House buying risks

Crashy_Time

MobileSaver said:

Keswick1uk said:

People did lose houses in the mid 90s. When we moved in 1994 most homes we viewed were repossessions. It was very sad times.

While there were of course repossessions, I think the worst it ever got was in 1991 when a whopping 0.26% of all homes were repossessed... most years of that era it was much less than that.

Keswick1uk said:

Thing is many people didn't actually see this as they just lived where they did throughout the whole crisis.

Correct as while obviously devastating for the people involved it was of little concern to more than 99% of home-owners.

There were far fewer home owners/mortgage debt holders, and far fewer BTL landlords back then, it matters a LOT more now.

Crashy_Time

MobileSaver said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

MobileSaver said:

Are you seriously suggesting this "biggest hit in 300 years" was caused by "high house prices/rents" and not caused by one of the worst global pandemics in recent history?!?!

looking at the U.S jobs figures I wouldn`t bet on the massive "upswing" just yet

Are there any other foreign countries' jobs figures we should be looking at instead of our own?

If the U.S. jobs figures exceed expectations in the coming months then should we all be celebrating boom times ahead or are their jobs figures only relevant when worse than expected?

What is your view on it? You seem to have avoided the 300 year V 70 year problem though I see. LOL.

My view is we should concentrate on our own job totals.

You avoided answering my question: If U.S. jobs figures exceed expectations in the coming months should we all be celebrating boom times ahead or are their jobs figures only relevant when worse than expected?

The "300 year v 70 year problem" was your poor attempt to deflect from your embarrassing allegation: Are you still claiming that "high house prices/rents are trashing the economy" and have caused the "biggest hit in 300 years"?

As for the "300 year v 70 year problem", not surprisingly shutting down pretty much the entire country caused a massive and immediate downturn in the economy last year. We are already approaching half-way through 2021, many restrictions are still in place and it is unlikely that normality will return until 2022, if even then; consequently the fact that growth in 2021 will not entirely cancel out the drop in 2020 is hardly a shocker is it?

The Dollar is the reserve currency, the U.S Ten year yield affects global credit pricing more than UK government bonds therefore the inflation or otherwise and job number stats from the U.S are what count in the big picture regarding the price of mortgage debt. We should be concerned that their job numbers are way under what was predicted, and inflation is way over, embarrassingly so (unless you believe these things are staged?) this points to too much free money sloshing about IMO, and lots of volatility to come, and this is what the OP should be concerned about because buying now could see a near term loss if mortgage rates rise and the stamp duty holiday ends.

MobileSaver

Crashy_Time said:

MobileSaver said:

while obviously devastating for the people involved it was of little concern to more than 99% of home-owners.

There were far fewer home owners/mortgage debt holders, and far fewer BTL landlords back then, it matters a LOT more now.

Well yes but there were far fewer homes too, I don't think the percentage of owner-occupiers has changed much.

As usual I think you are over-exaggerating the problem, for a number of reasons:

• From memory around half of all owner-occupiers own outright with no mortgage so repossession is of course a non-issue
• Since the last crash lenders have had to take proactive action to help struggling borrowers
• New laws were passed years ago forcing lenders to check borrowers could comfortably afford repayments
• New laws were passed years ago forcing lenders to follow strict rules before beginning any repossession
• For years 100% mortgages have been non-existent for all intents and purposes and in fact the average deposit is 15% so lenders and borrowers have much more leeway for agreeing an alternative to repossession. (In fact I think the average equity is something like 40% in the UK.)
  

Crashy_Time said:

MobileSaver said:

If U.S. jobs figures exceed expectations in the coming months should we all be celebrating boom times ahead or are their jobs figures only relevant when worse than expected?

The Dollar is the reserve currency, the U.S Ten year yield affects global credit pricing more than UK government bonds therefore the inflation or otherwise and job number stats from the U.S are what count in the big picture regarding the price of mortgage debt.

Good, so that's a yes then; once the U.S. jobs figures improve that's great news for us here in the UK.

Crashy_Time

MobileSaver said:

Crashy_Time said:

MobileSaver said:

while obviously devastating for the people involved it was of little concern to more than 99% of home-owners.

There were far fewer home owners/mortgage debt holders, and far fewer BTL landlords back then, it matters a LOT more now.

Well yes but there were far fewer homes too, I don't think the percentage of owner-occupiers has changed much.

As usual I think you are over-exaggerating the problem, for a number of reasons:

• From memory around half of all owner-occupiers own outright with no mortgage so repossession is of course a non-issue
• Since the last crash lenders have had to take proactive action to help struggling borrowers
• New laws were passed years ago forcing lenders to check borrowers could comfortably afford repayments
• New laws were passed years ago forcing lenders to follow strict rules before beginning any repossession
• For years 100% mortgages have been non-existent for all intents and purposes and in fact the average deposit is 15% so lenders and borrowers have much more leeway for agreeing an alternative to repossession. (In fact I think the average equity is something like 40% in the UK.)
  

