House prices will plummet 10 percent

gps_2

nelly wrote: »

Thats a crap argument what you earn is relative to what things cost!


Average wage £25 000 average house price £200 000

8 times salary <

---

thats unsustainable

And before anyone says about it

Those on less than average wage are looking at less then an average house...well they are still 8 times what they earn anyway so !!!!!!

in new zealand its more like 9 to 10 times salary and their base rate is 8%. i wonder how they are going to get on?

IveSeenTheLight

nelly wrote: »

Thats a crap argument what you earn is relative to what things cost!

I was in China last year a pack of fags was 17 p (£5.50 here)

got a hair cut for 14p (6 quid here)

All we could eat AND drink sushy buffet for £5...two pints cost more than 5 quid here.

Only an olympic class moron would try to claim house prices in this cuntry are good value for money verses wages.


Average wage £25 000 average house price £200 000

8 times salary <

---

thats unsustainable

And before anyone says about it

Those on less than average wage are looking at less then an average house...well they are still 8 times what they earn anyway so !!!!!!

Hmmmmmmm.... When you visited China last year, did you visit area of poverty or stick to the main cities?

The point of my post was that this thread was turning into how poor off we are and making people realise that actually, in relation to the world, we are pretty well off and many are moaning about things others would only dream about.

P.S. I bought a very nice property at the start of this year for only 4.5x my salary and 2.5x our joint salary. Each area is different

IveSeenTheLight

gps wrote: »

in new zealand its more like 9 to 10 times salary and their base rate is 8%. i wonder how they are going to get on?

They will have a choice as we do.

1. If you want to buy a property, you work hard, save up a substantial deposit and get on with it.
2. If you don't want a property or can't afford a property, you rent

Some people accept the harshness of life and get on with it, others will whinge and do nothing until certain conditions meet theirrequirements. This is still their choice only nobody knows when or if this will happen

btloptingout

IveSeenTheLight wrote: »

P.S. I bought a very nice property at the start of this year for only 4.5x my salary and 2.5x our joint salary. Each area is different

Congratulations on buying at the peak of the biggest property bubble the world has ever known......all down here from now, lets hope you don't need to move anytime soon as it could very well hurt.

IveSeenTheLight

SquatNow wrote: »

What if the only job you could get paid half what you are on now?

What if it didn't pay enough for you to cover your mortgage and bills?

What if? What if? What if?

Well, IF it happened, I'm sure he would adapt and get on with it.
There are lots of things you can do.
Amend the amortization period, sell and buy a cheaper place, discuss options with the lendor.
IF this is the case the lendor will not want the lendee to default, they would prefer to discuss the problem and agree options to suit both.

You never know IF the mortgagee has been making overpayments when times are good, these could be used to compensate when times are bad.

At the end of the day, we all need to adapt to whatever situations arise in dailly life and get on with it.

Otherwise you stick your head in the sand, Ar*e in the air, open to be shafted by whoever passes you by.

SquatNow

Running_Horse wrote: »

Branson has one of those personalities that will take risks, including to bend/break the law. Decide for yourself:

http://en.wikipedia.org/wiki/Richard_Branson

Quote:

In 1971, Branson was arrested and charged for selling records in Virgin stores that had been declared export stock. He settled out-of-court with UK Customs and Excise with an agreement to repay the unpaid tax and fines. Branson's mother Eve re-mortgaged the family home to help pay the settlement.

Either the house was worth £100 million, or Squatnow is a liar.

Perhaps my sources have mis-informed me or perhaps wiki is wrong.

Either way calling someone a liar is offensive.

IveSeenTheLight

btloptingout wrote: »

Congratulations on buying at the peak of the biggest property bubble the world has ever known......all down here from now, lets hope you don't need to move anytime soon as it could very well hurt.

Actually I didn't buy at the peak. The property rose (on paper valuation) by 35% this year.

So lets say the property price crashes, effectively it can by 35% and I still have a property valued at what I paid for it.

However, I actually have been overpaying into the property, so my LTV is even lower.

At the end of the day, valuations mean nothing until you come to sell.

If a crash happens, lets say it takes a similar path as in the early 90's. The property price will recover in 5 years.
This property is planned for a lot more than 5 years, so will a house price crash affect me? Definately not.
Only if interest rates start to spiral upwards will it affect me, but then it will affect everyone and we will adjust to the situation then

I'm sure I've read somewhere that historically, property prices have doubled on average every 9 years

btloptingout wrote: »

all down here from now

Actually a load of bollo*ks.
Prices may dip, crash , stagnate or whatever, but they will always recover.
It's never "all down here from now".

Try looking at things from a positive angle rather than always from a pessimistic way.
You'll live a happier life, I gaurantee it.

Running_Horse

SquatNow wrote: »

Perhaps my sources have mis-informed me or perhaps wiki is wrong.

Either way calling someone a liar is offensive.

Your sources? Pur-lease.:rolleyes: The same sources who are predicting work camps?

Wikipedia does get things wrong, but Branson's life is well documented.

Calling someone a liar is only offensive if they are not lying. If Branson can take your (ahem) inexactitudes, you can take being called a name.

Shouldn't you be driving your sports car with your young blonde girlfriend instead of spending hours on here? But that was probably just another lie.

SquatNow

Running_Horse wrote: »

Your sources? Pur-lease.:rolleyes: The same sources who are predicting work camps?

A mistake about Richard Bransons life story doesnt mean everything I've ever said is wrong. Your statement is really clutching at straws.

Running_Horse wrote: »

Calling someone a liar is only offensive if they are not lying. If Branson can take your (ahem) inexactitudes, you can take being called a name.

I appologise to Richard Branson.

Running_Horse wrote: »

Shouldn't you be driving your sports car with your young blonde girlfriend instead of spending hours on here? But that was probably just another lie.

Shes at home, I'm at home. Not same home. Not seeing her tonight.

gps_2

IveSeenTheLight wrote: »

They will have a choice as we do.

1. If you want to buy a property, you work hard, save up a substantial deposit and get on with it.
2. If you don't want a property or can't afford a property, you rent

Some people accept the harshness of life and get on with it, others will whinge and do nothing until certain conditions meet theirrequirements. This is still their choice only nobody knows when or if this will happen

i was just thinking how we would all afford the equivalent of 200k to £250k mortgages at the average fixed mortgage in NZ of 9% (how much would that be per month?) although i think they still get MIRAS in NZ.
personally i think there will not be a huge crash over here- about 3 to 5% drop next year possibly at the most.