House Price Crash Discussion Thread

WTF?_2

Dawes wrote: »

We are heading for the mother of all recessions. The sub-prime losses and Northern Rock are the tip of the iceberg. House prices in this country are so unaffordable I believe we will have 10 years of falling prices (relative to inflation). This is gonna be ugly. There will be blood. About the house price market ask yourself one single question - could you afford your property if you had to buy it at the market value today? Most people wouldn't have a hope in hell and the property speculators exploiting the free market have screwed up house prices for the next 10 years.

Battern down the hatches, there is a storm a'coming! :dance:

Yes - that's the question that should cause anyone with half a brain to pause and think. Because if they couldn't afford to buy their own house at today's prices then who do they think can?

Basically, everyone who could pile on board the property bandwagon has been knocking back the champagne and merrily counting their paper profits, gained at the cost of excluding the next generation of buyers from home ownership ... Forgetting that new buyers form the base of the market.

BTL and other investors could only hold up the market for as long as borrowed money was cheap. Game over, and with prices starting to drop and many people over-extended it's going to be a bloodbath. Especially if we get hit by a recession as well which looks more than likely.

nelly_2

Were looking at a house tommorow 4 bed detached and a big @ssed garden that leads down to a river priced at 180 grand

Its a repo that needs some mild work to it

Were thinking of offering 160

mr.broderick

nelly wrote: »

Were looking at a house tommorow 4 bed detached and a big @ssed garden that leads down to a river priced at 180 grand

Its a repo that needs some mild work to it

Were thinking of offering 160

Nelly i hope your mild work doesn't turn into the full refurb we just did.

Just offer 180 nelly for the crack.

Generali

nelly wrote: »

Were looking at a house tommorow 4 bed detached and a big @ssed garden that leads down to a river priced at 180 grand

Its a repo that needs some mild work to it

Were thinking of offering 160

The Environment Agency has maps of flooding.

nelly_2

Generali wrote: »

The Environment Agency has maps of flooding.

Are they before or after maps?

Could be another personal data loss crisis in the offing there

Government loses maps of next Junes floods!!!

A laptop from a vauxhall corsa with a well massive exhaust was broken into,
which was rumoured to be from the department of collating useless figures
that no one sees the point in so we lose them on purpose anyway,,, SHOCKER!!!

Over to our on the spot reporter Declan O hanrahan-ra-han

Yes its wet... very wet....in fact....... its proper wet man!

I have the local head of neighbourhood watch team member mr Harrison here with me in his wellies, what do you say to this latest news that the goverment had previous knowledge of the flood in your sitting room and study and some of Maude from next doors kitchen/dinner?

Well its a bloody disgrace is what it is. If we had seen the map we would'nt have bought that real flying carpet rug off dodgy Abdul down Waverley car boot sale, cost us £15 it did.

And I wouldnt have stapled the cat to the skirting board to stop it running around, we loved that cat but its all drowned now and all due to government incompetance.

A government employee stated its not really about the maps or the water its all down to the cuts from the tory government 63 years ago that decided cutbacks on proper grids was essential!

Every one knows the labour government are commited to really big grids that make water go away dead fast

Back to the studio.........

Trading standards today dropped the case against a Mr D. Abdul when he produced the washing instructions for his leading line of rugs that clearly states.......40 degree wash only, slow spin, only actually flys when taken on a wide bodied Boeing.

Now to the sport

Scotlandnill lost again

brit1234

I heard today that Mortgage Express the Favourite bastion of buy to let borrowers has stopped lending for new builds. Now if all the major buy to let lenders have stopped lending for Newbuilds how are they going to all these developments completed and being completed. The majority have been aimed at investors who now can't buy, that means growing surplus of new flats and further price drops.

Its getting hostile out there in property land, here comes the crash.:rotfl:

ManAtHome

LOL, just when you think there should only be one "Nelly is as mad as a cheesy badger" thread... Just think, if you were a really old git, you could have been writing for The Frost Report (ask yer granny).

nightwatchman

Quote form MSN.money on 12/02/08 see link. http://money.uk.msn.com/Mortgages/firsttimebuyer/article.aspx?cp-documentid=7508601

This month's cut in interest rates is good news for first-time home buyers, who have seen prices soaring out of their reach as the cost of mortgages has edged inexorably upwards.

Uhhh!!! I thought that low interest rate was bad for FTB.

nightwatchman

From Daily Express today 12/02/08 Please see here. http://www.dailyexpress.co.uk/posts/view/34627

HOUSE prices went up by almost £1,000 in December as the property market staged a surprise rally.

Are this people for real?

boinging_2

nightwatchman wrote: »

From Daily Express today 12/02/08 Please see here. http://www.dailyexpress.co.uk/posts/view/34627



Are this people for real?

Does anyone know why the Express has such a vested interest for higher house prices. Twice in the last few months they taken their whole front page on this kind of news.

Why is it welcome relief for home owners that houses are worth £1,000 more?