If you believe house prices are too high, would you sell me yours at 50% discount?

wotsthat

Don't be silly.

ruggedtoast wrote: »

What I would like to see is house prices across the nation fall substantially. The idea that buying a property is some kind of cash machine to be accessed in retirement needs to stop.

To see a lower market price tomorrow requires people to sell at lower than the current market price.

Obviously when I say 'people' I mean 'other people' - not me of course and you're not that keen either by the sounds of it.

Graham_Devon

This has been done over and over.

Its almost as if the op is stating "I'm so clever I can catch you all out, and I'll prove it by asking the most idiotic question".

Pretending you don't get why the question posed isn't possible doesn't really give the impression of being the sharpest tool in the box

wotsthat

Don't be silly.

Graham_Devon wrote: »

Its almost as if the op is stating "I'm so clever I can catch you all out, and I'll prove it by asking the most idiotic question".

It's an exercise in thought. If the current market price is too high how can it ever fall if people won't sell below it?

It's why I think the slowly deflating real prices we saw from 2008 to 2012/13 were the least worse thing that could happen. People in the UK are nuts about housing - slow falls in real prices helps people buy and, if they're accompanied by slight nominal increases, then we don't need to overly worry about negative equity or banks etc. The only people who would be upset would be the frothers at the extremities of the argument.

On HPC they're awaiting the second coming of 2008 (they call it 2008.2) with a complete lack of self awareness. 2008.1 saw prices fall quickly and yet less people were able to buy - that's what happens in a crash because they tend not to be an isolated event.

Of course the main reason I want real prices to fall is because [STRIKE]I want to upsize at retirement/[/STRIKE] someone needs to think about the children.

ging84

Of course, house prices are way too high and I'd be happy for you to buy it at 'normal' market rates

what a pointless pole
ask a silly question, expect a silly answer

ging84

Of course, house prices are way too high and I'd be happy for you to buy it at 'normal' market rates

I'd be very willing to sell at a 50% discount, to move somewhere worth twice as much also with a 50% discount

the difficulty is convincing the person at the top of the chain, the developer with a new properly, the buy to let landlord selling up, the person dealing with a probate property, the mortgage company with repossessed property etc, to accept half the amount
or convince the ones at the bottom of the chain, the first time buyer, the buy to let landlord, the second home buyer etc. That they should all dig their heals in and refuse to pay any more than 50% of what used to be the current market value.

Notice who is in both groups? it's the buy to let landlords, this mean they alone effectively have the power to ensure there will never be to wild a fluctuation in property prices.

wotsthat

Don't be silly.

ging84 wrote: »

what a pointless pole

[Deleted User]

Get rid of stamp duty, pay capital gains tax on the sale of houses over the value of X - bosh, sorted. Maybe give some kind of tax relief for houses bought on the lower end of the price spectrum. That'd stop rampant HPI.

BUT.. the problem is really the difference in house prices by region. All we can do is hope to reduce HPI and let salaries catch up.

wotsthat

Don't be silly.

ringo_24601 wrote: »

Get rid of stamp duty, pay capital gains tax on the sale of houses over the value of X - bosh, sorted. Maybe give some kind of tax relief for houses bought on the lower end of the price spectrum. That'd stop rampant HPI.

BUT.. the problem is really the difference in house prices by region. All we can do is hope to reduce HPI and let salaries catch up.

Capital gains tax on gains will just ensure older people stay put and when they die the house is passed on free of capital gains to their estate anyway. Tax relief for buying a cheaper house will increase the value of these houses.

The root cause of the problem is a lack of housing in London and the South-East.

atolaas

wotsthat wrote: »

Capital gains tax on gains will just ensure older people stay put and when they die the house is passed on free of capital gains to their estate anyway. Tax relief for buying a cheaper house will increase the value of these houses.

The root cause of the problem is a lack of affordable housing [STRIKE]in London and the South-East[/STRIKE] in general

Have amended it for you the problem is not isolated to just that part of the UK.

TheBlueHorse

i'd be happy for the price of my house to fall 50% as long as my mortgage was cut by 50% as well. I'd sell it and buy a !!!!!!! massive house.