House market final props could soon collapse

RenovationMan

JonnyBravo wrote: »

:T

I've tried to spread the love.

I've got myself heavily indebted but then I've tried to let some tenants in on my experience by allowing them to pay some of the interest off.

A true win-win situation?

You're just too kind JB. A true altruist.

The-Joker

Literdude wrote: »

Your delighted the way the GFC is going? You are happy that property is in a long term bear market and cost of living is going up as well as unemployment? You are delighted the way average wages and benefits are going down and the next generation are going to be worse off than the last?

Nobody is delighted the way property is in a long term bear market, execpt those waiting for the bottom to buy in.

We will not see the bottom until interest rates are back up to more normal levels and all the repossessions have been cleared out.

RenovationMan

The-Joker wrote: »

Nobody is delighted the way property is in a long term bear market, execpt those waiting for the bottom to buy in.

We will not see the bottom until interest rates are back up to more normal levels and all the repossessions have been cleared out.

Didn't we just have this discussion with your other logon?

https://forums.moneysavingexpert.com/discussion/2972596

HAMISH_MCTAVISH

shortchanged wrote: »

Problem is RenoMan is it's not giving everyone lemons to make lemonade only the heavily indebted.

Yep. And that lemonade tastes gooooooood.:D

At this rate my mortgage will be paid off in just 11 years from the time of taking it.

Saving me an absolute fortune in interest.

In fact, it rather looks like buying in early 2008 or before with a good pre-crash mortgage (not available to post crash buyers) and taking advantage of the lowest rates ever will turn out to be one of the cheapest ways to buy a house in history.:rotfl:

Thanks Merv.;)

geneer

HAMISH_MCTAVISH wrote: »

Yep. And that lemonade tastes gooooooood.:D

At this rate my mortgage will be paid off in just 11 years from the time of taking it.

Saving me an absolute fortune in interest.

In fact, it rather looks like buying in early 2008 or before with a good pre-crash mortgage (not available to post crash buyers) and taking advantage of the lowest rates ever will turn out to be one of the cheapest ways to buy a house in history.:rotfl:

Thanks Merv.;)

Classic.

Trying to take credit for emergency interest rates based on the global financial meltdown you utterly failed to see coming.

Thats all you've got really.

PenniPinch

mcc100 wrote: »

Record low interest rates since early 2009 have so far prevented any massive house price correction ......

But if you consider either (or both) inflation on average 3-4% over the last 3-5 years and the average long term house price increase of around 4.5% per year, add it to the actual drop in prices (around 20%), that's a real drop of around 35-40%

Nicely corrected.

Prices to remain flat and then upwards in the medium term as the number of mortgages available increases, LTV requirements slacken, wages go up to meet inflation and interest rates stay below 2% for the next 5 years.

Bigdeflationfirst

geneer wrote: »

Classic.

Trying to take credit for emergency interest rates based on the global financial meltdown you utterly failed to see coming.

Thats all you've got really.

Property is in a bear market now, until the bottom is reached but this will not be until interest rates are back to normal. Only then can all the repossessions be cleared out, there are too many zombie property owners who can not afford to keep paying their mortages when interest rates are back to normal.

Flight2quality

Bigdeflationfirst wrote: »

Property is in a bear market now, until the bottom is reached but this will not be until interest rates are back to normal. Only then can all the repossessions be cleared out, there are too many zombie property owners who can not afford to keep paying their mortages when interest rates are back to normal.

I wonder what percentage of property owners in the UK will still be able to afford their mortgages when interest rates are back up to normal? Especially when you think about average incomes are falling and unemployment is looking like it will keep going up for years yet.

Its not looking good for the bear market in housing coming to an end any time soon.

RenovationMan

Flight2quality wrote: »

I wonder what percentage of property owners in the UK will still be able to afford their mortgages when interest rates are back up to normal?

You keep wondering this all over the board. What's that all about?

DervProf

HAMISH_MCTAVISH wrote: »

Yep. And that lemonade tastes gooooooood.:D

At this rate my mortgage will be paid off in just 11 years from the time of taking it.

Saving me an absolute fortune in interest.

In fact, it rather looks like buying in early 2008 or before with a good pre-crash mortgage (not available to post crash buyers) and taking advantage of the lowest rates ever will turn out to be one of the cheapest ways to buy a house in history.:rotfl:

Thanks Merv.;)

Another "look at me, I'm da man" post.

Yes, Hamish, you are the man, and I squint in the blaze of your epicness.*


* Actually, I think you are somewhat lacking, judging by the way you try to impress others on this forum. I find it vulgar, the way some of the more bullish forum members "flash their cash" in public, the way you have just done.