House Price Crash Discussion Thread

paul.s_4

essexman77 wrote: »

Could always be a Second crash if this european trouble goes worse case scenario.

my view is that there NEEDS yes needs to be a second crash, property in the uk is hugely oveverpriced the uk goverment has refused to let the property bubble burst. how come when were in the worst financal situation in uk history property has faced a drop of 10% or less in certain areas?? ireland spain & greece have seen the property in these countrys lose 50% plus. historicaly speeking banks have refused to lend more than 2.5% of your combined income so why are we being offered 5% & more? already we are seeing the return of 90% mortgages. is it just me or are we just not learning from previous mistakes??
anyway thanks for the de-stress?!
p.s sorry about the rant!!

sabretoothtigger

Ireland is a sparsely occupied country, it doesnt really compare. We have positive population growth, theres a good argument for housing here.

Where as Ireland was pure folly with entire estates built in the middle of nowhere . They got 168 people per mile, thats half even Spain and a quarter we have to accommodate

Even more dire is USA which has arguably half the needs of Ireland with over twice as much space

Bugdust

Some places have been harder hit than others. Then there are also places like York that haven't been affected quite as much. Before making a decision about buying or selling look at how things are in your area. Don't look at asking prices, see what houses are actually selling for. What I am seeing around us is that it is a buyers market. You can get some really good bargains at the moment. House price crashes can mean a big opportunity for those with any money to invest.

paulmapp8306

Im just buying.

Asking prices v Selling prices are pretty close.

The first house I bid on went for asking (I put in an offer 10% below asking to start with), the second I looked at went for over asking (just), and I am buying at £3k under asking price (so around 2.5% below asking).

That in the East Midlands as well - which is a cheaper part of the country.

nollag2006

The LR also tweeted today that house prices were up again in May: this time by 0.5%.

Time to close this thread. The crash is long since over.

sabretoothtigger

Crash is ongoing but it will be value or only noticable in price vs costs. Of course the government is freezing the direct costs of finance but still in general house values will fall.

Not sure I'd call it a crash when its cheaper then renting but I still estimate a decline of housing worth, capital will be used elsewhere

I guess this is a sticky to try and encourage people to add here and not start another thread on the same subject every month

paulmapp8306

Hardly a crash then eh. by definition that isnt a crash - its a slow decline in real terms.

John_Pierpoint

paulmapp8306 wrote: »

Im just buying.

Asking prices v Selling prices are pretty close.

The first house I bid on went for asking (I put in an offer 10% below asking to start with), the second I looked at went for over asking (just), and I am buying at £3k under asking price (so around 2.5% below asking).

That in the East Midlands as well - which is a cheaper part of the country.

As turnover in houses is below half of what it was at he height of the bubble, by definition there are lots of houses whose owners feel "stuck".

Did you try trawling these sites:
rightmove.co.uk, daft.ie, propertynews.com, espc.co.uk, gspc.co.uk and primelocation.com.
using "Propertybee" to find those houses, where the agent has given up.

The last house I bought was ideal BUT it was over priced, so I kept an eye on it and two months later got a discount to below what I would have paid 2 months earlier.
Buyers understandably start thinking there must be something wrong with a house that is on the market unsold for months.

Julia_Villerman

you guys are too funny.......lol 'something fishy!' hahahahaha.....
i say live in the now! if u need somwhere to live then buy....so called specialists everywhere .... lets take the weather!..my dad says hes a specialist.."is either gonna rain or it isnt!" lol


<<<<<wow just noticed this sticker over here saying im a newbie lol

hiiiiii everone...does this qualify me for a free gift or nice comments or something! lol....be nice people!

John_Pierpoint

On this part of the forum, some people can be very nasty to "newbies".
[Perhaps it is as a result of financial stress?]

However there is a chatty "nice people" thread prepared to discuss chocolate and mushrooms.

https://forums.moneysavingexpert.com/discussion/3987919