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Debate House Prices
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Take cover! The housing market is heading for a bloody and protracted crash!
Comments
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HAMISH_MCTAVISH wrote: »
This country has set itself up for a truly massive boom next time around, and largely thanks to the lending restrictions you support creating a housing shortage of epic proportions.
So howcome were not experiencing a boom right now? The factors you describe are in play...0 -
HAMISH_MCTAVISH wrote: »In your dreams....
I'd wager that in 20 years, you'll look back on the prices of today as being laughably cheap.
This country has set itself up for a truly massive boom next time around, and largely thanks to the lending restrictions you support creating a housing shortage of epic proportions.
I wager in 20 years time you will be too scared to step out of your front door due to the state of society.
You just cant see it yet even though its already happening.0 -
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JonnyBravo wrote: »Is that you V?
You're keeping this more measured this time around but you're still banging the drum eh?
This v doesn't have the foggiest Jonny. Which V were you thinking of?Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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JonnyBravo wrote: »Is that you V?
You're keeping this more measured this time around but you're still banging the drum eh?
No its jimmy.
Lets see what happens when they start kicking the unemployed under 25s out of their council properties.
Will they, wont they.....i think they will.
Maybe life is still nice and rosey where you live but trust me its not like that everywhere and its only going to get worse.0 -
No its jimmy.
Lets see what happens when they start kicking the unemployed under 25s out of their council properties.
Will they, wont they.....i think they will.
Maybe life is still nice and rosey where you live but trust me its not like that everywhere and its only going to get worse.
Why will they be kicked out?Official MR B fan club,dont go............................0 -
HAMISH_MCTAVISH wrote: »In your dreams....
I'd wager that in 20 years, you'll look back on the prices of today as being laughably cheap.
Cheap vs what. Cheap vs oil, vs average wages, food or rental prices maybe.
Which of these is going to get cheaper then houses
Anything needed globally and can be transported is going to get more expensive. Any fixed asset exclusively provided to UK citizens will not be as expensive or as useful0 -
Graham_Devon wrote: »True, I want house prices to be lower.
But larger and larger desposits don't help me, or anyone I know. So i don't want to see larger deposits in a stringent fashion per se.
It wasn't about what I wanted though, it was about what we have. There is no point suggesting the house is affordable if people can't afford it. On paper it may well be. But unless you have the requirements that are written on that paper, it's fruitless.
So what you are saying is that houses are unaffordable because you can’t save the deposit not because the mortgage payments are too high which is true. Someone wanting an 80% mortgage at 4x salary on an average property would need to be earning £32.6k if that property dropped 10% £29.3k the deposit would reduce from £32.6k to £29.3k. So in theory that house would be available to people earning less but would the person earning £29.3k be able to save the £29.3k deposit any easier than the person earning £32.6k would be able to save the £32.6k. I would imagine no so even with a 10% drop the property would be unaffordable.0 -
Attitudes to lending have changed now and with the state of the world economy and housing market it doesn't make sense for lenders to lend to people in the main without a 10% deposit. There are 95% mortgages for people who are happy to jump through hoops but for the avergae FTB saving up a 10-15% deposit and keeping their credit status clean will allow them to buy in the future.
I understand that but I don’t see how a fall of 10% in nominal terms will make any real difference.0 -
I understand that but I don’t see how a fall of 10% in nominal terms will make any real difference.
It wont make much, but who thinks the falls will be that small?
All those who said 50% real term falls are now looking more like being right all along.
You can see where the 70% club were coming from but those of us who have always been in the 50% club will be the ones who were the nearest.
This house price crash will be a 50% real term crash from top to bottom and we are about half way through.Big deflation your debts are going up against everything else. I would not like to be a property owner with a big mortgage right now, pay off your debts ASAP!0
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