?

ukcarper

dopester wrote: »

Durr. That is the market. If houses for sale are actually transacting at lower prices or being sold cheap, it is going to impact on the values of houses not for sale. It's how markets work, brainiac.

The house I'm in at the moment is not for sale. It hasn't been sold since the mid-80s, at £36,000. Its market value today has been determined through people paying ever more for similar houses in the area over the months and years.

When more sellers accept less money than similar houses sold at in the past, it impacts on the value of houses for sale, and also houses not for sale.

All thats true but if they are not for sale they won't sell

mbga9pgf

Pimperne part of the 50% club? Well I never....

Procrastinator333

mbga9pgf wrote: »

Your day is nearly here.... :beer:

I bought a few months ago, but made it clear I fully expected a further 25% drop in prices. Whether we get to see another 25% is yet to be seen, but I truly believe the next few months HPI data is going to be shocking, and will knock confidence when public sector bodies will be reducing staff numbers significantly. I reckon we will be 5% down from the "recovery" peak by christmas time, it will take another 2 years to hit the trough, but if you have been clever, saved a massive deposit and are chain free, your day is about to arrive...


For those like Hamish who are expecting aneasy retirement paid for by increasing house prices, tough luck YOU LOST!:rotfl:

It does feel a little early to be declaring victory.

For me personally it would be great if you are correct. But I just don't see enough forced sellers to achieve a 25% nominal fall.

nicko33

Graham_Devon wrote: »

Anyone who buys a car

or TV, washing machine, fridge, laptop....

mbga9pgf

House....:)

Pimperne1

nicko33 wrote: »

or TV, washing machine, fridge, laptop....

You're right of course.:mad: One thing that it does reinforce though is that property is one of the very few essentials where you can have a realistic belief that it will increase in value significantly over the period of ownership (even if you expect and would be happy with a 25% drop).

dopester

ukcarper wrote: »

All thats true but if they are not for sale they won't sell

True. Not every property is up for sale... but then it doesn't have to be.

Guess it is just "lucky" for us buyers-waiting-for-good-value that there a lot more property has come on to the market during 2010 than in 2009. And more continues to come to market.

Sibbo does the bears work for us. He himself points out many buyers are squeezed to meet lending criteria... which to me means more sellers will have to lower their asking prices, more intune with what the market can afford in order to find a buyer and to sell.

Sibley wrote: »

The problem is most of the crashers haven't got a large deposit.

Meanwhile, Sibbey's hopes depend upon the banks suddenly deciding to flood people with easy debt again + the willingness of a more cautious society which has now come to realise it's not forever crazy boom and never a bust.

People who may be a lot more concerned about their own employment/pay prospects, even if they do qualify to lender's tighter criteria to borrow sufficient money for a mortgage.

Sibley wrote: »

I think the newspapers are on a drive to make the banks lend.
Happy days when they do.

Certainly I'm just back from Wilmslow today and was knocked out by the amount of commercial property To Let signs. Lot of people believe Wilmslow proper (Cheshire Life, "premiership footballers live here", ex Kerry Katona whoopie ect ect) to be crash proof. We'll see.

ukcarper

dopester wrote: »

True. Not every property is up for sale... but then it doesn't have to be.

Guess it is just "lucky" for us buyers-waiting-for-good-value that there a lot more property has come on to the market during 2010 than in 2009. And more continues to come to market.

But that probably means that people who don't have to sell won't and a lot of the properties on the market won't sell.

Loopgames

Well, if this is true then it looks like us selling now is perfect timing.

Just waiting on exchange of contract date to be confirmed and we're happy.

We'll have about £70k to put aside for a house we intend to buy in a couple of years time. We're looking at travelling the world for a couple of years so if prices do plunge we'll be set in good stead when we come back.

Or we'll have just had a good time .