There will not be a crash

qjess

It was my husband's idea - he's a very cautious stockbroker!!!

We're glad we took it out now - Norwich & Peterborough.

brit1234

0.6% fall in house prices last month and 0.5% the month before (Nationwide).

Who says there isn't going to be a crash?:rotfl:

neverdespairgirl

mr.broderick wrote: »

Its why you constantly scour these threads in hope that there are signs prices will come down then you'll buy, don't kid yourself if youre waiting for a crash at least be honest with yourself.

I am being honest with myself.

I think prices from Jan 2008 will show a 10% Y on Y drop.

beautifulgorgeous_2

http://www.propertysnake.co.uk/site/detail/4529562 This property can`t make its mind up what to sell for

Markyt

brit1234 wrote: »

0.6% fall in house prices last month and 0.5% the month before (Nationwide).

In all house types across all areas? Or do you think that might be an average and there are areas and types where prices are flat or rising?

johnycoldears

I'm glad this thread has resurfaced.

Bearing in mind the data which has appeared since the thread was started (particularly the Halifax - 2.5%), I wonder if the original poster now feels a bit like Neville Chamberlain when he said " I have in my hand a piece of paper ........."

He certainly will when the figures go YOY negative next month

wockawocka

TBeckett100 wrote: »

I am getting a little fed up with HPC threads and doom and gloom.

I agree we are ending a bull run but I suspect that the fears are eScalated by the fast access to news online and forums which sends people into a blind panic and sets their expectations low. These forums now encourage people to make heavil reduced offers and sellers who are anxious and believe in a HPC are selling low, compounding the problem. The HPC were are seeing (in reduced terms) in my opionion is being generated by news and consensus.

If we look at our landscape, we are an island. It isnt going to get bigger and we have a shortage. Since we cant access more land, keep tight control on greenfield sites and have a need for housing, demand still outstrips supply.

Looking on rightmove in my search, all I can see are the same old houses for sale, overpriced or poor locations. The market isnt teaming with gorgeous properties and certainly in my search, I discounted 20 properties per 1 offered.

In addition, I dont realistically think mortgage lenders will be lending 80+ if they see a 40-50% crash. The risk is too huge.

Therefore my opinion is that if your on the ladder keep moving, if you are a first time buyer,prepare to stay in that first home for 5 or so years.

You is bonkers you is, the toot toot, parp parp, vroom vroom, kablooey kind

geoffky

oh how times change.....

neverdespairgirl

johnycoldears wrote: »

Bearing in mind the data which has appeared since the thread was started (particularly the Halifax - 2.5%), I wonder if the original poster now feels a bit like Neville Chamberlain when he said " I have in my hand a piece of paper ........."

He certainly will when the figures go YOY negative next month

Great analogy!

I reckon, though, he'll feel like NC did a year *after* he had his bit of paper (-:

EdInvestor

qjess wrote: »

I was an estate agent (and then a conveyancer) in the 80s crash - I'm now a teacher!!The problem then was, contrary to popular belief, although there were plenty of first time buyers & buyers further up the chains, they were unable to get mortgages because the properties were being downvalued by the surveyors.

Interesting - we are seeing exactly this now..

In the 80s a BIG problem was that some of that was almost sabotage - many banks/building socs had just gone into estate agency - Halifax, Blackhorse, etc and when they were sent as valuers to a rival's property you could guarantee the valuation would come back as at least £5000 less!

Different reasons now, but same result.On the other hand, if the banks want to reverse they situation they can, just by relaxing the instructions to surveyors.

There will come a time when this is what they want.