House Price Crash Discussion Thread

catshark88

From !!!!!!? "Perhaps we can at last forget about ghettoising posts about a now obvious house price crash into this one thread and discuss matters properly across multiple threads on the forum .."




Could the subject of house prices be taken off the end of "House buying, renting, selling & prices" in the MSE forum database and this topic be added to it at the same level as the new "House buying,renting and selling"? Then there could be as many threads as people want, without the subject getting in the way of people looking for other house based discussion.

Just a thought....

dan82

I do believe every real estate agent must go with the flow...if you must you got to drop the prices a bit or offer as much help as needed to the buyer in order to complete the sale...

geoffky

simon_w wrote: »

I think it is important to know what type of property you want to buy. Flats are going through a 'correction' with many already 25% lower than spring 07. Other property types where there is still good demand will and are holding their own. There are generally very few properties on the market at the moment in most parts of the UK. New instructions are very very short in supply and my offices have just noticed a pick-up so it could change.

ha ha ha that one again it fools no one,,,,, watch my lips ...there are over 1 million houses for sale on rightmove.....go back into you empty shop

geoffky

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!

I think you will find that you dont own your property but the bank owns it...

WTF?_2

catshark88 wrote: »

From !!!!!!? "Perhaps we can at last forget about ghettoising posts about a now obvious house price crash into this one thread and discuss matters properly across multiple threads on the forum .."




Could the subject of house prices be taken off the end of "House buying, renting, selling & prices" in the MSE forum database and this topic be added to it at the same level as the new "House buying,renting and selling"? Then there could be as many threads as people want, without the subject getting in the way of people looking for other house based discussion.

Just a thought....

My thought - how on earth do you have a forum about house buying, selling and renting without discussing prices?

Furthermore, when prices were rocketing up during the housing boom and there were multiple threads about house price increases, there were no moves made to corral that discussion off.

Price Crash discussions have been marginalised in a seperate thread because of simple human nature - many people stand to be knee deep in the **** if the value of their property falls and don't want to see or hear anything about it.

Tough - you got yourselves into the situation yourself. Show a little acceptance of responsibility for the consequences of your actions and allow others to have access to the facts that might stop them doing likewise.

tr3mor

!!!!!!? wrote: »

Tough - you got yourselves into the situation yourself. Show a little acceptance of responsibility for the consequences of your actions and allow others to have access to the facts that might stop them doing likewise.

If only they had that kind of caring attitude over on DFW!

:j

Pobby

I have been thinking about affordability of property.Reading,a pretty typical south east town.!980,3 bed terrace around £20 to £25k.Affordable for someone on a reasonable salary to buy on their ownIndeed I knew many who did.At the time as I recall my income was about £10k a year which was pretty good.Tis sort of property would have peaked by 1989 to about £80k.

!996,proprties like this would have dropped to mid £40k.Again £15k a year income would have made it OK to buy as a single person.2007 would have seen similar properties from between £170k to £200k.At a multiple of 3.5 salary you are looking at around an income of £50k per annum.For the vast majority of people that is out of the question.Doesn`t take a genius to judge the outcome.Either massive wage inflation,yea right or housing to drop to an affordable level.

brit1234

I have lived and worked in Reading. The wages are far below what you need to buy even the cheapest property. My graduate pay was about £15K when I started a few years ago. I changed jobs and worked in london for far more money however I still couldn't afford to buy in Reading. The property there was well overvalued. Thankfully prices are falling fast there. New developments such as Chatham street won't now announce the prices on rightmove due to the falls. There are floods of new flats and no one is buying.

Pobby

brit1234 wrote: »

I have lived and worked in Reading. The wages are far below what you need to buy even the cheapest property. My graduate pay was about £15K when I started a few years ago. I changed jobs and worked in london for far more money however I still couldn't afford to buy in Reading. The property there was well overvalued. Thankfully prices are falling fast there. New developments such as Chatham street won't now announce the prices on rightmove due to the falls. There are floods of new flats and no one is buying.

Hmmm,interesting.I have just got back from Reading,oh my,not the town of my youth now.It looks ghastly in parts.So properties are really starting to fall there.Wouldn`t surprise me.

There was a block of flats a couple of years ago along the Oxford Road that were selling at about £170k per flat.Not a nice area.

So brit,I would like to hear more news of what is happening to Reading property prices.

Btw,I have family there with a building firm.They say work is tighter.

KITCHEN1_2

Pobby,
I understand the context you are trying to form and it isn't invalid. However, it is missing a couple of points.
1. What was the cost of money for property purchase back in 1980 and again in the mid 90's and what was it more recently. More importantly what is it likely to be again in the next two years?
2.The long term trend has steadily moved from a single disposable income factor to recognise that today the norm is towards two income families.

Put these factors together and you take out a significant part of the 'distortion' you are putting together in your analysis.
I know the point you are making ,I also lived through it ,BUT time and importantly economic/social factors do not stand still.

That said ,what the BOE need to understand is when you make money cheap it begets a need to keep that money cheap across the 'lifespan' of the asset it is being used to fund UNLESS you are will ing to allow incomes to rise which of course we are not .