House Price Crash Discussion Thread

LoopyLuna_2

Politicians are never honest full stop. Some of them need a good kicking =]
National debt is going up because silly people keep taking out money they cant pay back... then don't face up to that. There are some smart people who will deal with their own debt. But who really wants to do that. If people lose their home because they thought the market was going to keep climbing,they will lose their home. Maybe they will learn for the future. Need to look to past trends this was always going to happen .
We have these cycles of *economic slumps* every couple of centuries, its nothing to be shocked about. Even in the bad times a lot of businesses have thrived.. just not the ones that didn't plan for the bad times. Not all sectors will die just some, and this may even be a good thing. The more aware we are of whats going on the more competitive the market place will be. This in turn is a good thing.

Scaring people wont help the economy. People buying and selling will.So although Im not optimistic, Im quietly hopeful but If the newspapers start will all their *optimism* again. Im getting a billboard that says "the end is nigh", as it will truly kill the economy.

Lucy_King_2

My partner and I are loking to buy in a different area. We have been looking into this properly for a month or so. Recently we were told that we should think twice about buying as property prices are about to plummet.
Does anyone have any predictions? Or information about the possibility of this?
We have resigned ourselves to the fact we cannot do anything until the general election because the outcome of that will effect everything. Thoughts?

southantrim3

I think the house prices will drop again when the interest rates go back up.

calebdylan

yeah it is not a good idea.

stopping everyone to start a new thread .

tony_the_typer

I have a couple of rental properties in the north west area, what I have lost in property value has been made up for with very small mortgage payments and decent rental returns.

kugs5731

I brought a house for 152k in 2007 just before the market down turned. At the time it was a real bargain as was owned by an old lady, structurally sound but needed updating. I have now updated the house but my mortgage company seems to think that its price has dropped by 25% due to facts they have on my area. Now a house up my road recently sold for £180k so I think it just depends on how saleable your house is, the area it is and the demand. People are still buying houses including many of my friends but they will try and knock you down.
I think if you really like a house, have a morgage sorted then go for it. In time it will go up so be in it for the long haul!! Be prepared to wait it out though!

IveSeenTheLight

IveSeenTheLight wrote: »

After seeing house prices rise throughout 2009, is there a need for this thread to still be a sticky?

With house prices on all meaningful indexes showing YoY positives, why is this thread still a sticky?

Release it and let it find it's natural position within the board

patrick_bs15

Hi - new to this board and naive when it comes to property...
Bought a 1 bed flat for £76,000 in Sept 2003. Have overpaid mortgage so that £49,000ish is left on it now. Flat is on the market: have rejected offers of £72,000.
My question is: how badly do re-possessions affect the market value of a flat in the same block (a re-possessed flat was bought for £65,500 in Sept 2008)? Do you think I'd be better off selling now, before prices really do crash, or staying put and overpaying the mortgage? (I could throw another £10,000 at the mortgage when my current deal expires in November)

Any (constructive) advice gratefully received, as I really don't know what to do!

IveSeenTheLight

patrick_bs15 wrote: »

Hi - new to this board and naive when it comes to property...

Any (constructive) advice gratefully received, as I really don't know what to do!

Welcome to the MSE forum.
Quick question, where (which town) is the flat? It's essential to understand the local market.

patrick_bs15

IveSeenTheLight wrote: »

Welcome to the MSE forum.
Quick question, where (which town) is the flat? It's essential to understand the local market.

Hi - my flat is in Kingswood, on the eastern edge of Bristol (close to the ring road).

Market for 1 bedroom flats seems poor around here at the moment...