Crashy_Time said:

MobileSaver said:

If U.S. jobs figures exceed expectations in the coming months should we all be celebrating boom times ahead or are their jobs figures only relevant when worse than expected?

The Dollar is the reserve currency, the U.S Ten year yield affects global credit pricing more than UK government bonds therefore the inflation or otherwise and job number stats from the U.S are what count in the big picture regarding the price of mortgage debt.

Good, so that's a yes then; once the U.S. jobs figures improve that's great news for us here in the UK.

Well as far as improving jobs figures will further feed into the inflation that they are so desperately trying to create and increase mortgage rates and maybe upend the ridiculous property bubble, yes!

SpiderLegs

MobileSaver said:

Crashy_Time said:

MobileSaver said:

while obviously devastating for the people involved it was of little concern to more than 99% of home-owners.

There were far fewer home owners/mortgage debt holders, and far fewer BTL landlords back then, it matters a LOT more now.

Well yes but there were far fewer homes too, I don't think the percentage of owner-occupiers has changed much.

As usual I think you are over-exaggerating the problem, for a number of reasons:

• From memory around half of all owner-occupiers own outright with no mortgage so repossession is of course a non-issue
• Since the last crash lenders have had to take proactive action to help struggling borrowers
• New laws were passed years ago forcing lenders to check borrowers could comfortably afford repayments
• New laws were passed years ago forcing lenders to follow strict rules before beginning any repossession
• For years 100% mortgages have been non-existent for all intents and purposes and in fact the average deposit is 15% so lenders and borrowers have much more leeway for agreeing an alternative to repossession. (In fact I think the average equity is something like 40% in the UK.)
  

Crashy_Time said:

MobileSaver said:

If U.S. jobs figures exceed expectations in the coming months should we all be celebrating boom times ahead or are their jobs figures only relevant when worse than expected?

The Dollar is the reserve currency, the U.S Ten year yield affects global credit pricing more than UK government bonds therefore the inflation or otherwise and job number stats from the U.S are what count in the big picture regarding the price of mortgage debt.

Good, so that's a yes then; once the U.S. jobs figures improve that's great news for us here in the UK.

Yep @MobileSaver you are spot on with those reasons why it won’t be distressed sales contributing to crashy’s impending HPC.

Mass repossessions are a thing of the past. No govt will allow it. Just like they haven’t allowed mass unemployment and mass evictions in the last twelve months. 

I guarantee that he’ll ignore all your reasons and respond with some generic non-point instead.
Oh he did.

Crashy_Time

SpiderLegs said:

MobileSaver said:

Crashy_Time said:

MobileSaver said:

while obviously devastating for the people involved it was of little concern to more than 99% of home-owners.

There were far fewer home owners/mortgage debt holders, and far fewer BTL landlords back then, it matters a LOT more now.

Well yes but there were far fewer homes too, I don't think the percentage of owner-occupiers has changed much.

As usual I think you are over-exaggerating the problem, for a number of reasons:

• From memory around half of all owner-occupiers own outright with no mortgage so repossession is of course a non-issue
• Since the last crash lenders have had to take proactive action to help struggling borrowers
• New laws were passed years ago forcing lenders to check borrowers could comfortably afford repayments
• New laws were passed years ago forcing lenders to follow strict rules before beginning any repossession
• For years 100% mortgages have been non-existent for all intents and purposes and in fact the average deposit is 15% so lenders and borrowers have much more leeway for agreeing an alternative to repossession. (In fact I think the average equity is something like 40% in the UK.)
  

Crashy_Time said:

MobileSaver said:

If U.S. jobs figures exceed expectations in the coming months should we all be celebrating boom times ahead or are their jobs figures only relevant when worse than expected?

The Dollar is the reserve currency, the U.S Ten year yield affects global credit pricing more than UK government bonds therefore the inflation or otherwise and job number stats from the U.S are what count in the big picture regarding the price of mortgage debt.

Good, so that's a yes then; once the U.S. jobs figures improve that's great news for us here in the UK.

Yep @MobileSaver you are spot on with those reasons why it won’t be distressed sales contributing to crashy’s impending HPC.

Mass repossessions are a thing of the past. No govt will allow it. Just like they haven’t allowed mass unemployment and mass evictions in the last twelve months. 

I guarantee that he’ll ignore all your reasons and respond with some generic non-point instead.
Oh he did.

U.S inflation figures a "non-point" regarding the pricing of mortgage debt? I assume you are joking?

Crashy_Time

SpiderLegs said:

MobileSaver said:

Crashy_Time said:

MobileSaver said:

while obviously devastating for the people involved it was of little concern to more than 99% of home-owners.

