House Price Crash 4

Tassotti

Get thee all back to House Price Crash/Global Crash, etc. This site is about moneysaving and not your lunatic predictions

Incidentally, the chap who started HPC STRd about 4 years ago and is now living in a caravan on Brighton beach...P>>RATT

tomstickland

Well, if there is a crash we can all derive endless entertainment digging back through the forum threads and watching DVDs of property !!!!!!.

Tassotti

digging back throgh 4 years of Sheeite will take some time

Hows your new gaff Tom..hope you are enjoying it

Market_Oracle

There are always reasons why a crash should happen and why a crash should not happen.

But somethings are certain, that a bear market always follows a bull market.

And this bull market is well past is sell by date !

A lot of speculative interest will ensure that the bubble deflates a lot faster and much further than anyone can imagine pre-bust !

beanieandme

Spendless wrote:

2 years ago when I joined MSE people were saying "don't buy a crash is about to happen". I made the point then as I do now, the property market is made up of lots of little pockets and what is happening varies town to town area to area.

In my own area,(eg my village and the next) I can say that the signs are there, that the prices will come down I base this on

the bungalow near me, up for sale nearly 18 months, not sold down from £250,00 to £215,000

friends bungalow, up for sale since summer, within weeks knocked down from £320K to £299,950, not one viewer.

EA told friend to expect £185k for her 4 bed detached, and told her she could have got over £200K for it a couple of years ago.

Lots of ex LA 3 bed semis for sale under £120K (no stamp duty) before paying stamp duty was rised higher, you couldn't buy one of these for less than £120

For my own house, I have a mortgage of £45k, a similar house in the street is unsold at £140,000. I think it is unlikely my place will 'go down' as much as £100K but if it does, it does. I'm in the house I want to live in,it is big enough for the 4 of us, I'm in the area I want to be, in catchment for the primary and secondary school I wish my kids to attend.

Both me and DH have seperately been victims of neg equity. DH house was repossessed in the late 80s (he very intelligently bought it with someone he didn't know, who ended up doing a midnight flit:rolleyes: . A financial lesson for our kids one day;) ). We were able to sit my neg equity property out and sell once prices had risen again, but it most certainly created us a problem when we outgrew the house

Where is that? Not the South East. Everyone seems to get very close to the asking price in my Village, as I'm the only gay you see. Helps not to overprice in the first place. Are you due for a flood crisis or something?

undercoat11

I think, spendless, that is a similar situation to where I live. Houses on the market for a long time and prices generally stagnating. We don't live in London, but we do live in a large city and in a so called "good" area.

beanieandme

undercoat11 wrote:

I think, spendless, that is a similar situation to where I live. Houses on the market for a long time and prices generally stagnating. We don't live in London, but we do live in a large city and in a so called "good" area.

Doesn't have to be London, I'm a good way away.

Spendless

beanieandme wrote:

Where is that? Not the South East. Everyone seems to get very close to the asking price in my Village, as I'm the only gay you see. Helps not to overprice in the first place. Are you due for a flood crisis or something?

South Yorkshire would prefer to not be more specific than that. But this is my point, I am only able to tell people what is happening in my own area. I wouldn't dream of saying to another member, don't buy now, prices set to crash or buy now they'll keep rising, as everywhere is different.

I mentioned earlier about me going into neg equity, me and Mr Spendless bought seperately in the mid 90s, me a 2 bed MTH in S.Yorks, him a 2 bed flat in Cheshire. We sold his place late 90s making a few £1,000. At the same time mine was anywhere between £5-£10K less than what I'd paid.

beanieandme

Spendless wrote:

South Yorkshire would prefer to not be more specific than that. But this is my point, I am only able to tell people what is happening in my own area. I wouldn't dream of saying to another member, don't buy now, prices set to crash or buy now they'll keep rising, as everywhere is different.

I mentioned earlier about me going into neg equity, me and Mr Spendless bought seperately in the mid 90s, me a 2 bed MTH in S.Yorks, him a 2 bed flat in Cheshire. We sold his place late 90s making a few £1,000. At the same time mine was anywhere between £5-£10K less than what I'd paid.

Cheshire is more desirable surely? No offence, but it is very cheap up your way compared to here. There are 1 bed flats worth more than my modern 2 bed semi not far from here, it's the way it goes. Are there less jobs up there than when you bought your house? (with the Lancs mines closing down).

lynzpower

beanieandme wrote:

Cheshire is more desirable surely? No offence, but it is very cheap up your way compared to here. There are 1 bed flats worth more than my modern 2 bed semi not far from here, it's the way it goes. Are there less jobs up there than when you bought your house? (with the Lancs mines closing down).

You cant even make generalisations across a county. My parents live in Cheshire ( by the airport, which has always been pretty good, good schools, commuter links countryside etc)

Its a completely different market where my parents are than other parts of cheshire- say parts of Stockport, or warrington, or Chester.

I can talk about my parents village with some passing interest/authority, but I couldnt tell you whats happening in Chester.

Some parts of Cheshire are not as desirable as parts of South Yorkshire and vice versa.