House Price Crash Discussion Thread

jamtart6

Hmm..the only reason we were in a rush to buy was so that we could still afford house rather than it going completely out of our reach....

maybe we should wait?? has the us market crasheD?

neverdespairgirl

pickledpink wrote: »

Another point I'd like to make is that people keep harping on about how unsustainable property prices are - well people have been saying that for the last 20 years - and they're still rising!

That's a very strange thing to say - 20 years ago takes us to 1987, near the peak of that particular cycle. They've not risen over that 20 years continuously, in fact had you bought a house in 1992, it wouldn't have recovered its value in real until 2000 - 2003, on average (depending on whether you use inflation or average earnings etc as your bench mark).

neverdespairgirl

pickledpink wrote: »

ManatHome,

Are you suggesting that property prices haven't risen in the last 20 years???!!!!:rotfl: Why don't you take a look back at what prices were 10/20 years ago?

They have risen over the last 20 years, for sure. But over the period 1987 to 1997? More dubious. And there was a big crash in the middle of that 20 year period.

neverdespairgirl

pickledpink wrote: »

It's quite transparent how all the 'have-nots' are the ones who are predicting a massive crash!:rotfl: Sour and grape spring to mind!:D

Not really. My OH's parents died very young at the end of 2004. My partner, then 26, and his brother, then 18, inherited between them a house in Oxfordshire, a flat in the Docklands, and half a house with a secure tenancy in North London, as well as a flat and shop in Israel.

They sold the family house for emotional rather than financial reasons, as being involved with renting out the house they grew up in didn't appeal. They sold the flat in the Docklands in London in early 2006, because the rental yield was terrible, and identical flats are now selling for less than they got for it almost 2 years ago. They still own the flat and shop in Israel, as an elderly family member is using them.

My parents are certainly not "have-nots". They downsized their 7 bedroom family house in London precisely in early 2007 precisely because they thought the market was not sustainable, and they no longer needed the space as 3 of their 4 children had left home.. They paid £500,000 in 1993, and sold for £2.6 million 10 months ago. Not an average definition of "have nots", I think!

pickledpink wrote: »

I know of one man who sold his flat back in 2002 (for a modest equity release) and banked it whilst waiting for the predicted massive crash: it never happened, and now he is living in rented accommodation.

Nothing wrong with living in rented accommodation.

cafenervosa_2

jamtart6 wrote: »

has the us market crasheD?

Its going on as we speak, yes.

cafenervosa_2

jamtart6 wrote: »

Hmm..the only reason we were in a rush to buy was so that we could still afford house rather than it going completely out of our reach....

maybe we should wait??

It can't do no harm.

However rushing into it now could prove fatal.

John_Pierpoint

ManAtHome wrote: »

Nope - I think the banks will just hoover up the cheap dosh to buy back their dodgy loans - another few trillion of invented dosh and they might see their way clear to throwing a few crumbs around. I'd guess the commercial banks have larger cojones than central "indepenent" (lol) £ankers...

Why is it that nobody has the cojones (woops my spell checker does not speak spanish) to buy Northern Wreck? There was all this talk about the wonderful mortgage book it had?

Perhaps it is this Channel Islands black hole created in 2005 that is really causing the problem. It is called Granite and the following link takes you into a 20,000,000,000 GBP Alice in Wonderland world. I don't understand the mumbo jumbo on the other end of this link. Is there any brave soul who would have a go at translating it. I've just noticed that it says "For further information, please contact Angela Clist." (sic)
Has April the first come early this year ?

http://www.allenovery.com/AOWEB/NewsMedia/Editorial.aspx?contentTypeID=1&contentSubTypeID=7946&itemID=22965&prefLangID=410

pickledpink

neverdespairgirl wrote: »

Not really. My OH's parents died very young at the end of 2004. My partner, then 26, and his brother, then 18, inherited between them a house in Oxfordshire, a flat in the Docklands, and half a house with a secure tenancy in North London, as well as a flat and shop in Israel.

They sold the family house for emotional rather than financial reasons, as being involved with renting out the house they grew up in didn't appeal. They sold the flat in the Docklands in London in early 2006, because the rental yield was terrible, and identical flats are now selling for less than they got for it almost 2 years ago. They still own the flat and shop in Israel, as an elderly family member is using them.

My parents are certainly not "have-nots". They downsized their 7 bedroom family house in London precisely in early 2007 precisely because they thought the market was not sustainable, and they no longer needed the space as 3 of their 4 children had left home.. They paid £500,000 in 1993, and sold for £2.6 million 10 months ago. Not an average definition of "have nots", I think!




Nothing wrong with living in rented accommodation.

Nothing wrong with living in rented accommododation? Well there is when you're so desperate to buy like you are!!

You've already said how you're saving like mad to get on the property ladder!

And you've admitted (albeit unwittingly) how fruitful owning property is, by telling us that your parents' made £2.1 million in little over just one decade by owning their own property!!

I find it strange that coming from a wealthy family; and with your boyfriend inheriting several properties from his deceased parents' (not to mention the fact you're both barristers who should be raking it in - if you're good at what you do of course!) that you're having to rent - and very modestly too!

I always laugh when people profess to prefer renting (even after they've originally said how desperate they are to get on the property ladder) - reminds me of grapes. Sour ones.:D

I've never heard of anyone saying that they're glad their home belongs to someone else; that they're glad they'll have nothing to leave their children; that they're glad they'll still be paying rent up until the day they die (rather than being mortgage free by their 50's and owning their own home'; that they're glad they'll not have the choice to sell up when they retire and buy a place abroad/by the coast/wherever.....that their glad they've paid for their house 3 times over- but still won't own it!!

Oh Please!!!!! Stop talking bull!

abaxas

I've never heard of anyone saying that they're glad their home belongs to someone else; that they're glad they'll have nothing to leave their children; that they're glad they'll still be paying rent up until the day they die (rather than being mortgage free by their 50's and owning their own home'; that they're glad they'll not have the choice to sell up when they retire and buy a place abroad/by the coast/wherever.....that their glad they've paid for their house 3 times over- but still won't own it!!

I'm definitly glad.

Why would I want ...
The millstone of a mortgage when I do contract work?
To lose money by buying in the last 2 years?

Property ownership is for most, NOT all. Lots of us do better without it.

WTF?_2

pickledpink wrote: »

Nothing wrong with living in rented accommododation? Well there is when you're so desperate to buy like you are!!

You've already said how you're saving like mad to get on the property ladder!

And you've admitted (albeit unwittingly) how fruitful owning property is, by telling us that your parents' made £2.1 million in little over just one decade by owning their own property!!

I find it strange that coming from a wealthy family; and with your boyfriend inheriting several properties from his deceased parents' (not to mention the fact you're both barristers who should be raking it in - if you're good at what you do of course!) that you're having to rent - and very modestly too!

I always laugh when people profess to prefer renting (even after they've originally said how desperate they are to get on the property ladder) - reminds me of grapes. Sour ones.:D

I've never heard of anyone saying that they're glad their home belongs to someone else; that they're glad they'll have nothing to leave their children; that they're glad they'll still be paying rent up until the day they die (rather than being mortgage free by their 50's and owning their own home'; that they're glad they'll not have the choice to sell up when they retire and buy a place abroad/by the coast/wherever.....that their glad they've paid for their house 3 times over- but still won't own it!!

Oh Please!!!!! Stop talking bull!

Please do not feed the troll.