House Price Crash Discussion Thread

John_Pierpoint

When I started reading this link: http://www.guardian.co.uk/money/2008...nvestmentfunds
I was thinking "teenage scribblers", where the system had fooled them into believing property was a one way street.

I remember a survey done by a lender last time round 15 - 20 years ago. No it was not the skilled working class (C1) or even industrial workers (C2 & D) who were handing back their keys. No it was not even divorce and other family traumas that had caused the default. The major source of repossessions were "professional" types who had over invested in property. At least in those days, as a class they had never been through a recession that effected their trade. All they had known was Keynesian economics.
Margaret Thatcher's "TINA" policies, applied by Lawson, caught them on the hop.

I was prepared to feel sympathy for those young and lacking in wisdom, with the problem of trying to support a family.

These guys have no excuse.

Miller, 52, a qualified solicitor who specialised in property work, lives in Bedford.
Geoff Morris, 61, who lives in St Neots, Cambridgeshire, had had enough of stockmarket speculation by 2003.

These "investors" are just a little younger than me.
How come I am paying for this: Morris is today living on £157 a week in benefits.
As I remember being jobless in my 50's, had I been down to my last few thousand, I would have qualified for 50 something a week in Job Seekers Allowance.

Unfortunately, as well as dodgy "sub prime" mortgage brokers , it is "investors" like this, who are contributeing to wrecking our economy. If nothing else everything imported has already gone up in price. Working holiday picking vegetables with the Poles this summer?

It is time to get off your backsides and earn some money - I'm sure you could make
up to 100 GBP per day as cab drivers. Am I right in thinking even a bankrupt can get sub contracts from a firm of solicitors as long as he does not sign anything or put himself forward as a solicitor?

Geoff, you may well find more financial wisdom in a minicab office, than in a whole golf club of these people:
[The] others include doctors, lawyers, and retired people - all normal people trying to make [easy] money".

John.

carolt

Very well said, John_Pierpoint.

brit1234

pickledpink wrote: »

I don't deny that at present property is static and there is a downturn, but it always rises eventually - which is why YOU would love to get your paws on a property you could call YOURS!

Yeap in the long run prices do go up, but over the average not more than standard inflation. All these years of double digit inflation were an unsustainable bubble. Like previous housing cycles we will have years of falls before the market picks up again. The only thing different this time is prices will fall far further than they have done in previous down turns due to them being 40-50% overvalued. Its just a simple market correction.

This is good news for all as homes are for living in and not an investment.

neverdespairgirl

Showing just how much house prices are out of kilter.

This same place in WC1 is both for sale and for rent. For rent, it's £795 per week. For sale, it's £1.1 million. I work that out as being a gross yield, not including fees, maintaining it, all the rest of it, as well under 4%.

http://www.rightmove.co.uk/viewdetails-16741432.rsp?pa_n=2&tr_t=buy

http://www.rightmove.co.uk/viewdetails-19594208.rsp?pa_n=3&tr_t=rent

boinging_2

pickledpink wrote: »

!!!!!!,

You are nothing but a sad attention seeker who has nothing better to do than spill your venom on here because you are a loser and have never been successful enough to buy a property. You are jealous of EVERYONE who has their own property, and people like myself, who have equity of over £600k simply makes you wild with rage: that's usually when you call us all morons!:rotfl:


You come across as a spiteful, vindictive man who is eaten up with jealousy at the fact other people are homeowners while you're just a tenant paying DEAD RENT. .

May I just say you come across as a bit of a !!!!!!. Buying a property is not a measure of success, the fact you think it is, explains to me why you are so pro-HPI. It gives you a sense of worth to think you have equity (which is actually non-existant money).

600K of equity or cash in the bank, I know which one I would rather have.

Mr._H_2

pickledpink wrote: »

You come across as a spiteful, vindictive man who is eaten up with jealousy at the fact other people are homeowners while you're just a tenant paying DEAD RENT. And don't fool yourself that people find you funny or amusing - you just irritate and people find you irritating and foolish.

You don't speak for everybody. You need to replace "people" in your post above with "I" and it'll be more accurate.

I haven't followed the thread very closely, I dip in from time to time and whilst !!!!!!? is, IMHO, overly pessimistic, he certainly doesn't seem spiteful or vindictive.

Finally, you appear to belong to that group of people who don't realise that interest payments on a mortgage are just as much "dead" money as rent is. !!!!!! has stated many times that to buy a property equivalent to the one he is renting, he would be paying more in interest payments than he is paying in rent. So what would be the point in him buying? Certainly if I were in his position, I'd be holding fire on purchasing for a couple of years.

MissMoneypenny

pickledpink wrote: »

who has their own property, and people like myself, who have equity of over £600k

Is 600k all you have! I assumed from the way you posted that you were loaded.

Your estimated equity in your property has every chance of being reduced too. So you may not feel as rich as you do now, for a good few years.

mystic_trev

MissMoneypenny wrote: »

Is 600k all you have! I assumed from the way you posted that you were loaded.

I think you will find it's going up! He's got his 'get out of jail card' free and only needs to throw a three for a Hotel in Mayfair :rotfl:

MissMoneypenny

mystic_trev wrote: »

only needs to throw a three for a Hotel in Mayfair :rotfl:

Mayfair is

MINE

Pay up.:rotfl::rotfl::rotfl:

boinging_2

mystic_trev wrote: »

I think you will find it's going up! He's got his 'get out of jail card' free and only needs to throw a three for a Hotel in Mayfair :rotfl:

It has gone up, it was 440K earlier in this thread LOL :think: