London Has Peaked

Bubble_and_Squeak

Crashy_Time wrote: »

I am hoping for 1997 prices. :rotfl:

in real or nominal terms?

Bubble_and_Squeak

chumps, its been emotional
time for sleep and sweet dreams of desperate vendors reducing prices to 1997 levels

Crashy_Time

Bubble_and_Squeak wrote: »

in real or nominal terms?

Hard to say with no wage growth, deflation and a devalued currency all in play.

padington

Crashy_Time wrote: »

London riots showed us a little taste of what is under the surface, areas can change a lot in ten years, let alone 30 or 40. One way to be ahead of this change is to be flexible with a large cash pillow to rest your head on.

I'm an optimist. I bought just after the last riots in wooders, my place went up 75% in juse 36 months.

Jason74

Bubble_and_Squeak wrote: »

chumps, its been emotional
time for sleep and sweet dreams of desperate vendors reducing prices to 1997 levels

I think we can safely say that wont happen, and in the highly unlikely event that it does, the value of houses will be the least of anyone's worries.

10% coming off frothy values (perhaps 20% in London) is one thing. But going back to 1997 values would require the kind of economic armageddon that would make the last crisis seem like a walk in the park. Those kind of disasters tend to be very bad for everyone except a small number of very shrewd and very rich indivinduals (and a clue, you're not in that group, nor am I, and probably nor are more than one or two people on here if that), and wishing for it to come is about as dumb as it gets.

Bubble_and_Squeak

i did say "dream"!

Jason74

Bubble_and_Squeak wrote: »

i did say "dream"!

True. I was just pointing out that because of the circumstances that would be needed to bring it about, a crash of that magnitude would me more like a nightmare for most. This is true regardless of people's current position in the property market, and you and I would almost certainly both be big losers in that scenario, along with 90%+ of everybody else.

lisyloo

crash of that magnitude would me more like a nightmare for most

Totally agree Jason.
To spell it out. There would be looting and violence on the streets.

I can see a correction especially in London but I can't see a full on crash now things (unemployment, wages) are improving.
There are simply too many people that want a home or investment.
Most aren't going to attempt to catch a falling knife.

Crashy_Time

Jason74 wrote: »

True. I was just pointing out that because of the circumstances that would be needed to bring it about, a crash of that magnitude would me more like a nightmare for most. This is true regardless of people's current position in the property market, and you and I would almost certainly both be big losers in that scenario, along with 90%+ of everybody else.

Can you lay out your thinking of why 90% would be losers?

Crashy_Time

lisyloo wrote: »

Totally agree Jason.
To spell it out. There would be looting and violence on the streets.

I can see a correction especially in London but I can't see a full on crash now things (unemployment, wages) are improving.
There are simply too many people that want a home or investment.
Most aren't going to attempt to catch a falling knife.

http://www.introducertoday.co.uk/index.php?option=com_k2&view=item&id=970:london-demand-plunges-as-buyers-flee-capital&Itemid=583




Are they looting and rioting in the streets down there yet :rotfl: