House Price Crash Discussion Thread

Walter_J

Rustybollox!!!!!!!!,

I suppose she could try selling the flat for the value of the mortgage outstanding...



...and then follow my advice and go bankrupt.


The end result is going to be the same whichever route she takes.

harryhound

Do I see a spare bedroom that could be rented out?

I think the official definition of overcrowding is more than 1.5 persons per habitable room.

In most cities on this globe. people live at higher densities than we do.

harryhound

Two years ago I "knew" what was coming or to be more accurate I could foresee half of what was coming - it has panned out twice as nasty as I expected.

http://forums.moneysavingexpert.com/showthread.html?p=19217737&highlight=chinese#post19217737

If you (both?) have steady jobs (what is that?) and a burning desire to work evenings and weekends in cold muddy conditions - then now is a good time to search for a plot being sold by a distress seller.
(Hound hovel dates from such a situation in '73/74).
You have to realise that in (say) 2004, a brand new 1,200,000 house was built on a 750,000 GBP plot, with the builder taking (say) a 50,000 profit.
What do you think that a similar plot will be sold for by the builder's receiver in bankruptcy to someone who can find a decent sized deposit?
(You also have to be aware that land is very easy to tax and the tax cannot be passed on)

If you just want to buy a ready built home, I don't think we are at the bottom yet -
75,000 repossessions forecast and who knows how many more DIY distress sales in the pipe-line ( you don't need to go bankrupt until your cheques bounce).

Harry

PS you might find this a gripping read or a cure for insomnia:

http://www.wealthandwant.com/docs/Foldvary_UTR.htm

Home owners have been paying a huge "rent" recently and ask yourself who have been the ungrateful recipients

Sukatoko

If I was being daft I would say set up a bank and ask the government give you the cash to cover your stupid greedy investments then ask for more cash to go on holiday! If you were a bank you would get it!

I would say you are going to lose cash, or should I say you have lost. If you see your home as a home then this is no problem. If you see home is investment then you are now aware that all investments are risk.

Compare the cost of all your options and make a logical choice. If you can't afford your mortgage then get out soon, prices will drop further. Think about renting a room or even two (change sitting room to bedroom?).

virag2009

Hi

Housing price correction has definitely had negative impact on the economy

divadee wrote: »

After seeing the hundreds of threads started on a house price crash scenario, it is clogging up the boards.

If you could keep all discussion to this thread only and DO NOT start another threads that would be greatly appreciated.

Any threads that are started will be automatically merged in with this one.

Please do not start arguements. And please be nice to all moneysavers.

Thanks very much.


THIS HAS HAD TO BE STARTED AGAIN, AS WHEN I LOGGED ON THIS MORNING, THE THREAD HAD BEEN CORRUPTED AND THEN DISAPPEARED!! I AM VERY SORRY, THERE IS OBVIOUSLY A GLITCH IN THE SYSTEM. HOPEFULLY IT WILL BE FOUND AGAIN SOON!!

Bek_3

Rumours abound that on 22 Apr stamp duty will be put to zero for all homes under £1M. I exchange on Monday HELP!!! Should I wait??

Ianna

Hi moneysavers

My partner and me are looking into buying but we don't know anything about it. Some people are telling us we want to buy in the next year, some people are telling us not. I don't understand recessions or the economy or anything maths related.

We'd only have a small deposit (we'd really struggle to find 20%) but are very lucky and have secure jobs. Should we look at buying?

Any advice or anecdotes would be really appreciated.

gunnaknow

Just to let people know, Nationwide's and Halifax's house price indexes for february are out. Nationwide report a 1.8% drop during february and Halifax report a 2.3% drop.

http://www.nationwide.co.uk/hpi/
http://www.lloydsbankinggroup.com/media1/research/halifax_hpi.asp

claire_robinson

Hi everyone, I am new today to the forum and am unsure about how to start a new thread. But my question is this....... I have a £5,000 deposit for a house but want a mortgage of 150,000. is it possible to get one with such a low deposit?

Thanks
Claire

munkypuzzel

Hi Claire,
the answer i am afraid is no. that is nowhere near enough..