House Price Crash Discussion Thread

LizzieS_2

geoffky wrote: »

why did you have to name your rag? and branson has been bankrupt,,
investing in property at the moment is a first class ticket to the poor house if you do not know what you are doing and the rates go up as they will... any novices will be wiped out..

I read Ants post as saying long-term investers, not novices in for the short-term.

In the long-term, property does increase in value. In the long-term, mortgage rates go high and low.

Anyone investing in todays market should be doing exactly the same as any invester in past conditions should also have done - look at the potential monthly expenses over the long-term instead of the mortgage rate on offer at the time.

mikelivingstone

bambibabes wrote: »

Just thought now we are in July and things have supposedly changed a bit for the better, what does everyone think? I hear some people saying figures show slightly more sales and enquires and that bottom has been reached. But then others in know are saying its just a small peeked spike up that is just backlog of cash buyers who have waited on sidelines for a while and the release of a few morgages now. They recon the property slide will then continue maybe even another 10/20% but slower over 2 yrs or so.

I think i agree with the sceptics, as economy is still bad and jobless situation is still getting worse so i cant see people rushing to take on debts for homes at the momment with possibility of redundancies always looming and money in our pockets still being tight. Also FTB are going to be in shorter supply due to having to find large deposits now.

I agree that the Housing Market is far from out of the woods yet.

Check out these links:

http://www.myfinances.co.uk/news/mortgages/negative-equity/cable-uk-faces-repossession-timebomb-$1311010.htm

http://uk.reuters.com/article/idUKLNE55B02I20090612

All from the last few weeks. Looks like the banks are going to start selling off repos, so I suspect we will get another plunge of up to 20% before things really bottom out.

nearlynew

This time next year, the average property price will be lower than now.

100% guaranteed.

nembot

nearlynew wrote: »

This time next year, the average property price will be lower than now.

100% guaranteed.

Agreed, down 15% on average from todays prices with a total drop from peak of 30%+ and it won't stop there, I fear.

Just my two pence.

simonash

In that case Australia here I come!

nembot

More real signs of the downturn in the market...

The property I currently rent was up for sale for £325,000 when I moved in 6 months ago (know it was bought in 2000 for £120,000). It's a spacious 3 bed detached bungalow with landscaped gardens front and rear, overlooking fields in a semi rural area.

Apparently the landlord needed cash, so put up for auction a few weeks ago with a guide price of £195,000 and still didn't sell last night (only two viewings in 3 weeks, so not too suprised )

Even the investors it seems aren't willing to take on further risk...

But on the up side, at least I have another 6 months term woohoo!!

nem,

avalanche_3

Figures today show that prices have are up 0.1% in June!

I think this is just a blip in a still falling market.

I for one will be waiting for a further 10% off prices in the next 12 months before investing in more residential property.

This is my veiw of the present market, I own 4 properties, non bought in the last 3 years and all showing good returns.

Property is still a very good investment but only if you buy when the prices are low.

After every fall comes another rise but it could be some time off yet.

nicholataylor

I agree with avalanche "Property is still a very good investment but only if you buy when the prices are low."

But where can we get money to buy soo many properties, banks arent lending.

It is better to have property than money with the volotile exchange rates, house prices will always rise but will the GBP ever recover?

chipz

houses are like bags of crisps, mainly full of air and getting smaller every year.

stillinoz

simonash wrote: »

In that case Australia here I come!

Hi
Iam new to this board and we are moving back to Scotland from Western Australia.If you expect low house prices in Australia you are dreaming.:eek:About the only thing cheaper is petrol and if you live in rural Australia you pay a packet for it.Houses are bigger but a large percentage not insulated.We have our home on the market, but living in regional Western Australia (3 hour) north of Perth things are very slow.It is a holiday town and not much selling at present except lower end of the market.

Any offers on a 4 bedroom 2 bathroom double garage on 821 sqm block only one year old? $500,000 or 250,000 pounds.