Media Is Now Predicting A Massive 40% Property Price Crash

patel007

kinger101 wrote: »

In what was is a survey based on opinions "fact"?

Dear forum memeber

Please read again the article and it clearly states info re price slides.

If you dont want to beleieve the resepcted media, then just go to zoopoola that cleary shows prerties that have had price reductions. Even then, on the whol/avergae they are now selling about 10% belwo asking prices. Last year on the whole they were going for almost asking price or more

Thank you

patel007

Koldweather1 wrote: »

I think a crash tends to suggest the whole economy has gone wrong somewhere, and few come out of that totally unscathed...so easing is IMO much better than a crash unless your in that exceptional position to have a very large sum of cash to outright buy a house, but I can't think the percent of the population who are in that position is too high.

A strong fact indeed. We were strong in cash and bough and bought in 2009 and after a small bounce in 2010. We want prices to crash as it will give my nephews/neices/etc and other people a chance to buy as none of our family relatives live in social/taxper funded housing

The crash will come, may be not 40% becuse of the fake money the gov printed but a crash. The stock markets jolted Friday - when the crash comes is a guess but with almost everthing overprived inc stocks and shares and landlords being beaten dwn by gov, landlords have started selling and potential landlords are waiitng - with the extra stamp duty, reduction in tax relife and tenannts that wont pay rent, prices are already ging down

chucknorris

patel007 wrote: »

Dear forum memeber

Please read again the article and it clearly states info re price slides.

If you dont want to beleieve the resepcted media, then just go to zoopoola that cleary shows prerties that have had price reductions. Even then, on the whol/avergae they are now selling about 10% belwo asking prices. Last year on the whole they were going for almost asking price or more

Thank you

I sold a 2 bed flat in Battersea in May for £440k, I originally put it on the market in November for £475k, it was an optimistic asking price, as I had valued it myself at £450k (actually £460k but doing about £10k worth of work, but the agents I spoke to advised me not to do that). The agent's that viewed it valued it between £440k to £475k. So although the flat sold for almost 7.5% below the asking price, that didn't particularly really mean anything.

Likewise my wife sold a 4 bed house in Hackney in April for just over £1m, again the asking price was higher at £1.1m, but that was also quite an optimistic price, the agents had valued it from between £900k to £1.1m.

AdrianC

patel007 wrote: »

Please read again the article and it clearly states info re price slides.

I suggest you do the same.

The RICS market survey is exactly that - a survey.
http://www.rics.org/uk/knowledge/market-analysis/rics-residential-market-survey/

If you dont want to beleieve the resepcted media

Respected media? Daily Mail?

HAMISH_MCTAVISH

seven-day-weekend wrote: »

I would like house prices to come down so that more young people could afford them. Whether they will or not I have no idea.

I completely agree more young people should be able to buy and it's frankly little short of a national disgrace that they cannot.

Unfortunately there is no quick and easy solution to this problem.

Old people are living much, much longer and there simply aren't enough small houses for them to downsize to even if they wanted to do that (and most don't).

The increase in divorce rates over the decades has led to the existence of far greater numbers of single person households than used to be the case. Doubling the number of houses many of them consume.

And millions of young adults are cooped up in HMO's, flat-shares and living with parents - because there simply aren't enough houses for them to move into - hence the market rations limited stocks through high prices.

We have to build millions more houses in the places they are needed if we're ever going to give the young the same chances in life as their parents and grandparents.

AdrianC

HAMISH_MCTAVISH wrote: »

We have to build millions more houses in the places they are needed if we're ever going to give the young the same chances in life as their parents and grandparents.

Woah, hold on one second...

Let's put this in long-term perspective.

HAMISH_MCTAVISH

AdrianC wrote: »

Woah, hold on one second...

Let's put this in long-term perspective.

Type of tenure is not my biggest concern. I mean obviously it would be nice if more people can buy but the reality is a lot of people would prefer or be better suited to other types of housing tenure.

So in reality we need more houses to buy, more houses to rent, more housing association houses, more council houses, etc....

Just more houses in general - of the types people need - in the places they need them to be - and where the employment exists to support them.

AdrianC

Since when did a bedsit or a shared house become social pariah status? Even ignoring student houseshares, I lived in shared houses for five years after graduating in the early 90s - and that wasn't unusual at all.

economic

HAMISH_MCTAVISH wrote: »

Type of tenure is not my biggest concern. I mean obviously it would be nice if more people can buy but the reality is a lot of people would prefer or be better suited to other types of housing tenure.

So in reality we need more houses to buy, more houses to rent, more housing association houses, more council houses, etc....

Just more houses in general - of the types people need - in the places they need them to be - and where the employment exists to support them.

you are chatting nonsense as usual.

HAMISH_MCTAVISH

AdrianC wrote: »

Since when did a bedsit or a shared house become social pariah status? Even ignoring student houseshares, I lived in shared houses for five years after graduating in the early 90s - and that wasn't unusual at all.

It's not unusual for a few years after Uni.

The difference between the early 90's and today however is you had a realistic prospect of then going on to buy a house of your own - and record high rents weren't crippling your ability to save a deposit.

The cost of renting a home in London is at its least affordable level in ten years after a 45 per cent rise in rents in the capital over the period.

Research by Hometrack has found that average rents in the capital have soared over the past decade, considerably outpacing earnings, which have risen by 25 per cent over the same period.

https://www.thetimes.co.uk/article/london-rents-rise-by-45-in-ten-years-0nsztxptv

In large parts of the country demand for housing is far exceeding supply and the market is rationing those scarce goods via price - whether through higher rents or higher house prices - and the safety valve of council housing that many had even 20 years ago is no longer there with current waiting lists measured in decades in many places.

Both house prices and rents are unusually high because there is a shortage of houses. We need to build millions more houses. There is no other way to solve a housing shortage....