Fears: "Massive global property crash"

Srgur

Crikey - could this thread slip any further away from the OP?

Back to it, I'd like to see a nice property crash - why not? Sick of hearing about people's property portfolios and fat landlords whilst millions can't afford a single property despite holding down decent respectable careers?

Surely we're not interested in those who may lose their many properties similar to how they're not interested in those who are struggling to even get on the ladder. 'I'm alright Jack' That's the reality right?

Whatever happens we'll roll with the punches, people win, people lose, like when the boom happened and grotty 70k houses became 200k overnight. People who just bought went YEY, people who just sold went BOO.

Like a cheap bottle of champagne we all wait with baited breath for BREXIT to see if the cork will go BANG! or sound like a dog fart.

It seems everyone's become an aspiring stock broker/statistics expert/doomsday prophet/know all when it comes to this. Good old statistics - like a lamp post for the drunk, more for leaning on than illumination.

chucknorris

Srgur wrote: »

like when the boom happened and grotty 70k houses became 200k overnight. People who just bought went YEY, people who just sold went BOO.

Even at the height of the boom houses took years to go up by 185% (nowhere near overnight), and most people who sold, did so to buy another property.

Srgur

Even at the height of the boom houses took years to go up by 185% (nowhere near overnight), and most people who sold, did so to buy another property.

Did they? And did they? Well I stand corrected because you wrote this. How much do I owe you for this session?

chucknorris

Srgur wrote: »

Did they? And did they? Well I stand corrected because you wrote this. How much do I owe you for this session?

Yes, if you look at Nationwide's indices:

http://www.nationwide.co.uk/about/house-price-index/download-data#xtab:regional-quarterly-series-all-properties-data-available-from-1973-onwards

Average UK prices were £70k in 1999 and didn't reach £200k until last year, so that is 17 years.

You stand corrected because you were wrong, it is fact that prices took a long time to rise by that much.

economic

chucknorris wrote: »

Yes, if you look at Nationwide's indices:

http://www.nationwide.co.uk/about/house-price-index/download-data#xtab:regional-quarterly-series-all-properties-data-available-from-1973-onwards

Average UK prices were £70k in 1999 and didn't reach £200k until last year, so that is 17 years.

You stand corrected because you were wrong, it is fact that prices took a long time to rise by that much.

it amazes me how so many people make up things without reading the facts (which can sometimes be easily attainable). they seem to be biased and perhaps since missing out on rising prices making things up to suit their position. they dont admit they are wrong. i see this everywhere.

Srgur

it amazes me how so many people make up things without reading the facts (which can sometimes be easily attainable). they seem to be biased and perhaps since missing out on rising prices making things up to suit their position. they dont admit they are wrong. i see this everywhere.

Since that grotty house was mine I don't need to hunt for easily attainable facts nor am I biased. It was never based on an average model nor generality so although I don't disagree with the above, I am not corrected. Oh, I am also often wrong like you and everyone else.

You are easily amazed.

economic

Srgur wrote: »

Since that grotty house was mine I don't need to hunt for easily attainable facts nor am I biased. It was never based on an average model nor generality so although I don't disagree with the above, I am not corrected. Oh, I am also often wrong like you and everyone else.

You are easily amazed.

saying things like house prices going from 70k to 200k overnight suggests you clearly need to look for facts. its comments like that whic is posted by a lot of people which results is crap being posted and making forums like this just a site for garbage, useless nonsense and ultimately a waste of time.

Crashy_Time

economic wrote: »

saying things like house prices going from 70k to 200k overnight suggests you clearly need to look for facts. its comments like that whic is posted by a lot of people which results is crap being posted and making forums like this just a site for garbage, useless nonsense and ultimately a waste of time.

The main point though, IMO, is what were the drivers that pumped up prices to where they are, and are they sustainable, IMO that was cheap credit and the sentiment of ever increasing HPI becoming the norm. Can prices remain high if those drivers change or reverse? I say no, they can`t. The facts now are that public, and hence political sentiment, has turned against the property market in it`s present form, and I think it is hard to convincingly argue against that being the case now....plus we are surely at a point where credit markets and the general economy are more unpredictable than they have been since the 2008 "crisis"?

Jack_Johnson_the_acorn

Crashy_Time wrote: »

The main point though, IMO, is what were the drivers that pumped up prices to where they are, and are they sustainable, IMO that was cheap credit and the sentiment of ever increasing HPI becoming the norm. Can prices remain high if those drivers change or reverse? I say no, they can`t. The facts now are that public, and hence political sentiment, has turned against the property market in it`s present form, and I think it is hard to convincingly argue against that being the case now....plus we are surely at a point where credit markets and the general economy are more unpredictable than they have been since the 2008 "crisis"?

The majority of people in GB want to buy a house though. Until desire/demand for housing crashes house prices won't crash either.

Unfortunately for you, not many people are content living in the cheapest bedsit they can find. Therefore house prices on the long term will continue to trend upwards (clearly there will be crashes and booms but there will never be a sustained crash without a recovery)

chucknorris

Jack_Johnson_the_acorn wrote: »

The majority of people in GB want to buy a house though. Until desire/demand for housing crashes house prices won't crash either.

Unfortunately for you, not many people are content living in the cheapest bedsit they can find. Therefore house prices on the long term will continue to trend upwards (clearly there will be crashes and booms but there will never be a sustained crash without a recovery)

As confirmed by the actions of the bears very own pin up woman Merryn Somerset Webb (editor of MoneyWeak). Who bought at the same time that she was also saying that prices were/are about to crash when she bought both her main house in Edinburgh and also her pierre de terre studio flat in London, because she wanted/needed them, which was more important to her than the fact that she believed that prices were about to fall.