Credit crunch forecaster now suggests 50% falls in house prices

geneer

Pimperne1 wrote: »

You're right. On reflection I should just have kept the profit I made from the property I sold in 2007. Doh. Never mind, plenty more where that came from!

I'm not sure what you are suggesting.
"Profit" does in fact count as real money.

Pimperne1

geneer wrote: »

I'm not sure what you are suggesting.
"Profit" does in fact count as real money.

Yeah, I made some real money with no effort and I spent it with just as little effort. (is this the bit where the Mods come and delete your post?) :j:beer::T:rotfl::)

geneer

Cleaver wrote: »

I don't think house prices will fall 50%. However, I might be saying something like that if I had a book like his to flog.

The Halifax index has already fallen over 35% in real terms.

Looking at how things are at the moment, 50% is feasible.

Cleaver

geneer wrote: »

The Halifax index has already fallen over 35% in real terms.

Looking at how things are at the moment, 50% is feasible.

According to the Halifax their peak price that people paid for houses was in £199,612 in Aug 2007 and it's currently £161,132. I make that a 19.2% fall.

I know you can do snazzy things where you compare it to currency, or earnings, or gold, or a share, or inflation, or all those things that people on here use to prove that they've either risen loads (hi Hamish) or fallen loads (hi Geener) and I get all that. But most people just look at what they were priced at and what they're priced at now, which is the fairest and most simple way of looking at things. And that shows a 19.2% fall. Which is a pretty big fall really. I would suggest that the property market is f*cked anyway, so if a lot of people put their house on the market tomorrow they couldn't sell it full stop, for 19.2% off or 35% off.

Why do you keep getting PPRed by the way? You don't seem to ever do anything wrong as far as I can see.

cepheus

I think 'real terms' means allowing for inflation. Surprised it is as much as 35% though. I suppose inflation builds up over time.

Jack_Johnson_the_acorn

Cleaver wrote: »

Why do you keep getting PPRed by the way? You don't seem to ever do anything wrong as far as I can see.

Because he's a mug with an agenda.......

Pimperne1

geneer wrote: »

The Halifax index has already fallen over 35% in real terms.

Looking at how things are at the moment, 50% is feasible.

How does that help someone who "coulda" bought when they were about 25 in '98 when the average price was £65k (or when they were 33, say, in 2005 when the average price was £157k).

HAMISH_MCTAVISH

Cleaver wrote: »

Why do you keep getting PPRed by the way? You don't seem to ever do anything wrong as far as I can see.

I asked the same question as I scanned his recent posts and couldn't figure it out, but I suspect the offending ones get deleted pretty quickly.

Graham_Devon

Cleaver wrote: »

Why do you keep getting PPRed by the way? You don't seem to ever do anything wrong as far as I can see.

It's all rather strange isn't it.

I can only assume people keep reporting him over and over. ?

IveSeenTheLight

Cleaver wrote: »

And that shows a 19.2% fall. Which is a pretty big fall really.

Indeed, this correction is greater both nominally and as a percentage than the last house price correction of the 90's