House price crash-don't make me laugh

sm9ai

porridge wrote: »

To be honest I'm not bothered either, I just get fed up reading post after after post gleefully announcing that prices are going to fall 50%, Personally I would never want to rent !, I would rather have the security of knowing it is my home and I can do as I please, I am not at the mercy of LL.

I will assume that you own the home 100% and are mortgage free.

Those who are not are at the mercy of the banks, which can be far worse than any landlord.

sm9ai

porridge wrote: »

So how prices are falling?, boy how everyone wants to talk the market down !, Nationwide have just announced that houseprices rose 0.7% again. With lower interest rates on the cards, a stable economy and low unemployment, the best the STR's can hope for is a stagnant low growth market.

And the best the FTB's can hope for is...........:mad::mad::mad::mad::mad::mad::mad:

tomstickland

boy how everyone wants to talk the market down !

And noone ever talks it up? I never understand why anti-crashers are so vociferous. Maybe it's fear?

carpetbelly

sm9ai wrote: »

And the best the FTB's can hope for is...........:mad::mad::mad::mad::mad::mad::mad:

Save up a bigger deposit...
Don't look at houses way above their means.

I bought my first house the other month. Nearly cried with the amount of money that it all cost lol. But it isn't a dream house, it's a nice house I can be happy with for the moment and for a good few years.

Too many of my friends who would like to buy are just totally unrealistic at what they want. I grew up with my dad telling me you generally start off small and boxey and then you have to just work your way up the ladder. Too many FTBs seem to want at the top of the ladder when they dont have the salaries/deposits to go with it.

Owning a home isn't a right.

Don't get me wrong, I wish it had been a lot cheaper for me that's for sure lol. But it isn't and as someone else stated, I'm really enjoying the security of owning my own place, not worrying that after 6months the Letting Angency wants to either turf me out or pay to sign another contract!

BTW I'd b happy for a drop in prices... Yes, I'd loose some of the value but my homes my home! And a drop would make it easier to move up that ladder in the end.

Saying that though, I dont think any drop will either be as bad as people think. Shame as that upgrade would be nice hehe

adr0ck

sm9ai wrote: »

And the best the FTB's can hope for is...........:mad::mad::mad::mad::mad::mad::mad:

plenty of properties out there whats your budget and where do you live?

sm9ai

adr0ck wrote: »

plenty of properties out there whats your budget and where do you live?

Funny, I thought there was a housing shortage?

Anyway I probably could buy with the stupid amount banks lend but I have spent the last 5 years getting myself out of financial troubles from my Uni days (my own fault, I was stupid with money) and I don't intend to throw myself back into it. I feel I have learnt the hard way about money and buying a house at these prices would just throw me back in at the deep end.

dannyboycey

porridge wrote: »

Nationwide have just announced that houseprices rose 0.7% again.

Well they would. You wouldn't see Father Christmas telling kids he didn't exist would you?

The Land Registry figures are the ones to trust.

carolt

Originally Posted by porridge
To be honest I'm not bothered either, I just get fed up reading post after after post gleefully announcing that prices are going to fall 50%, Personally I would never want to rent !, I would rather have the security of knowing it is my home and I can do as I please, I am not at the mercy of LL.


As others have said, presumably you have no or almost no mortgage. Otherwise your 'security' is illusory.

As a potential FTB I have recently actively chosen NOT to buy because I actually feel far more secure renting than I would buying at today's prices. Yes, we could buy - we have been offered mortgages at stupid income multiples (and advised by broker to lie to get a higher mortgage too - that's not anecdotal, it really does happen) - but decided that in the current market the risks were far too great. At the moment, we have no property debt - taking on debt of 300K+, which we would need to buy an equivalent property to the one we rent and in the same area (close to kids' school), would be far too dangerous financially - and we would be spending another £300 per month minimum servicing the mortgage over what we pay in rent. Far better to save the £300, and avoid the unnecessary risk. Yes, I could get turfed out of my rented home, but at least there is no attached risk of being heavily in negative equity - the most I can currently lose is my deposit! Even falls of just 10% or 20% could cost me tens of thousands of pounds. The ONLY reason to BUY (as opposed to staying put) in the current market is because you are convinced the price of your house, if not all houses, is going to continue rising, thus making the extra monthly capital sensible expenditure in the long term.

And I just wouldn't like to make that call.

wibble68_2

porridge wrote: »

So how prices are falling?, boy how everyone wants to talk the market down !, Nationwide have just announced that houseprices rose 0.7% again. With lower interest rates on the cards, a stable economy and low unemployment, the best the STR's can hope for is a stagnant low growth market.

So house prices have increased by £653 in the last 3 months.

That's what I call an investment.

BobProperty

porridge wrote: »

So how prices are falling?, boy how everyone wants to talk the market down !, Nationwide have just announced that houseprices rose 0.7% again. With lower interest rates on the cards, a stable economy and low unemployment, the best the STR's can hope for is a stagnant low growth market.

Must have missed that? Numbers of people not working is about 4m, personal debt is at its highest ever and we have just had a run on a bank. Do you really think things like credit card rates are going to fall when lenders will have to make up for their illegal charges and they can't borrow any more off other banks because the one thing that has stagnated is inter-bank lending?