property values in the 80s crash?

kingkano

mystic_trev wrote: »

It'll start in 4th Qtr this year, but the main even will be 2008 when House prices will show a 20% yoy reduction, continuing into 2009.

I've seen it in me balls, so its got to be right?!

Then again your balls must be slightly foggy if you've been predicting it since 3 years ago and it hasnt hit yet?? :rolleyes:

http://forums.moneysavingexpert.com/showthread.html?p=56513#post56513

Im sure your gonna say 'well boe done such and such' or 'govt....' but then they could just as well do it again

Maybe you should change your username to 'ChickenLittle'?? :rotfl:

mystic_trev

kingkano wrote: »

Then again your balls must be slightly foggy if you've been predicting it since 3 years ago and it hasnt hit yet?? :rolleyes:

http://forums.moneysavingexpert.com/showthread.html?p=56513#post56513

Im sure your gonna say 'well boe done such and such' or 'govt....' but then they could just as well do it again

Maybe you should change your username to 'ChickenLittle'?? :rotfl:

Correct I thought prices peaked end 2004 as I've posted before, and I was wrong! I'm a "value investor" and can't see any value in the current market. I have a large investment in Property, with two BTL's and an interest in two other properties, so my Investment in that area would go down in any correction.Thanks for pointing it out anyway.

sortofok

A man after my own heart trev.

:beer:

Generali

Running_Horse wrote: »

It wasn't just the price, but the ability to sell at all, assuming you had no negative equity. Recently found a local newspaper from 1996 where lots of terraced houses were being put into auctions with guide prices of £20,000 (as opposed to £120,000+ today). Wonder how many of those sellers got back onto the property ladder.

As people discovered in the early 90s, in a rapidly falling market, sometimes there are no willing buyers at almost any price. Certainly not a price that a mortgaged buyer can afford to sell at.

In the early 90s, there were a lot of stories of people taking their keys into the bank/BS because they really didn't know what else to do. Many of them were surprised to find out that the bank actually wanted them to repay what they borrowed, not what the house was worth.

Kez100

Generali wrote: »

As people discovered in the early 90s, in a rapidly falling market, sometimes there are no willing buyers at almost any price. Certainly not a price that a mortgaged buyer can afford to sell at.

In the early 90s, there were a lot of stories of people taking their keys into the bank/BS because they really didn't know what else to do. Many of them were surprised to find out that the bank actually wanted them to repay what they borrowed, not what the house was worth.

Generali is right. Repos were everywhere and the minute we got a buyer for ours (he was a vicar looking to invest in a property to live in for his retirement) we were a very sought after beast. Someone who had a sale.

The house we purchased we were begged to view by the vendor. Interest rates were high and payments were crippling individuals. She could have rented it but that wouldn't have brought in anymore than 2/3rds of the mortgage. I refused to view it because it was on at so much more (120k) than we had said we would pay (75k) but once she begged we looked - and then made our maximum offer.