anyone else want a CRASH...?

abaxas

CB1979 wrote:

yep and then in 5 years time when the "affordable" housing has then become unaffordable again to the other FTB's, these home owners will come obviously be hoping for another crash to enable the FTB's to get a place!

makes me laugh that all the FTB's on here moaning that they can't get on the ladder, but are soo desperate to get on it though

very hypocritical in my eyes.

in my very simple world, it is very simple reasons behind the rising house prices compared to 10,20,30 years ago.
SOCIAL TRENDS/VALUES have changed:
1) more single parent families
2) more families divorced (meaning one family now needs 2 homes)
3) more immigrants
4) more friends/relatives happy to purchase with one & another

etc etc

but yes i acknowledge that other factors come into it, but it's only really been the last 5-10 years where those factors have rapidly increased so we can't compare nowadays to 10-30 years ago as they are not even remotely comparable.

Maybe you should come to Sheffield...

Oversupply is rife but housing is expensive. Rents are plummeting but BTLers are still buying. Builders are still building. Life goes on.

My question is, who is going to live in these properties?

lynzpower

abaxas wrote:

Maybe you should come to Sheffield...

Oversupply is rife but housing is expensive. Rents are plummeting but BTLers are still buying. Builders are still building. Life goes on.

My question is, who is going to live in these properties?

this is happening round my patch of east london ( bow/stratford)

theres a weird little development up my way that was so exclusive looking.

Very expensive as well, the location was good, but transport links are pretty poor being miles away from the tube

they all sold - and lo and behold the to let signs covered every window

fast forward 4 months, walk up there, loads of toys and *duvetcovers pinned to the windows*, looks rather scruffy now, with bin bags everywhere

My assumption, theyve had to let to anyone. there are still some voids though from what I can see empty flats, with no one living in them, and the tired looking to let sign in windows still.

Alan_M_2

jhb205 wrote:

I agree entirely, however peoples homes shouldn't be a business as they are in many cases at the moment. Its just a shame its not the 'fat cats' that go hungry in these situations!!

This is an example of a phenomena that I've noticed increasingly over the last few years (and noticed increasingly on this forum).

There seems to be a great deal of resentment by the British towards anyone who does well for themsleves. I have a couple of friends who through hard work and long hours have got themselves into very good positions, enough to buy themselves nice cars, yet they've found they can't drive them anywhere as they'll get keyed or vandalised.

I'm not sure what this is, is it resentment or jealousy?

Go to America or any other developed nation, if you've earn't enough money to buy a Bentley or a Ferrari, people pat you on the back and congratulate you at your success, and the success it brings to the nation in all the people you employ and the taxes you pay.

What is it with the bitterness in the UK? I've never seen it so prevelant as it is now.

sm9ai

fimonkey wrote:

Wow, I'm learning HEAPS about economies and house prices etc etc though still elementary level at teh moment. Can someone please explani to me what share prices have to do with house prices?

Overall, what do you think the percentage is of ppl who use these forums and those who think there'll be a crash. Is there a poll anywhere that show's ppl's opinions on either a) Rise, b) stagnate or c) crash?

Cheerio

Here you go.

http://forums.moneysavingexpert.com/showthread.html?t=303409&highlight=crash

Previous official polls are discussed here

http://forums.moneysavingexpert.com/showthread.html?t=154961&highlight=house+prices
and
http://forums.moneysavingexpert.com/showthread.html?t=86545&highlight=house+prices
and
http://forums.moneysavingexpert.com/showthread.html?t=40795&highlight=house+prices
and
http://forums.moneysavingexpert.com/showthread.html?t=536&highlight=house+prices

Now if we could find out the results of these it would be interesting to see if peoples views are changing.

sheraz2

^Totally agree, the FTB wishing for a crash are hypocrytical and as selfish as they make the BTL out to be.

They don't care what implication a free falling housing market may have, they just care about getting on the ladderthemselves, even though this free fall they wish for doesn't make brilliant reading for themselves as well. My grandad always said that you should never let a greedy person make a decision. These FTB are so caught up in their own world they don't even understand how a crash is not all good news for themselves as well.

On the other point, Alan M made, I agree with you, it's not only other developed nations, you goto third world countries and you get respect for being wealthy through genuine graft. (As long as your not an A-hole). BTL's have worked hard and taken on endeavours that others couldn;t risk and now they reap the rewards. People have bought 3-4-5 houses when they initially started rising, now they are selling them for 100% profits, why not!? Wouldn't everyone do the same? the problem lies in other factors, bad planning laws, social trends etc

jo101_2

HI

This may seem a very selfish attiude but I do hope there is a crash to help me and my family with our housing situation. We have not got a hope in hell of buying a house on our current income (OH is a manager but in the SE we have no hope in buying even a tiny flat)

I know it will have a huge knock on effect to others but I can only see it from my point of view,

JO

PoorDave

james3333 wrote:

now, due to wages not being affected by a crash this would make the bigger property much more affordadble

Wages not being affected is a controversial assumption. What level of wages will people get if house price crash = recession = increased unemployment?

Also, i would assume lender will tighten their multiples in line with any reduction in prices, so 5x becomes 4x becomes 3.5x again. Why would i still lender you 5x your income in a rising interest rate market when i think you'll increasingly struggle to pay me my money back, and all i can do is repo your house, which by then is a depreciating asset, possibly not worth the money you owe me when you defualt on your mortgage payments?

PoorDave

Oh, and to all planning to buy in the depths of the "trough" in prices after a "crash", how will you know exactly when that is?

And doesn't planning to buy in a trough, thus buying at a low price, make anyone as bad as any of the BTL guys (in the opinion of some on this board), as you will be profitting from someone else's misfortune (someone selling for a low price to you)???

Hereward

jo101 wrote:

HI

This may seem a very selfish attiude but I do hope there is a crash to help me and my family with our housing situation. We have not got a hope in hell of buying a house on our current income (OH is a manager but in the SE we have no hope in buying even a tiny flat)

I know it will have a huge knock on effect to others but I can only see it from my point of view,

JO

This raised the question of why do you want to own your own home? There are many hidden costs to property ownership that most people tend to ignore when they buy there first property, only to find that there expenses have increased.

As I have stated before, there is no right about having to own your own home, and many people would be better off renting than actually buying a property.

sm9ai

It maybe selfish to want a crash, but its just as selfish to want them to rise.

The trouble is they have risen, and now it needs to be restored back to what it should be.