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FSA warn Banks Housing could "dip" 20%
Comments
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Melissa177 wrote: »Also, I'm not sure renters do have an advantage from a work mobility point of view - I can sell my home (or rent it out) if I wish to, and go and live elsewhere quite quickly, but if you're renting and tied into an annual/six monthly contract, it's not so easy.
If a homeowner moves it cost (avg) over £9,000! Costs for a renter moving are negligible! You can't just rent out your house if you've got a mortgage, you have to let the Mortgage company know. Imagine how they'd react if you tried to do that in a recession?0 -
Melissa177 wrote: »But neither of those things are ethical though, are they?
I'm a bit old fashioned - if I've signed a contract, I stick with it!
Is is any less unethical than gazumping or landlords withholding deposits unreasonably?
I don't think so.
Too may people take housing personally, or become emotionally attached to inanimate objects like houses.
It's all business at the end of the day, and anything goes unless it's illegal in which case you'll have reprisals.0 -
mystic_trev wrote: »If a homeowner moves it cost (avg) over £9,000! Costs for a renter moving are negligible! You can't just rent out your house if you've got a mortgage, you have to let the Mortgage company know. Imagine how they'd react if you tried to do that in a recession?
Why would a recession make any difference to renting out a property - as long as you can get a tennant, you should be okay. Admittedly, in a recession, it might be more difficult to find someone to rent your property at a price which will cover your mortgage.
A mortgage company cannot unreasonably prevent you from renting out your property - I know mine doesn't, although they do charge 125 pounds for the priviledge of telling you this.Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
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I don't want "the economy to go t*ts up so that house prices crash" but I can't see it not doing so. Therefore I will prepare for what I think is going to happen. I will be selling to rent but that is because I need the equity out of this property to pay £x00,000 of debt off. When this comes off I will be debt free, which I see as the most sensible position for me to be in both for my current personal situation and for the short to medium future as I see it. Unlike some I do not see the economy as being OK at present. It is held up on massive debt (as admitted by ex(?) BofE man) and the situation can not continue at present. The non-working part of the adult population is still around 3-4m, it's just that lots of them are on IB not JSA so the government can pretend unemployment is 1m. The dollar is heading for a crisis and the knock on effect will hit the UK. I can see one scenario of getting out of the mess that will be touted will be to join the Euro.Melissa177 wrote: »......HOWEVER, I do think there is something perverse about wanting the economy to go t*ts up so that house prices crash.......
Can you imagine if property prices and wages continue the same way for another 10 years. Wages have doubled in the last 10 years, property has trebled. So, 10 years of the same puts the average house price at just under £600,000 and the average wage at about £46,000. Minimum wage works out at about £23000 for a 40 hour week. The roughest, cheapest property in "liveable" condition would cost about £120,000.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Minimum wage 23k?? ummm I dont think so lol.,... thats the average UK salary I believe. Minimum wage is more like 11k for a 40hr week0
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A 50% correction in house prices would not be an unhealthy thing - it would merely bring house prices back to their long term price inflation trends and in-line with wage inflation too.
It would enable FTBs to buy place of their own. It would also allow all home owners to move up the ladder. If owner occupiers are happy where they live where's the problem? Surely our economy is not dependent on property alone?0 -
A 50% correction in house prices would not be an unhealthy thing - it would merely bring house prices back to their long term price inflation trends and in-line with wage inflation too.
It would enable FTBs to buy place of their own. It would also allow all home owners to move up the ladder. If owner occupiers are happy where they live where's the problem? Surely our economy is not dependent on property alone?
Ummm, I think, thanks to Eddie George, our economy is dependent on property alone."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Which is why house prices need to crash to sort this mess out!Guy_Montag wrote: »Ummm, I think, thanks to Eddie George, our economy is dependent on property alone.0 -
Minimum wage 23k?? ummm I dont think so lol.,... thats the average UK salary I believe. Minimum wage is more like 11k for a 40hr week
Read it again will you? I said "if property prices and wages continue the same way for another 10 years."A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0
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