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

lisyloo

Also I am planning to stay in the house for atleast 5 years so if house prices do move around in the mean time it won'tr affect me and its anybodys geuss where the prices will be in 5 years

The last crash took longer than 5 years, so it would be quite possible for your house to be worth less in 5 years time.

Whether it's likely is a different question, but it's definitely possible.

webmister22

The last crash took longer than 5 years, so it would be quite possible for your house to be worth less in 5 years time.

Whether it's likely is a different question, but it's definitely possible.

It is also possible I will get ran over by a bus tomorrow but hey thats life :-)

Robert_Sterling_3

Surprisingly:-

If you bought a house and then during the first year it rose in value by 20%
and then in the second year it fell by 20%
then it would be worth less after two years than you bought it for.

Equally surprisingly:-

If you bought a house and then during the first year it lost 20% of its value
and then it its second year it gained 20% of its value
then it would be worth less after two years than you paid for it.

I kid you not.

As a little sum for bedtime answer this question:-

In each of the two examples above what percetage of the cost price of the house is lost during the two year period.

trafalgar_2

4%....not enough to stop a bus

Turbo_4

House prices up another 1.4% in September ;D

http://www.hbosplc.com/economy/includes/6-10-04HousePriceIndexSeptember2004.doc

So where's this crash then ;D ;D 8)

Cullumpster

I'd like to buy a bigger house but i'm in a catch 22 situation also.
i brought my house 4 years ago and i was very lucky to get it at just over 35K for a 2 bed terrace.
At the time that was quite a lot to pay because it was just me on my own.

I am still living there but am considering moving, but here's the problem.

My house has nearly tripled in value (Wahoo!) my next door neighbours has just sold for 98K !

BUT now the problem is, if i sell for say 98K i can still only afford to buy the same house somewhere else (if you get what i mean ??) because of the house prices rising so much i won't be able to get a higher mortgage.

So how do i get out of that one then, because i don't want to end up with a mortgage the size of london!

Robert_Sterling_3

At first I thought you were mistaken but after thinking about it I can now see where you are coming from.
Although a building society would be willing to lend you more you could not afford to pay much more.
Look on the bright side. Think how fortunate it was that you bought when you did.

robby-01

GET A GRIP.

Sure house prices will fall at some point.
But you cant just shout out dont buy.How do YOU know when they will fall do you have a crystal ball?If you do use it to buy a lotto ticket.

How about starting another thread.
**Dont buy a car** It will eventually break down.**
or **Dont swim in the sea you might get bitten by a shark**
The only sure way of not losing money on a house is to follow the advice of people like you and not buy at all.
read some of the posts ,Show me a house that is not a safe bet as a lifetime investment.
If you want security for your cash put it in the bank.

kinster_2

I only sold my property because I hated living there and wanted a garden. The only reason I am renting is because I couldnt afford to buy a house at the time.

Luckily for me, since the move I've had a 30% pay increase   ;D so if i change my mind to buy I can, but for the moment I am happy renting with no major responsibilites  :P

Some people got a payrise, but nothing is secure these days... bang goes your job :-X

Turbo_4

Show me a house that is not a safe bet as a lifetime investment.

http://www.bbc.co.uk/norfolk/funstuff/360/happisburgh_clifftop.shtml
;D ;D :P ;D