Housing Crash Coming

Davy_Jones_II

RealElement47 wrote: »

Actually this is a delusional viewpoint of many perma propert Bulls how those of us who are not perma prop bulls are thinking.

We do not think property will correct down in isolation at all, we think eveything with be chaos. The banks will be in serious trouble and lending will dry up altogether.

How much is your house really worth if mortgages are not available in the coming chaos?

Mine will be worth what I paid for it. It’s a big Georgian townhouse, bought to bring my family up in. Given stamp duty levels we had no interest in needing to buy again, so this is hopefully our “forever” house, and we paid an amount that we are happy with for that.

There are going to be millions of others in a similar position, for whom the vagaries of the markets don’t really matter too much. They paid what they could afford for a house that they wanted to live in, and are now just paying off the mortgage and getting on with life.

We’ve been here for a little while now, and no crash happened. Had we not bought that would have been all that time not in the home that we want, so it would have been the wrong decision.

MobileSaver

RealElement47 wrote: »

The banks will be in serious trouble and lending will dry up altogether. How much is your house really worth if mortgages are not available in the coming chaos?

My mortgage-free house will be priceless if there is financial chaos.

However, if mortgages are no longer available your rent is going to go up and up as demand increases from more and more people being forced to rent instead of buy. I feel sorry for those who wanted to rent but it will be karma for the HPC crowd who chose to rent hoping for misery for everyone else.

phillw

MobileSaver wrote: »

My mortgage-free house will be priceless if there is financial chaos.

Enough financial chaos and it becomes worthless.

The-Joker

phillw wrote: »

Enough financial chaos and it becomes worthless.

If the brexit party splits the vote then labour will get through the middle and property will will crash.

The uncertainty is already causing chaos and the perma property bulls are getting mighty unsure about their stand

Davesnave

phillw wrote: »

Enough financial chaos and it becomes worthless.

Our paid-for house will remain 'a house suitable for us to live in,' the same as it is now and the same as 10 years ago.


If that nice Mr Corbyn gets in, we shall get some free solar panels to add to our heat store and the other eco stuff we've already done.

It's all good.

phillw

The-Joker wrote: »

If the brexit party splits the vote then labour will get through the middle and property will will crash.

Says you, sounds like you are trying to influence peoples voting choices.

Project fear is at it again.

Davesnave wrote: »

Our paid-for house will remain 'a house suitable for us to live in,' the same as it is now and the same as 10 years ago.

Not if you can't afford to eat & die, or society disintegrates so much that you get turfed out of your house by gangs.

The "I don't have a mortgage so I can push the self destruct button on the economy without it affecting me" only pays off for certain situations.

You're slightly better off in a small number of situations, that is all.

Davesnave

phillw wrote: »

The "I don't have a mortgage so I can push the self destruct button on the economy without it affecting me" only pays off for certain situations..

I don't think I'm pushing any buttons, except yours perhaps.


As people seemed to be writing all sorts of nonsense on this thread, I decided to join in.

One minute you're chastising someone for being part of 'Project Fear,' and the next you're telling me I'll starve or be thrown out of my house by hairy-!!!!!d bikers.

Very consistent. Have you thought of becoming a politician?

The-Joker

Yes some people are posting all kinds of nonsense in this thread, especially the perma property bulls.

Of course property only ever goes up never with any correction along the way

Herzlos

phillw wrote: »

Not if you can't afford to eat & die, or society disintegrates so much that you get turfed out of your house by gangs.

The risk would be exactly the same for a rental, though.

The other risks - like not being able to afford the rent or increase in mortgage prices are mitigated against. There'd also be some equity in the event of job loss, etc. I can't see any situation beyond anarchy where a big house isn't worth more than a smaller house that wouldn't screw everyone.

RelievedSheff

The-Joker wrote: »

Yes some people are posting all kinds of nonsense in this thread, especially the perma property bulls.

Of course property only ever goes up never with any correction along the way

I would love to know who these "Perma Property Bulls" actually are?