House Price Crash Discussion Thread

Generali

tinkerbell80 wrote: »

Hi , this is my first post so apologise in advance if it is in the wrong place!
Now I dont understand a lot about the world of finance but this site is slowly teaching me.
I was thinking of buying a property and in fact have two viewings booked for today. I have a large (ish) deposit and am living in rented at present.
Should I even be thinking of buying a property at present?
Will there be a crash in the market and should I just wait a while?

Personally I'd wait as a fall in house prices looks very likely. However, no matter what some seem to think, nothing in the future is certain.

Also, the price of a house only really matters twice - the day you buy and the day you sell, unless you plan to remortgage at some point.

If you're buying a home for your family that you want to live in for many years and you can keep up the mortgage then it's not that bad an idea. If it's a step on the ladder or you are stretching yourself then I'd be a little more circumspect.

carolt

owitemisermusa wrote: »

I ask again, what about those who already have property? Will anyone have sympathy on them - not everyone is a 'greedy' 'fool'.

My house is built on the Rock!

Why should anyone have 'sympathy' for them - buying a house isn't like buying a pair of shoes. It's the biggest financial decision you will ever make, and as such, if you don't research it fully and make absolutely sure you can pay if the worst happens, then you have no-one to blame but yourself.

I don't expect 'sympathy' for failing to buy when prices were rising - that's my lookout. I have sympathy for those who will lose their jobs due to the recession to come - that's not their fault. I have no sympathy for those who decided of their own free will to buy a property - they didn't have to, and history dictates prices can fall as well as rise.

neverdespairgirl

Generali wrote: »

However, no matter what some seem to think, nothing in the future is certain.

death and taxes?

tr3mor

neverdespairgirl wrote: »

death and taxes?

Not if you're an immortal demigod like myself.

:money:

mr.broderick

carolt wrote: »

Why should anyone have 'sympathy' for them - buying a house isn't like buying a pair of shoes. It's the biggest financial decision you will ever make, and as such, if you don't research it fully and make absolutely sure you can pay if the worst happens, then you have no-one to blame but yourself.

I don't expect 'sympathy' for failing to buy when prices were rising - that's my lookout. I have sympathy for those who will lose their jobs due to the recession to come - that's not their fault. I have no sympathy for those who decided of their own free will to buy a property - they didn't have to, and history dictates prices can fall as well as rise.

You constantly contradict yourself in your posts carol.
Have you ever bought a home carol or have you only ever bought a house ?

brit1234

Surely there can't be anyone left who doesn't believe there will be big falls now. If there are they should really open there eyes and see whats happening.

Lotus-eater

I would say there are lots and lots of people who don't believe prices are going to drop at all, let alone a huge drop.
I was only speaking to someone yesterday, when the house price crash starts, I was saying......... oh, do you think there is going to be one then, they say.
Not everyone reads online forums and even then sensible people don't believe everything they read.

mr.broderick

brit1234 wrote: »

Surely there can't be anyone left who doesn't believe there will be big falls now. If there are they should really open there eyes and see whats happening.

You'd be surprised there are people in this country who don't agree with what you think, don't forget the crash has been called for nigh on 4 years now in that time we've seen 20-30 % rises.

Lotus-eater

mr.broderick wrote: »

You'd be surprised there are people in this country who don't agree with what you think, don't forget the crash has been called for nigh on 4 years now in that time we've seen 20-30 % rises.

That and the fact that we can't get away from and that is that there seems to be a bit of lunacy in the HPC crowd sometimes, doesn't help to be taken seriously.
By "bit of lunacy" I am being nice

Austin_Allegro

mr.broderick wrote: »

You'd be surprised there are people in this country who don't agree with what you think, don't forget the crash has been called for nigh on 4 years now in that time we've seen 20-30 % rises.

...although in just the past year or so we've had the collapse of the US, Irish and Spanish housing markets, a run on, and subsequent collapse of, a major bank in the UK, the collapse of a major US bank, the withdrawal of all 125% mortgages and most 100% mortgages, a collapse in the prices of city centre new builds, the selling off of a major estate agency chain (Foxton's) and the closing of many others, increases in fuel and commodity prices, the closing of Inside Track seminars, public sectoring borrowing and private debt soaring to unprecedented levels, more immigrants going home than entering the UK, banks refusing to lend to each other or buy debt, the highest tax burden in history, the pound at its lowest level for years, the US heading for recession and even the Prime Minister warning there are tough times ahead.

But look on the bright side eh? Maybe there'll be a 'spring bounce' and house prices will keep on rising. :rolleyes: