House Price Crash Discussion Thread

WTF?_2

mr.broderick wrote: »

Of couse i just like to have a play bored s.hitless today and i know !!!!!! always bites. He's turned this thread into a religion.

What an active imagination you have :rolleyes: Strange that you don't seem to be able to stay away from the 'religion' - despite not having anything useful to say or contribute to the thread.

Look - it's sort of fun watching you jig around on the line but really, you're getting in the way of debate with your constant attempts at baiting and starting personal arguments. You're also coming across as a bit of an obsessive internet weirdo so for your own good you might want to consider how bizarre your behaviour looks to anyone who comes here looking for information and debate on the house price situation.

mystic_trev

House prices in the UK are expected to fall between 10% and 20% over the next year, according to a poll of delegates at the recent Great Housing Mass Debate conference.

http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content.aspx?ID=299443

mr.broderick

!!!!!!? wrote: »

What an active imagination you have :rolleyes: Strange that you don't seem to be able to stay away from the 'religion' - despite not having anything useful to say or contribute to the thread.

Look - it's sort of fun watching you jig around on the line but really, you're getting in the way of debate with your constant attempts at baiting and starting personal arguments. You're also coming across as a bit of an obsessive internet weirdo so for your own good you might want to consider how bizarre your behaviour looks to anyone who comes here looking for information and debate on the house price situation.

Kettle...black....

beingjdc

pickledpink wrote: »

I can't understand why morons like !!!!!! want to torment themselves on HOUSEBUYERS sites - it must be awfully frustrating to read about other people's properties when you're just a tenant and can't even afford the worst flat in the worst road in the worst area!!!!!:rotfl:

Dunno. On the plus side, he didn't buy in October with a 10% deposit. If he had, he'd have lost 30% of his life savings by now...

mystic_trev

I'm bored so have decided to have a bit of fun on this Forum!

Do feel free to join in!

http://www.digitalspy.co.uk/forums/showthread.php?p=22568659&posted=1#post22568659

boinging_2

pickledpink wrote: »

I can't understand why morons like !!!!!! want to torment themselves on HOUSEBUYERS sites - it must be awfully frustrating to read about other people's properties when you're just a tenant and can't even afford the worst flat in the worst road in the worst area!!!!!:rotfl:

Another person watching their equity fall away while others watch their deposits rise... I was lucky to have called the peak, my next challenge is call the bottom.

I don't think there is any need to call people "morons" for not wanting to buy something that will be cheaper in the future.

carolt

mr.broderick wrote: »

I hope they dont fall cause i dont see why you should wish suffering on people who bought a home for their family just so you can buy one, totally selfish carol.

Sorry, mr b, but absolutely NOWHERE in my post did I gloat or wish suffering on those who bought at the top of the market and are now facing possible negative equity or even repossession as a result.

I remember the last crash only too well, though I was too young, mercifully, to be personally affected. It was VERY hard for those caught up in it, on a personal as well as financial level. I would never wish that on anyone.

That is precisely WHY I post on here, on a regular basis, to warn those thinking of buying at or near the peak of the market, that now is the worst time to buy, and they are better off waiting a year or 3, before they do.

Obviously, those who have already bought, I am not in a position to help.

That said, presumably they were grown-ups and not children, and when they bought they calculated the financial risk v rewards involved, and made their decision based on that. When we nearly bought a house last year, we knew that we would be borrowing more than we ought, but were prepared to take that short term risk to get a home, in the knowledge that my earnings at that point were precisely zero, as I was choosing to be a stay-at-home mum with my one-year-old, and that my income could only go up! But that was a risk we had calculated very carefully, and knew we would have to live with the consequences. As it turned out, we were let down by the scheming estate agents and didn't buy the house (long, dull story), and in the long run I think we were lucky - they did us a big favour.

But I am more than aware that those people with huge mortgages and frightening debt levels could so easily have been us. I just expect people to take responsibility for their own actions, rather than run cap in hand to the nearest lawyers, or whatever, claiming they were missold, or the broker 'made' them lie about their income etc. :rolleyes: I anticipate plenty of this to come, as house prices fall further. It's starting already:

http://www.guardian.co.uk/money/2008/mar/22/buyingtolet.investmentfunds

carolt

Incidentally, mr b, I do wish you could stop attacking me personally, or flirting with me, in every post addressed to me. I'm not sure if you're trying a good cop, bad cop approach with me, but can I just assure you that IT WILL NOT WORK. Sorry, but you're just not my type, and it's a tad tiresome.

carolt

Vincenzo wrote: »

If that's what you want to call me!
Carolt - Do you believe the value of property will be less in say 25 years, than it is today? Or that rents will not grow?

I have absolutely no idea - my crystal ball's no good that far ahead.

But prices WILL fall in the next 2-3 years, for certain, so as a potential FTB, that's what matters to me.

For people who bought a few years ago, they may well be fine ie not actually in negative equity, and able to take advantage of the crash to trade up to a better place at lower cost.

People who bought more recently are more likely to have their fingers badly burnt.

My point was not that you definitely made a bad investment - I have no knowledge of your local market and no 25-year crystal ball - but that you were not, as I have pointed out before, an impartial observer - your professed view - that house prices would probably remain roughly stagnant or not fall much was based not on analysis but on wishful thinking, given your position as the owner of a BTL, who stood to lose if prices fell.

One less charitable than I might even suggest that you were posting here specifically with the aim of misleading buyers and postponing the crash...but of course, I would never believe that you had such an inflated idea of your own worth...or lack of morals....;)

WTF?_2

pickledpink wrote: »

I can't understand why morons like !!!!!! want to torment themselves on HOUSEBUYERS sites - it must be awfully frustrating to read about other people's properties when you're just a tenant and can't even afford the worst flat in the worst road in the worst area!!!!!:rotfl:

Firstly, starting off by flinging a personal insult at me just brings into question the veracity of your argument and is, incidentally, also against the rules of this forum. Somehow though, I suspect that the niceties of rules of social interaction are something that don't figure too large in your life.


Let's start by getting something clear - in my opinion the housing market is going to take a very serious turn for the worse and nothing I say or do - or don't say or do - is going to change that outcome.

(Why the likes of you and Mr Broderick labour under the delusion that I think I can somehow talk a huge sector of the Western economy down by posting on an internet board is beyond me. Maybe it just reflects your own sense of self-importance about your utterances which you are trying to project onto me too. Regardless, I'm calling the situation as I see it happening.)


Now when the market crashes, this is going to come as a shock to many people. Especially since they've been hearing nothing from the media and their peers over the last 7-8 years other than: "You're onto a winner with houses, they only ever go up in price so borrow as much as you can to get on the ladder. You can only win."

Nothing of course could be further from the truth. House prices do not rise continually in the spectacular manner that they have been doing over the last 7-8 years. They follow a cycle of peaks and troughs. If you buy at or near the peak (as I believe it is now) then you are going to be in a world of financial pain and negative equity for anything up to a decade afterwards. An example of this complete with figures from the last property boom in the late eighties/early nineties has been posted on this very thread recently.

That being the case, anyone thinking of buying property now needs to very carefully consider the ramifications for themselves if the market dramatically reverses in the near future, as it looks set to do.


And that, my boorish fellow MSEer, is why I'm posting my views on this thread.

Hopefully I can make an FTBer looking at plunging themselves into acute debt to buy an asset that's likely to rapidly depreciate in the short to medium term think twice. Or maybe someone with a bit of cash to invest can save themselves some money by waiting say 12 months to see how the market pans out. After all, this board is called moneysavingexpert, is it not?