House Price Crash Discussion Thread

[Deleted User]

I believe we will see a 20-30% downward correction.

If on the other hand the economy collapses into recession, could be a 50+%

ivegotabig1

Yant1 wrote: »

I believe we will see a 20-30% downward correction.

If on the other hand the economy collapses into recession, could be a 50+%

I am not one of the Delusional "Prices with level off" brigade...pure fantasy !!.. However I also doubt that the u.k economy will go into recession..a severe slowdown yes !! Property prices will reduce in the region of 10 % next yr IMO

codger

50+%?????????????????????????????????????????

:eek: :eek:

I don't recall even a building society repossession sale in the period 1989-1993 going for half price.

m00m00

I've seen new build repossessions near here go for close to 50% of their previous sale price recently (nottingham, player court)

[Deleted User]

ivegotabig1 wrote: »

I am not one of the Delusional "Prices with level off" brigade...pure fantasy !!.. However I also doubt that the u.k economy will go into recession..a severe slowdown yes !! Property prices will reduce in the region of 10 % next yr IMO

The housing market is a slow beasty so whatever happens it will take a number of years to play out. :beer:

Im thinking inflation and the printing of money will occur to keep the beasty going. So what seems like only 20% might be as much as 40% due to inflation. Minimum wage will be £10 and a can of beans will be £2 if ya get me

The art of illusion

codger

m00m00 wrote: »

I've seen new build repossessions near here go for close to 50% of their previous sale price recently (nottingham, player court)

Aaaargh!!!!!!

That's. . .

Horrific.



:eek:

m00m00

and here's proof

http://www.propwld.co.uk/auction/pdfs/agents/Bagshaws/LOT%209.pdf

guide price 70k (and the last time this was in auction, it failed to make reserve of 70k

bought as a new build


08 Aug 2006 7 Apartment Brook Court, Player Street, Nottingham, City Of Nottingham NG7 5PP Flat £139,000 LH NB


looks pretty close to a 50% reduction to me

look at that post code on right move, and you'll see a flood of identikit new build flats for sale from 65k

codger

M00m00: you're a genius.

(Well, apart from just having frightened the life out of me. . .)

* I must admit to thinking that this time around, the higher end of the market would remain as relatively well insulated from price drops as it did last time (1990-1993).

Seems not.

Thanks to your link, and this other 'un, here's:

http://www.propertyfinder.com/cgi-bin/rsearch?a=o&id=501403051&f=0&p=10&t=res&ty=&fmt=&header=&regionid=&c=83731388&tm=1191792078

now at:

http://www.propwld.co.uk/auction/pdfs/agents/Peterborough/Lot%20112.pdf

Guide prices don't always tell the story, but six-figure drops are pretty unnerving. . .

m00m00

one other thing I've noticed while trawling through auction catalogues

is it seems most of the repossessions going through auction at the moment, are either from Hbos or AMG

[Deleted User]

I guess teh illusion of the property goldmine is slipping away as people turn their hands to real goldmines, that like mine gold and stuff hehe.