House prices are falling faster in Britain than Spain

Aberdeenangarse

bendix wrote: »

I thought you lived in Pattaya Sibley. It most certainly is NOT nice there.

Being a chav in Pattaya would put you at the top of the social ladder. It's a city which exists only to house Thai prostitutes, fat ugly and lonely men who travel the world to use them, and very dodgy Russian gangsters on the run from Interpol. Oh, and Iranian and Indian tourists on a budget, of course.

That's right.....Maidstone-on-sea

Sibley

I thought you lived in Pattaya Sibley. It most certainly is NOT nice there.

Being a chav in Pattaya would put you at the top of the social ladder. It's a city which exists only to house Thai prostitutes, fat ugly and lonely men who travel the world to use them, and very dodgy Russian gangsters on the run from Interpol. Oh, and Iranian and Indian tourists on a budget, of course.

Funnily enough, I've just arrived in Pattaya. Been away for the last 3 weeks in KL and Taiwan.

Got to say it. Looks pretty good from where I'm sitting right now.

Have to admit. Got a few Christmas pounds as well so fit into the fat catagory too.

Still, if you could see what my eyes are seeing I doubt you would worry about minor details like that or in fact house prices in the UK.

Do not disturb. :beer:

tartanterra

bendix wrote: »

Being a chav in Pattaya would put you at the top of the social ladder. It's a city which exists only to house Thai prostitutes, fat ugly and lonely men who travel the world to use them, and very dodgy Russian gangsters on the run from Interpol. Oh, and Iranian and Indian tourists on a budget, of course.

The voice of experience?

Sibley

So do you still claim the bear market in property is not affecting round your way?

Do you still claim round my way values are back up to 2007 levels?

I know what my own house was valued at in 2007. I would not sell it for less than that figure.

It's rented out now so whats the problem. I'll wait until prices rise before I sell.

Use this as an example. You won't be getting a bargain. People are doing the same.

Sibley

A bit like saying, I bought my car for 7grand, I will absolutely not sell for less than that.

The fact is you will not be able to find a buyer Sibley.

You may be waiting for a long time, property is now in a bear market, it will not bottom out until interest rates are back to normal and all the repossessions have been cleared out.


You have done well trying to riggle out of your claim that round your way house prices have not fallen. But to say I wouldnt sell my house for fair market value is not the same as house values have not fallen.

The big falls in property have not come in yet.

Wait for the benefits to keep being cut, then see the big falls in rents.

Huge benefit payments for these foreign families to keep living in the UK has pushed up rents. It can not last.

All this at the same time as interest rates correcting and it could be one hellofa crash!

I'm sorry but I dont agree with that.

Cars lose money from the minute you drive away from the showroom.
House prices have never acted the same. History tells us that house prices rise.

House prices round my way have dropped a bit but they rose massively so to knock 7% off or whatever Angus Mcstrap quotes would not really worry anyone.

Can I ask you something?

Right, say I own a house and it was rented out for good money. The mortgage is covered with profit.

If I picked up a newspaper and was told prices have dropped 20 or 30%.

Why would I put my house on the market?
Interest rates are so low. The HPC gang were talking about mass repossesions when rates were 6% yet nobody I knew had the slightest difficulty paying for their property.

Rates would have to be 10%+ to cause trouble for most people and I doubt we will see that for 20 years the way things are going.

The benefit cuts will not effect me in any way.

You are barking up the wrong tree.

Aberdeenangarse

Sibley wrote: »

You are barking up the wrong tree.

........and you're just barking

robmatic

DavidMorganGuru wrote: »

I'm sorry but I dont agree with that.

If prices dropped another 30% and rates went back to 10%+ as you say then there would be repossessions of the likes never before see.

There were not many repossession before when rates were 6% because not many over leveraged themselves like FTBs have to now if they want to buy.

You do gibber some rubbish. When and why will interest rates go up to a historically abnormal 10% or more?

And FTBs don't over-leverage now. For the last 4 years, salary multiples have been a sensible 4x or so and deposit requirements have been 10%-25% of the asset value.

SecondLegDownIsTheBigOne

Sibley wrote: »

Cars lose money from the minute you drive away from the showroom.

Newbuild houses lose money the minute you drive away from the showroom.

Sibley

So you now admit property is in a bear market, but for some reason it wont affect you? Even if you house goes down significantly in value over the next several years?

Property for sale now might be in a bear market.
I still see decent houses in der res areas selling for good money though.

Prices rising or falling only effects houses on the market. Most people will keep their houses off the market until better times.

We saw this before.

If they don't get the right money, you cannot but their house.

Say for example the Halifax data or one of the others said prices dropped 20% and there was 1 house in a road for sale.
That would be the only 1 you had the chance to buy cut price.

If you knocked on all the other doors and offered them 20% off what they thought their house was worth they would tell you to do one.

I can tell you 100%. My house will never be sold for less than it was valued at in 2007. In fact I want more than that.

Ten years left on the mortgage. Time is on my side.

abaxas

Sibley wrote: »

I know what my own house was valued at in 2007. I would not sell it for less than that figure.

It's rented out now so whats the problem. I'll wait until prices rise before I sell.

Use this as an example. You won't be getting a bargain. People are doing the same.

But prices may rise, but the £ goes down.

Wohoo, you managed to hold out for a huge loss.