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House Price Crash 3
Comments
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meanmachine wrote:In a few years' time when the economy DOES go into recession all of the homeowners on here will be scratching their backsides wondering where it all went wrong.
Two things: the average mortgage appears to be increasing by approx twenty THOUSAND a year.
In 2003 it was 80K, now it's, *gulp* £138K. In 2008 it could stand at £180K. By 2010 (crunch year) it might be £220K.
Very basically, every man and woman in the UK will be up to their eyeballs in debt, struggling to pay for basic accomodation. Result: recession.
Either house prices stop going up, or we hit recession. You can't have both.
Again I point out that US house prices are HALF as much as ours and still they're starting to crash.
If that doesn't make you think, nothing will.
But as I say, still a few more years before the whole market implodes.
It could well be v nasty.
:eek:
Oh My God
First time back on here in a few months!!
mm I cant believe you still aint bought:rotfl:0 -
People are so blinded by greed that we like to think that those in the 80s were stupidly heading off a cliff, knew it was coming, but kept on going anyway.
Also, let's nail the lie that interest rates "suddenly doubled". Rubbish. They were consistently around 10%, then peaked at around 15%.
That's a 50% increase. You load up on debt when rates are 4%, then they go up to 6%,the effect is the same.
Or is that too obvious for most people to grasp?
You think the 80s idiots didn't believe it was all "sustainable" and that the party would last forever?
Sheesh.0 -
GingeG wrote::eek:
Oh My God
First time back on here in a few months!!
mm I cant believe you still aint bought:rotfl:
No, because my personal circumstances mean that it's much cheaper for me to be out of the market at the present time. That's even if prices continue to rise, which they are likely to, until 2010 whenr the boomers all start selling up en masse.
Clearly, for you, that wasn't the case.0 -
meanmachine wrote:People are so blinded by greed that we like to think that those in the 80s were stupidly heading off a cliff, knew it was coming, but kept on going anyway.
Also, let's nail the lie that interest rates "suddenly doubled". Rubbish. They were consistently around 10%, then peaked at around 15%.
That's a 50% increase. You load up on debt when rates are 4%, then they go up to 6%,the effect is the same.
Or is that too obvious for most people to grasp?
You think the 80s idiots didn't believe it was all "sustainable" and that the party would last forever?
Sheesh.
You're clearly right: everyone except you is an idiot
We didn't realise sooner because we're idiotsAnnual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
mm- I am a little intrigued!
You have changed your tune slightly in that the house price crash is not going to happen until 2010.
Why not buy now, get 4 years of massive house price growth and sell up before all the "idiots" who dont think there will be a crash have cottoned on?
Are you not purposefully denying yourself some tax free money?
could be me but doesnt quite make sense....;.0 -
mrsS wrote:mm- I am a little intrigued!
You have changed your tune slightly in that the house price crash is not going to happen until 2010.
Why not buy now, get 4 years of massive house price growth and sell up before all the "idiots" who dont think there will be a crash have cottoned on?
Are you not purposefully denying yourself some tax free money?
could be me but doesnt quite make sense....;.
What is happening in 2010 ?
Some kind of doomsday event ?
Kind regards,
Ashley.0 -
I can remember mm writing a post in which he/she concluded that the market may continue increasing up to 2010.mrsS wrote:....You have changed your tune slightly in that the house price crash is not going to happen until 2010.....
Maybe mm is taking into account the costs of buying and selling plus the increasing interest rates they would have to pay on a mortgage. Besides, it's not an exact science timing the selling. I can't remember which investor is credited with the quote, but when they were asked how did they become rich the reply was "I sold too soon"mrsS wrote:Why not buy now, get 4 years of massive house price growth and sell up before all the "idiots" who dont think there will be a crash have cottoned on?
Are you not purposefully denying yourself some tax free money?
could be me but doesnt quite make sense....;.
A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
ok- but at least he had bought in the first place!0
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mrsS wrote:ok- but at least he had bought in the first place!
meanmachine wrote:.....my personal circumstances mean that it's much cheaper for me to be out of the market at the present time...A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
unfortunately my personal circumstances have meant that it has always been cheaper for me to have a mortgage than rent the equivalent property. I have tried both.
The only time it wasnt was when I lived with Mum and Dad!0
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