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Debate House Prices
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Land Registry -0.3% MoM, -2.6% YoY
Comments
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I think I did say I'd sell one, i.e. sell the one with 99% equity, but it wouldn't make much difference - I'd still be able to buy a large house with cash.
Strange how the discussion about this keeps rolling on, despite the fact that the point I made was very straightforward - that some mortgage holders (such as myself) are quite happy for prices to fall because we can trade up for less money, given the level of the mortgage relative to house price (even with a very large fall).
You chose a very complicated way of saying that but yes I can see a fall would benefit mortgage owners with a large amount of equity if they want to upsize.0 -
We've got two mortgages (with 99% and 60% equity at today's prices). I'd be more than happy if prices fell 90% - we could sell our first house and buy one worth five times as much with cash. It's only the desperately indebted and those close to downsizing in old age that want prices to rise.
In rough order figures then I think, if you have two average houses, you would be more than happy to lose the equivalent of £300k so that the cash you have (around £65k) could allow you to buy a house five times better than your current one (assuming house prices don't much rise much between now and retirement wouldn't you rather that prices stayed inflated so that you could release equity later?).
What's wrong with your current one that you would want one five times better. Secondly £65k in savings is relative peanuts, don't you think people with a massive amount of assets would be able to gazump people with as little working capital as you?
Always assuming that your two houses are "average" of course they could be much better than average and therefore you stand to lose more I suppose.0 -
It will be interesting to see whether you feel the same way as and when you do eventually take out a mortgage lol :rotfl:
I feel exactly the same way as Brit. I do have a mortgage....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
well done for getting on line to comment about the land registry survey, a real achievement given the floods.
As it happens my house in Bangkok has suffered badly. 3 meters of water in the front room.
Going down now anyway. Bad time for sure. I'm lucky to be working in USA. Got to o back next week though.We love Sarah O Grady0 -
geneer will be along later claiming a 0.3% fall represents a crash
Silly billy. Falls of between 10 and 15% from peak represent a crash.
Geneer will just be along later because he knows how important the monthly number-whang is to you. Thats 1 nil to the bears for the moment. But everything to play for.About what was expected considering LR lag Haliwide by a month or two.
Thats nice. And because you expected it, it doesn't really count right? :rotfl:
Yeah. Like some geezer who popped his hand in the tiger cage but really wins because he expected it wouldn't be there when he pulled his arm back out.0 -
neverdespairgirl wrote: »I feel exactly the same way as Brit. I do have a mortgage.
That's a shame, I hate it when people have a disappointing Christmas.:)0 -
As I think someone said the point was not that clear as your back up data initially seem to indicate a net loss.
Strange how the discussion about this keeps rolling on, despite the fact that the point I made was very straightforward - that some mortgage holders (such as myself) are quite happy for prices to fall because we can trade up for less money, given the level of the mortgage relative to house price (even with a very large fall) - and a nice bit of earned cash.
But one thing I do not understand, with two houses and 99% and 60% equity in both why would you not trade up now?
The other problem you may face is that detached houses have faired the best over the downturn.
So using the average figure may not live up to real life expectation.
On this data Semi detached and terrace houses are falling at twice the rate of detached.
So say you have £200K in assets you would have lost £6K.
You would have to be looking to trade up to £400K+ to make any kind of headway.
So in reality it is not all mortgage holders many ill hold property performing worse than what they want to trade up to.
The only certain gainers in falls are those with cash and no debt.
Any other gainers are very circumstantial.0
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