How much have you lost on your property ?

itsgototstop

Addy1 wrote: »

If you are that worried about everyone else, instead of buying a home for yourself, why don't you donate your deposit money to Shelter. They are a very good charity and help people with all sorts of housing issues.

No? Didn't think so.

Its a miserable day and that made me laugh...thank you!

itsgototstop

dolcevita wrote: »

And the tragedy is that many people have ignored (or haven't noticed) that their wages weren't going up because they subsidised their income with debt and spent it on cheap imported goods.

And ironically, felt wealthier because their house had gone up in value so they could then borrow even more.


You couldn't make it up.

Totally agree with what you say, but some posters seem to wish misfortune on the poor fools above, this is what upsets me sometimes on here...

Davesnave

Over the next few years we will see a fall in prices bringing them back in line with the long term average income multiple. No government intervention necessary, just market forces.

I'm sure you're right, but the point of an earlier post of mine was that it will probably be the vulnerable who will suffer most from the bubble bursting in the way some posters would wish. Yes, a lot of BTL (that's borrow, not buy!) landlords will get what's coming to them if there's a crash, but they represent a small percentage of those who will be hurt. People waiting eagerly for a crash now should at least acknowledge that it could well be attended by a host of economic nasties, rendering the 'cheap' houses of their dreams as unattainable as ever.

Only a 'gentle landing' might avoid this pain, but can governments and financial institutions engineer the readjustment you talk about without direct intervention? Given recent events, does anyone still believe that they can do anything but simply react to the latest 'crisis?'

itsgototstop

hopelessatbudget wrote: »

We put our house on the market 15 months ago at 325000 and have just accepted an offer of 255000..........

Don't take this the wrong way, but that is one heck of a drop unless overpriced to begin with??

My neighbour put his flat on the market last August for £490k ( 2 bed garden flat in west london, exactly same as mine)

Mine was valued at £400k last April 2007

He has now reduced gradually to £440, a huge drop yes but still way over what similar properties go for, on with 6 agents and no one is going near it

itsgototstop

Davesnave wrote: »

I'm sure you're right, but the point of an earlier post of mine was that it will probably be the vulnerable who will suffer most from the bubble bursting in the way some posters would wish. Yes, a lot of BTL (that's borrow, not buy!) landlords will get what's coming to them if there's a crash, but they represent a small percentage of those who will be hurt. People waiting eagerly for a crash now should at least acknowledge that it could well be attended by a host of economic nasties, rendering the 'cheap' houses of their dreams as unattainable as ever.

Only a 'gentle landing' might avoid this pain, but can governments and financial institutions engineer the readjustment you talk about without direct intervention? Given recent events, does anyone still believe that they can do anything but simply react to the latest 'crisis?'

Thank you, a sensible post. Some of the people who say they are waiting for a crash so they can buy often seem to lack a fundamental flaw in thier thinking, if they wish a recession on they will lose their jobs potentially, have to pay a huge % rate if they have a high LTV etc that is of course if they can get mortgage funds

A recession helps no one, houses stalling or falling gently does

Rabiddog_2

often seem to lack a fundamental flaw in thier thinking

Often seem to HAVE a fundamental floor in their thinking.
Bought for 45000 present value 110,000-130,000..
(bought in 88 tho)

Davesnave

Often seem to HAVE a fundamental floor in their thinking.

Often seem to HAVE a fundamental flaw in their thinking.

I think we got there!

hopelessatbudget

Yes it is a big drop! I don't think the house was overpriced to start with.....prices seem to be dropping in the south. We dropped to 300,000 to start with and then 285,000. The agent then suggested offers in excess of 250,000. That seemed a bit drastic but as we had made the decision to move we decided to take it!! It will give us the chance to clear our debts!!!!

Benefits_Blagger

itsgototstop wrote: »

Thank you, a sensible post. Some of the people who say they are waiting for a crash so they can buy often seem to lack a fundamental flaw in thier thinking, if they wish a recession on they will lose their jobs potentially, have to pay a huge % rate if they have a high LTV etc that is of course if they can get mortgage funds

A recession helps no one, houses stalling or falling gently does

without a doubt, this house price crash is going to have a recession to go with it. but is that such a bad thing ?

at the moment while we are at the top of the economic cycle, unemployment is at 5%, in the worst recessions in the past few decades unemployment has peaked at 10%. that represents a 1 in 20 chance of losing your job if a bad recession comes along. for the chance to be able to afford your own home, i think alot of people will take those odds.

nelly_2

ukbondraider wrote: »

So you want a nice house for peanuts so you can spend your little salary on luxury holidays, cars, parties and going out???

You sound very bitter Nelly and in my opinion probably deserve what life has thrown at you.


Skint bitter peasant indeed :rotfl: :rotfl: :rotfl: