How low will property go?

economic

mrlegend123 wrote: »

I know the link is based on the rental sector but it will still apply to house prices. Mortgage owners and rent will have the same income levels.

https://homelet.co.uk/homelet-rental-index/infographic

You are silly

caronoel

Electrum wrote: »

First high end property started to fall, now the falls are spreading to average properties nationwide.

As the banking crisis deepens credit will dry up, just as interest rates have to start correcting back to normal, how low will property go?

Back to the OP's original question, I reckon they will fall 50% by Christmas

System

mrlegend123 wrote: »

I know the link is based on the rental sector but it will still apply to house prices. Mortgage owners and renters will have the same income levels.

https://homelet.co.uk/homelet-rental-index/infographic

Economic - Why am I silly? I have just provided the link stating the facts.

You are very silly!

wotsthat

mrlegend123 wrote: »

I know the link is based on the rental sector but it will still apply to house prices. Mortgage owners and renters will have the same income levels.

https://homelet.co.uk/homelet-rental-index/infographic

Another one that dismisses official stats to feed their confirmation bias.

Aside from that do you really think people who rent have the same income as people with mortgages?

System

Wotsthat - what are you on about? dismisses official stats? Facts don't lie! Several organisations use the homelet rental index as reference. If you are still unsure, please use home.co.uk and cross reference their figures with homelet.

Of course people who rent have the same income levels as people who are mortgage owners. What planet are you on?!?

Im a renter (forces married quarter), my disposable household income is a lot higher than most of my friends who are mortgage owners. Please do not get mixed up between disposable income and discretionary income.

You are another silly billy wotsthat!

ukcarper

mrlegend123 wrote: »

Wotsthat - what are you on about? dismisses official stats? Facts don't lie! Several organisations use the homelet rental index as reference. If you are still unsure, please cross reference home.co.uk with homelet.

Of course people who rent have the same income levels as people who are mortgage owners. What planet are you on?!?

Im a renter (forces married quarter), my disposable household income is massively higher than most of my friends who are mortgage owners.

You are another silly billy!

I'm not sure your rent is relevant as most people have to pay market rents.

System

ukcarper wrote: »

I'm not sure your rent is relevant as most people have to pay market rents.

Please can you read my post again and google the definition of disposable income.

mwpt

mwpt wrote: »

Maybe it is that the people who complain the most about house prices live in London, South East or Bristol?

It would be nice if some of the posters who say that prices are out of touch or way too expensive in other areas (ie. up north), post some example over priced properties in areas that may be familiar with. That would be an objective way of looking at things.

I am not at all familiar with northern cities but I just did a search for three bedroom houses within a five mile radius of Manchester city centre priced under £150k. There were over 1000 results. I assume there are quite a lot of decent jobs in Manchester.

I also assume that much like the past, it is mostly couples who would want to buy three bedroom houses. If each person had started saving £5000 per year, three years ago, they would now have a 20% deposit. Borrowing £120k at current loan rates, 30 year term, 2% repayment mortgage, that is £444 per month.

To me, that seems pretty reasonable for a three bedroom house.

Of course, you have to accept that rates are not going to rise for a long time. Or you pay slightly more and fix for 10 years.

Would any of those who believe property is overpriced all over the country mind following up on this?

ukcarper

mrlegend123 wrote: »

Please can you read my post again and google the definition of disposable income.

So basically saying that your income is massively more than your friends who mainly have mortgages, that doesn't prove that on average renters earn as much or more than most mortgage holders.

System

ukcarper wrote: »

So basically saying that your income is massively more than your friends who mainly have mortgages, that doesn't prove that on average renters earn as much or more than most mortgage holders.

I am using common sense (dangerous I know), renters and mortgage holders will have the same income levels. I don't see many higher paid jobs being advertised stating this "Only apply if your a mortgage owner. Renters may not apply".

Do you want application forms to have a new box stating if you are mortgage owner or not? If your a renter, we will pay you less.