Evening Standard.. house prices could fall 50%

Tommygun2000

makeyourdaddyproud wrote: »

Well, it certainly doesn't look like that here: 3bed terrace 2007 170k, 2012, 200k (and sold). 4bed house 2007 265k, 2012 317k (and sold). Where are you, Teeside?

Though I do agree in some areas house are not even selling.

makeyourdaddyproud wrote: »

In addition, Bellway Homes, new development, 15 entry level 3 bed houses (no garage), 230 k (11 sold), even though pokey as hell.

Yeah yeah "round my way" there is a waiting list to buy over priced property even though pokey as hell. "round my way" means nothing.

Like I said the average for the UK is falling from over 200K to the 150's and is still falling. If what you said is correct (I have my doubts) then all who bought those properties you speak of will be disappointed as the values continue to slide in years to come.

System

He's right, we should buy silver.

makeyourdaddyproud

If what you said is correct (I have my doubts) then all who bought
those properties you speak of will be disappointed as the values continue to slide in years to come.

I was merely stating the actual facts in the area, one purchase and sale was my cousins house and another from prices stated on the web. Yes, sure you can come on here and call me a liar if it really makes you feel better.

...will be disappointed as the values continue to slide in years to come.

Those are your opinions, like many formulated their own through property crash doom and gloom circa 2002 - after the dot com bubble burst, yet no prices came down then. We also had the ensuing Endowment Crisis and no prices came down then.

I think i'm starting to sympathise some sour grapes on your behalf: did you buy high? Were you repo'd?

Truth is, short of total economic collapse, which I foresee only through a shortage of fuel or food, prices will remain static at worst.

Tommygun2000

makeyourdaddyproud wrote: »

Those are your opinions, like many formulated their own through property crash doom and gloom

No what I said was average property has fallen around 30% in real terms, and IF THINGS CONTINUE the way they are going then property will continue falling. This is a fact not opinion.

What is opinion is if things will continue the way are, I personally think so, but that is my opinion.

The perma prop bulls who look through rose tinted specs say green shoots and recovery, but they have been saying that for yrs they were wrong then and are still wrong today.

DervProf

Tommygun2000 wrote: »

How can you say I agree but not true in the same post?

Very easily.

And I think what I said makes complete sense. If you go back to my post, and read what I was replying to (the previous post by somethingcorporate), then you might understand.

moneyinmypocket

House prices won't drop - just because person A doesn't want to pay doesn't mean person B won't!

Those who are priced out should cancel sky and beer money

Tommygun2000

moneyinmypocket wrote: »

House prices won't drop - just because person A doesn't want to pay doesn't mean person B won't!

Those who are priced out should cancel sky and beer money

Well just because person A says house prices will never drop! Doesn't mean all the other people are right that house prices are in fact falling and will continue to fall if things carry on the way they are.

Tommygun2000

DervProf wrote: »

Very easily.

And I think what I said makes complete sense. If you go back to my post, and read what I was replying to (the previous post by somethingcorporate), then you might understand.

A thousand apologies, so do you agree with him or not?

He said price and value are exactly the same thing.

I say prices means nothing value is everything.

DervProf

My understanding is :

Price is what the vendor of something is asking for it.

Value is the actual amount that the vendor would get if they sold the "something".


As you know I disagreed with somethingcorporate's statement that gold "is a worthless lump of metal that has very little use" but agreed with the general point "What price people pay IS their value."

Things can be priced way over their true value. You can price a Mars Bar at £1000, but it's value would probably only be about 50p, as that's what most sane people would pay for it.

Things like gold, houses etc can be priced according to demand and/or pure speculation. The true value of gold or property is what it changes hands for, but even that value is a matter for debate sometimes. Is the value of an average house really ~£160K ? Yes, it is according to what people are currently paying.

makeyourdaddyproud

because person A doesn't want to pay doesn't mean person B won't!

Absolutely. One point to note that pricing of houses, like all other goods and commodities, is subject to the laws of supply and demand. Populations are growing, ergo demand for property will always increase. Sure, there is some downward pressure on prices due to market fluctuations, but the true value is, like what you say, what someone is prepared to pay.

There will always be rising prosperity in some sectors (think financial/IT services) at the expense of sectors of business which cannot compete internationally. Suited and booted workers have enjoyed continual prosperity in Britain so I cannot see a depression happening anytime soon.

We also have protection measures in place if there is a financial crisis: no customer lost money in Northern Rock did they, only time in the queue? 85k of savings are protected, therefore there's no reason the economy should panic.