House Price Crash Discussion Thread

WTF?_2

mr.broderick wrote: »

!!!!!! thankyou, i'm sorry you missed the boat a few years back, i really, honestly do sympathise with people that cant afford to buy.

Oh don't worry about me - I've got a very comfortable amount of savings in the bank which will serve me very nicely when the market collapses. Or maybe I'll do something else with my cash instead; I don't see houses ever not being available to rent and with a decent job I can easily afford to rent what I want.

Instead feel sorry for the peeps who missed getting off the boat and are now trapped on a fast sinking ship.

knightstyle

I wonder if people like Blue-monkey have thought about shared ownership from a housing association. Our daughter got a brand new house and rents half, has a mortgage on half. It works out much cheaper than buying but gives you security.
On another note we have been trying to advise a neighbor who looks as if he is going bankrupt as he bought several buy to let properties and now the mortgage rate has gone up he is subsidizing them with credit cards. In addition the houses have decreased in value so if he can sell it will be at a loss. If he had cashed in a couple of years ago he would have had a million pounds in the bank, now he will be lucky to break even! Plus he has huge credit card debts.

mr.broderick

blue_monkey wrote: »

So now we hope that here is a crash so we can afford to buy somewhere for our family.

.

At least you went and said it unlike a lot on here who haven't got the balls to say it.
So you want to heap misery on millions so you can buy? I like your spirit :T

tr3mor

mr.broderick wrote: »

you're telling me these people didn't miss the boat?

Dammit. I knew I should've been born earlier!

:rolleyes:

m00m00

"Miss the Boat" is today's entry in Bull Bingo

who will be the first to use the next phrases due

"it's different this time?"

or the aberdeen special

"properties won't crash around here because ....."

will we have a full house by the end of the week ?

WTF?_2

mr.broderick wrote: »

At least you went and said it unlike a lot on here who haven't got the balls to say it.
So you want to heap misery on millions so you can buy? I like your spirit :T

You really don't get it, do you? Rising prices haven't really been good for anyone except the middlemen who make money on transactions and the lucky few who exited the market in time.

Having to pay maybe 2x the fair value of a house, funded no doubt by borrowing a huge amount of money to do so, is in no-one's interest.

Having increasing numbers of said borrowers defaulting on their repayments because they couldn't afford said loans is in no-one's interest either.

Yet it's all happening. We can see the results in the credit crunch and a very nasty recession which is looming. A recent survey revealed that the average Brit can stay solvent for about a month in the event of a loss of income - this is going to be very interesting. Give it a year or two and I'd be very careful indeed about harping on about how great the housing boom was in say, a pub, if I were you

mr.broderick

m00m00 wrote: »

"Miss the Boat" is today's entry in Bull Bingo

who will be the first to use the next phrases due

"it's different this time?"

or the aberdeen special

"properties won't crash around here because ....."

will we have a full house by the end of the week ?

I'm not saying they wont crash probably will to some extent i'm just commenting on the boat that could have doubled your money that sailed by 7 years ago.....

WTF?_2

mr.broderick wrote: »

I'm not saying they wont crash probably will to some extent i'm just commenting on the boat that could have doubled your money that sailed by 7 years ago.....

Alternatively you could have bought gold seven years ago and trebled your money in that time. What on earth is your point again?

Vincenzo

!!!!!!? wrote: »

You really don't get it, do you? Rising prices haven't really been good for anyone except the middlemen who make money on transactions and the lucky few who exited the market in time.

Having to pay maybe 2x the fair value of a house, funded no doubt by borrowing a huge amount of money to do so, is in no-one's interest.

Having increasing numbers of said borrowers defaulting on their repayments because they couldn't afford said loans is in no-one's interest either.

Yet it's all happening. We can see the results in the credit crunch and a very nasty recession which is looming. A recent survey revealed that the average Brit can stay solvent for about a month in the event of a loss of income - this is going to be very interesting. Give it a year or two and I'd be very careful indeed about harping on about how great the housing boom was in say, a pub, if I were you

Regardless of what should and should not have happened or what is good or bad, the situation is that a significant crash would be detrimental to many homeowners and the economy in general.

Also !!!!!!, I am interested, what is the 'fair value' of a house?

IMHO there will be next to no growth in prices overall for a few years. Some will drop, some will stick and, yes, some will rise. We have had this same situation in commercial property for c. 2 years now. Money dried up, for different reasons, but it still dried up and affordability was questioned. We now see a two tier market with some properties selling well and others sticking on the market.

Beware those of you that bought new build city centre flats built mostly for the investment clubs to flog to armchair BTL investors.....

beer_tins

Why is everyone using the term "crash"? The expert aren't even agreed that prices will fall over 12 months yet. Yes, the market will slow down, certainly in real terms and possibly even in nominal terms. There are still plenty of people waiting to buy when house prices reach an affordable level, frankly I can't see any dramatic crash happening. I haven't noticed the demand for housing in this country go down, once prices come back in people's reach they will level off. A lot of hot air, IMO.