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Debate House Prices
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Over on hpc.co.uk they are weakening, they are buying!
Comments
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Doesn't matter now. The crises has passed.
House prices will never drop.
Sorry to go on about it but when I read this it annoys me, there may not have been a crash where you live but I can assure you there has been a severe crash in parts of the UK and there continues to be. It may not affect you at the moment but sadly for me and thousands of others in northern Ireland house prices DO drop and the crisis is in full swing. I guess out of sight, out of mind. Do continue to gloat though, I hope for your sake there is no crash in England.I am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)0 -
hildosaver wrote: »Sorry to go on about it but when I read this it annoys me, there may not have been a crash where you live but I can assure you there has been a severe crash in parts of the UK and there continues to be. It may not affect you at the moment but sadly for me and thousands of others in northern Ireland house prices DO drop and the crisis is in full swing. I guess out of sight, out of mind. Do continue to gloat though, I hope for your sake there is no crash in England.
I just had a look on rightmove. Good grief you get a lot for your money in Belfast. Maybe the members of hpc.co.uk who are always talking about emigrating but never go anywhere because they cant speak any other languages can join you?0 -
ruggedtoast wrote: »I just had a look on rightmove. Good grief you get a lot for your money in Belfast. Maybe the members of hpc.co.uk who are always talking about emigrating but never go anywhere because they cant speak any other languages can join you?
Obviously from the outside looking in the huge drops in house prices in Belfast is great news for first time buyers - which is superb as I was one myself only 3 years ago, however it does not tell the full story - the reality is (which I know because I have several friends who would love to buy as FTB's) is that the banks here are unwilling to lend and you would need on average 20-25% deposits to get a mortgage now, which is out of reach for most people here as our average wage is lower than most of the UK and our unemployment levels are rising - unlike the rest of the UK. So by all means come over and buy the bargains, but sadly for those who actually live here they are still unable to buy and prices still continue to fall so those who do own houses are increasingly in negative equity. Its a bad situation.I am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)0 -
hildosaver wrote: »Sorry to go on about it but when I read this it annoys me, there may not have been a crash where you live but I can assure you there has been a severe crash in parts of the UK and there continues to be. It may not affect you at the moment but sadly for me and thousands of others in northern Ireland house prices DO drop and the crisis is in full swing. I guess out of sight, out of mind. Do continue to gloat though, I hope for your sake there is no crash in England.
Yes, northern Ireland is indeed part of the uk, and it's had a truly devastating crash. Very unfortunate for the people of northern Ireland.
It also has absolutely identical monetary policy to the rest of the uk, and is proof that all the "props" in the world cannot hold up prices when you actually have a speculative bubble.
Which northern Ireland did, thanks to hot money pouring over the border from the republic, and the mainland uk did not.
That's why prices in the mainland uk are down 10% from peak, and prices in northern Ireland are down 50% from peak, despite both suffering similar drops in lending and having absolutely identical monetary policy.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
I would agree with that, it is exactly what happened. It just frustrates me when people gloat about there being no crash and ignore what has happened in Northern Ireland, it is ok to admit there has been a crash in some parts of the UK without actually weakening your own position. I understand that what happened in Northern Ireland was specific to Northern Ireland but that doesnt make what is happening any less painful or significant.I am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)0
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hildosaver wrote: »Sorry to go on about it but when I read this it annoys me, there may not have been a crash where you live but I can assure you there has been a severe crash in parts of the UK and there continues to be. It may not affect you at the moment but sadly for me and thousands of others in northern Ireland house prices DO drop and the crisis is in full swing. I guess out of sight, out of mind. Do continue to gloat though, I hope for your sake there is no crash in England.
You're correct about other parts of the UK...maybe the south east of England and especially London have held up ...but many parts are 20% off the peak from 2007...
I read our regional newspaper at the weekend and many property prices were stated as new or reduced...this prompted me to have a look online..
Three homes within a mile of mine were greatly reduced and all in very desirable areas...so it ain't this location stuff..
Many of the ex-local authority houses are cheaper to mortgage than rent....the last time this happened they only got to near level...if these homes aren't snapped up its says young people are struggling despite our government saying they are creating jobs.0 -
ruggedtoast wrote: »http://www.housepricecrash.co.uk/forum/index.php?showtopic=184005
Will there ever be an HPC? Who knows.
It won't happen. The government will not allow it to happen. There are too many vested interests who want house prices to remain high.0 -
Gracchus_Babeuf wrote: »It won't happen. The government will not allow it to happen. There are too many vested interests who want house prices to remain high.
It might not happen in the south east of England perhaps, but it is already happening in other parts of the UK to varying degrees.I am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)0 -
hildosaver wrote: »It might not happen in the south east of England perhaps, but it is already happening in other parts of the UK to varying degrees.
Possibly, but I see it as merely a readjustment, not a crash.0 -
...maybe the south east of England and especially London have held up ...but many parts are 20% off the peak from 2007...
It's not just London and the south east though. I live about as far away from London as you can get in the uk, and prices here have already exceeded their previous peak.if these homes aren't snapped up its says young people are struggling despite our government saying they are creating jobs.
Not really. What its saying is that young people on the whole just can't get mortgages, thanks to mortgage rationing remaining endemic.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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