House Price Crash Discussion Thread

nelly_2

hgllgh wrote: »

The US has had 2 or 3 interest rate cuts ... still crashing :T
what makes you think its different here where our property is 50% more over valued than the US

Cos we havent got a central banks that chucks cash at dodgey lenders.............

um.......... ang on....let try that again

Its cos we havent got sub prime/chav mortgages.... our banks only lend to safe borrowers with decent deposits.........

No ....er

Is it cos we dont start wars with other countries?

!!!!!! no

right....


er......

Is it cos Americans are fatter than us?

tr3mor

nelly wrote: »

Is it cos Americans are fatter than us?

Nail. Hit. Head.

:rotfl:

secondtoughest

Listened to Radio 4 on my lunch hour today: surprise, surprise! House price crash discussion. Then looked on The Guardian online to this article (amongst many others):

http://observer.guardian.co.uk/focus/story/0,,2228314,00.html

You've got to laugh at the sellers story. "Over the past couple of years they have 'sold' the house three times only to be told weeks before a move that the deal had fallen through" - the lady seller then explains that 'its different' in their area, houses are still selling so they'll be okay.

dunnomate

Sometimes bad news sounds more dramatic than good news. However, I think prices are generally looking downward. But this could be seasonal. Remember, life stops for Xmas. But... see bbc.co.uk/business today for more doom and gloom !

cheers

dunnomate

DreamBreaker

m00m00 wrote: »

there's a hell of a lot of sub prime lie to buy type behaviour going on to get people on the ladder, far more than is generally thought. The Northern Rock 6x multiplier helped a lot too .

the Posh stuff in wakefield (Sandal) can touch the .5 million mark quite easily, and these tend to only change hands to people with significant equity already.

I sold a property in wakefield earlier this year for 101k (and that was one of thecheapest non ex council 3 beds on the market. The first 2 offers fell through due to the buyers not being able to secure finance. It finally sold to a buyer who on a sole income of just under 20k managed to secure a 95% mortgage. How, I didn't want to know.

the average wage in that area is somewhere between 17-18k with most of it weighted around the 12k mark.

You quote all these fugures but where are you getting then from? You quote average wage in wakefiled? whats is your source, just interested thats all!

DreamBreaker

!!!!!!? wrote: »

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.

I would not say all people who don't believe that the housing market is going to crash are "head in the sand brigade" so won't stay around. It's just the vast majority of people who own a house already could not really give a sh*t what happens to house prices. The only people who really care are people who are not on the ladder just yet and are hoping for news as to when they will be. That is why this forum will bever really be fully objective and will be heavily weighted on the side of those people in favour of a property crash! I am being frank but honest, don't mean to offend anyone!

m00m00

as I said, I've done a lot of data modelling for a MAJOR financial institution, and am aware of the average wages, and wages per skill sector in many cities in the uk.

I am not giving out exact details due to client confidentiality reasons.

boinging_2

DreamBreaker wrote: »

The only people who really care are people who are not on the ladder just yet and are hoping for news as to when they will be. That is why this forum will bever really be fully objective and will be heavily weighted on the side of those people in favour of a property crash! I am being frank but honest, don't mean to offend anyone!

What tosh! I am actively looking to buy. This will be my 3rd house, but I saw this coming and got out and went into rented. As every month passes, not only is what I can get for my money becoming more substantial but also the desposit is sat earning interest.

boinging_2

Just out of interest - where did I misquote what you said?

DreamBreaker

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.

Don't waste your time carpetbelly, that is obviously some sort of idiot trying to misquote me!!!