There were far fewer home owners/mortgage debt holders, and far fewer BTL landlords back then, it matters a LOT more now.

Well yes but there were far fewer homes too, I don't think the percentage of owner-occupiers has changed much.

As usual I think you are over-exaggerating the problem, for a number of reasons:

• From memory around half of all owner-occupiers own outright with no mortgage so repossession is of course a non-issue
• Since the last crash lenders have had to take proactive action to help struggling borrowers
• New laws were passed years ago forcing lenders to check borrowers could comfortably afford repayments
• New laws were passed years ago forcing lenders to follow strict rules before beginning any repossession
• For years 100% mortgages have been non-existent for all intents and purposes and in fact the average deposit is 15% so lenders and borrowers have much more leeway for agreeing an alternative to repossession. (In fact I think the average equity is something like 40% in the UK.)
  

Crashy_Time said:

MobileSaver said:

If U.S. jobs figures exceed expectations in the coming months should we all be celebrating boom times ahead or are their jobs figures only relevant when worse than expected?

The Dollar is the reserve currency, the U.S Ten year yield affects global credit pricing more than UK government bonds therefore the inflation or otherwise and job number stats from the U.S are what count in the big picture regarding the price of mortgage debt.

Good, so that's a yes then; once the U.S. jobs figures improve that's great news for us here in the UK.

Yep @MobileSaver you are spot on with those reasons why it won’t be distressed sales contributing to crashy’s impending HPC.

Mass repossessions are a thing of the past. No govt will allow it. Just like they haven’t allowed mass unemployment and mass evictions in the last twelve months. 

I guarantee that he’ll ignore all your reasons and respond with some generic non-point instead.
Oh he did.

Governments can stop a lot of things, but they can`t stop sellers trying to chase the market down.
I like some aspects of this house, and other aspects I`m not so sure, but the 175k price drop so far is good.
https://www.rightmove.co.uk/properties/77494609#/
People just need to be careful that they keep an eye on realistic value if they are buying in this market IMO.

SpiderLegs

Crashy_Time said:

SpiderLegs said:

MobileSaver said:

Crashy_Time said:

MobileSaver said:

while obviously devastating for the people involved it was of little concern to more than 99% of home-owners.

There were far fewer home owners/mortgage debt holders, and far fewer BTL landlords back then, it matters a LOT more now.

Well yes but there were far fewer homes too, I don't think the percentage of owner-occupiers has changed much.

As usual I think you are over-exaggerating the problem, for a number of reasons:

• From memory around half of all owner-occupiers own outright with no mortgage so repossession is of course a non-issue
• Since the last crash lenders have had to take proactive action to help struggling borrowers
• New laws were passed years ago forcing lenders to check borrowers could comfortably afford repayments
• New laws were passed years ago forcing lenders to follow strict rules before beginning any repossession
• For years 100% mortgages have been non-existent for all intents and purposes and in fact the average deposit is 15% so lenders and borrowers have much more leeway for agreeing an alternative to repossession. (In fact I think the average equity is something like 40% in the UK.)
  

Crashy_Time said:

MobileSaver said:

If U.S. jobs figures exceed expectations in the coming months should we all be celebrating boom times ahead or are their jobs figures only relevant when worse than expected?

The Dollar is the reserve currency, the U.S Ten year yield affects global credit pricing more than UK government bonds therefore the inflation or otherwise and job number stats from the U.S are what count in the big picture regarding the price of mortgage debt.

Good, so that's a yes then; once the U.S. jobs figures improve that's great news for us here in the UK.

Yep @MobileSaver you are spot on with those reasons why it won’t be distressed sales contributing to crashy’s impending HPC.

Mass repossessions are a thing of the past. No govt will allow it. Just like they haven’t allowed mass unemployment and mass evictions in the last twelve months. 

I guarantee that he’ll ignore all your reasons and respond with some generic non-point instead.
Oh he did.

U.S inflation figures a "non-point" regarding the pricing of mortgage debt? I assume you are joking?

It’s ironic that your posts are so easy to predict, yet your actual predictions are so woefully inaccurate.

Crashy_Time

Sure, but are you joking about the US data being a "non-point"? You are, right?

BikingBud

Crashy_Time said:

I like some aspects of this house, and other aspects I`m not so sure, but the 175k price drop so far is good.
https://www.rightmove.co.uk/properties/77494609#/
People just need to be careful that they keep an eye on realistic value if they are buying in this market IMO.

As kite flying goes that is quite spectacular.
Last sold £283,500 https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=63150550&sale=55763924&country=england
Now after "** WOW ** FULL REFURBISHMENT **" reduced from £725k to £550k and what's more they've taken a lot of character out of the house. Emperor's new clothes anyone?

Makes you wonder about the cashflow implications dropping £175k and still not selling after 15 months.