**Don't Buy A House** House Prices Set To Crash!!!

Loaded_Bachelor

Yes, and there also rules about how much Spam you can put at the bottom of your message!

MiserlyMartin

Don't know if it's been mentioned but the UK are currently accepting 250,000 legal immigrants each year, and an estimated 50,000 illegal, they all have to live somewhere.......

It works out that if that rate carries on (and it has the last 2 years) the equivalent of a city the size of Birmingham will have to be built every 10 years  :o

Whilst the demand is there...

What about the number of people who are cashing in on their overvalued properties and selling to live in Greece, Spain etc. How many do that? According to this article :http://nation.ittefaq.com/artman/publish/article_14655.shtml

"Another expert had opined that an estimated 10 million Brits, which is about half the working people in British Isles combined, might emigrate to continental Europe in the next 15-20 years"

Its not all black and white

deemy2004

A lot of people I know are plannign that,

portugal, cuba, chile, spain !

Cripes the british invasion abroad is on !

This looks bad for britains future because -
1. they sellup here and take thier money abroad
2. Rely on british assets to generate their income which is spent abroad.
3. Only return for free medical care on the NHS

Looks like a long-term drain on property which probably won't be offset by immigration which tends to be at the lower end of the market.

t_i_g_e_rr

With the exception of FTB's I believe house prices to be substainable as long as people keep their other debts in check.

First time buyers can be ignored for a while because they can rent, but they can't be ignored forever; they are key to the market as it is. The only exception I can conceive is if our market changes to be more like some of Europe, like in Germany where many people are happy to rent in the town/cities, but then the rent is much cheaper there.

deemy2004

Yep somethings got to give, and at the moment it looks like its the price of property

LAPPLE_2

I would buy when you can. 8)

serpico

I have a friend who has an immaculate detached house, huge garden and garage in very nice part of Chester she wants to sell to buy a smaller bungalow.

The first E.A put a value of £295K on it in August, the seller being a realist thought it what grossly overvalued and placed it with another agent at £250K.

No interest at all in four months apart from a few Sunday afternoon cruising tyre kickers just having a nose round for something to do.

The E.A has now advised the job is comatose and it should be withdrawn and placed back on the market in the spring ready for the big rush.????

deemy2004

Spring rush ?

Your estate agent is still thinking as though he is in a bull market. Self dellusion, lack of experience. As prices in the spring will be lower than where they are today.

Maybe I should interpret your two posts as buy one get one free .

Your friend needs to realise that the market HAS changed from a rising market to a falling market, where TIME works against sellers. So better to act sooner rather than later. As a tip read up on the USENET posts about what happened to sellers who waited to sell durign the early 1990's, i.e. always pricing out of reach of the buyer, but every few months having to mark the property lower, in the end instead of taking a 15% cut as originally demanded by the market, they had to drop the price by over 30% to get it sold some 18 months after putting it on the market.

As market senitment changes this will become more apparent, but as market sentiment changes, so will the willingness of buyers to buy thus resulting in even larger discounting against seller expectations, and experienced estate agent pricing most of whom have only known rising prices.

serpico

I know! I know! I know!

Trouble is I hate to put a dampener on her expectations.

I think the advantage she has is that she is a young widow (50) no children and well minted with the house bought and paid for and a £75K P A very secure job.

So my feeling is that if there is, whoops, should have said, when the big drop comes, the advantage of relativitety will come into play, she will have to sell for less but will also buy for less saving on E.As charges and stamp duty etc.

Don't know if that makes sense to anyone else providing you don't have a mortgage that could go into negative equity.

frugal_dougal_3

Anyone who is considering selling can go to https://www.nethouseprices.com to see how much similar houses locally have sold for.

The Estate agents hate this as they want you to know asking prices rather than actual selling prices.

These are difficult times but history has shown that however many times property prices have dipped in the past, the line on the graph has still gone in the upward direction overall.