House Price Crash Discussion Thread

m00m00

well I just had a quick look on right move and couldn't find anything sub 125k that wasn't ex LA in an area I would call 'normal'.

I would think you would be looking at 150k for the 3bed semi, and 120k for a terrace.

one of the 'problems' with this particular town is the ratio of ex LA to non LA property is very much in favour of the ex LA, so there isn't a huge supply of 'normal' nice property, hence a big jump up to the nice stuff.

it's a long time since I lived there, but areas that weren't great 10 years ago, still don't look very good when driving through.

beingjdc

DreamBreaker wrote: »

I looked at possible rental properties in the Yorkshire Area and if your talking about a 2 bed town/terrace house then I don't know where your looking but I know many areas where you can get one for £110,000 - £130,000 and these are very good areas!!

Is this for a semi detached property I presume? If so I would say rents are usually charged at at least £650 pcm. Still lower than an interest only mortage granted but not as bigger difference as you are trying to portray

I'm talking about Mirfield, and those are actually 2-bed flats.

You can buy or rent a 3-bed semi for less but that's on a Council estate I wouldn't brave (and I live in the less nice bit of Bermondsey, so I'm not that fussy!) - there's a 3-bed semi just outside the council estate at 145k, but the cheapest house currently on findaproperty in the part of town I'd be happy to live in is 235k. There aren't many properties there though.

If you look on Rightmove you can go towards Lower Hopton, which frankly is alright, though I know some people who live there in terror, you can buy a 2-bed terrace for £95k, or you can rent one for £495 a month. I suspect purchase prices there have been held down because the BTL money has been drawn into the warehouse conversions near the railway station.

merlinthehappypig

This is an interesting and well-balanced piece in todays FT.

http://www.ft.com/cms/s/0/233ae764-abef-11dc-82f0-0000779fd2ac.html

You might have to subscribe to read it, but it's free.

WTF?_2

Aberle wrote: »

I noticed another thread saying "No more house price crash threads please". I appreciate the concern, but agree at the same time that housing sector is facing a crisis that deserve much discussion. Remember the Northern Rock debacle? The financial sector is trouble and the housing sector can feel the repercussions. Just a month back mortgage lenders were adopting hard-line methods to extricate payments from the debtors, causing a number of the latter to approach firms like Castle Securities. It seems like the next phase has started. This might become a repetition of the early 1990s...

There is an element on this site who are almost pathologically anti-discussion of house price drops (see the net-stalking of 'Squat now').

They created enough fuss when price drop threads got numerous that all price drop discussion was crammed into a single thread - this one.

The market is now changing profoundly and undeniably so it should be interesting to see if this 'head in the sand' brigade hang around to troll or just keep a low profile.

trulysaintly

Poor. The last time i went out for dinner is for my anniversary in 2006. Now after reading all of this you may think i am a student on 10k a year. No I am not. I am a 25 year old on 40k, yes, 40k a year at the moment.

Again, poor assumtions there Dreambreaker.[/quote]

Sorry, but based on your income, you should be able to obtain a decent sized mortgage.

Obviously not expecting you to post your personal info on here, but what price range are you looking at?

carpetbelly

Houses start at £122k where you live. You're being money saving with cheap bills etc. You're earning £40k. Surely that's under the 3times multiple with a half decent deposit that a lot of people quote as quite fair and sensible?

Maybe I missed something.

tr3mor

carpetbelly wrote: »

Houses start at £122k where you live. You're being money saving with cheap bills etc. You're earning £40k. Surely that's under the 3times multiple with a half decent deposit that a lot of people quote as quite fair and sensible?

Maybe I missed something.

Someone earning a well above average wage might not want to live on a council estate?

:money:

xarjia

hey guys.

look at this. worrying news

a report out today says house prices in London have fallen by an average of £28,000 in the past month

http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3059977.ece

carpetbelly

tr3mor wrote: »

Someone earning a well above average wage might not want to live on a council estate?

:money:

True, but then it's do you save up even more and hope for price drops that are big enough to make a nice difference that you can start up that ladder higher up. Or do what a lot of people do which is start somewhere lower and work your way up.

Not a choice I'd want to make for someone. Whenever and whereever someone buys they've got to be sure they're going to be happy in their new home.

Also, I grew up on council estates as a kid, I earn over the average wage and bought my first property on a council estate. There's nothing wrong with a lot of them.

m00m00

tr3mor wrote: »

Someone earning a well above average wage might not want to live on a council estate?

:money:

exactly

3 bed houses start here from 65k

there's no way on earth I would live in those areas though

I'm much happier to rent in a nicer one, for less money than buying in a rough area.