How can house price's fall so much??

manhattan

tradetime wrote: »

Don't let the door hit your a$$ on the way out.

LMAO :rotfl:

player

and the naivest thread of the century award goes to...

Austin_Allegro

m00m00 wrote: »

you are heading very much into the direction of Kant here, I'd advise caution

Calling someone a Kant round here is likely to be taken as an insult....:D

sarkin

Hairy wrote: »

So you would sell your house for half price???? lets revisit this thread in a year. See who the real dreamers are.

what can I say bookmarked

tryinhardtosavethepennies

dannyboycey wrote: »

Nobody forced you to buy last year. Maybe friends, colleagues or family said that you had to get somewhere before you missed the proverbial boat, or that prices will only keep going up. Maybe you got carried away with the idea of home-ownership? I don't know your situation, but what I do know is that last year (when you bought), there was an abundance of statistical information available that indicated a crash was an inevitability in 2008/09. You also mention that you are "stuck on a SVR" - so you went for a 1/2 year fix? Again, you had a choice of financial products available to you.

Sorry if I sound harsh, but the way you're talking makes it seem like you had no choice and that we should feel some sympathy.

Can I please add that the house price crash was predicted to happen "next year" when we were looking to buy in 2005...in fact, I think they were talking about it before then. Nobody KNEW when exactly it would hit, so fair play to boogiesherbs for buying when she did - she may well have found herself priced out, as nobody really KNOWS. Ok, prices are now falling, but my point is none of us can predict the future - no matter what reports/statistical indices/etc. we use, even the experts get it wrong from time to time. People have to do what they believe is best for their circumstances at that given moment in time. It's not all about making money - a house is a home!

But I also think there's a little too much presumption going on in this and other posts. You say, "I don't know your situation" then disqualify that statement with a string of others that indicate your presumptions! None of us knows each others affairs as well as they/we know them them/ourselves. And then other people jump on the band-wagon, agreeing with this poster and that poster that OP was daft/naive/whatever. It's a little unfair.

Rant over...I just wanted to defend poor boogiesherbs...didn't feel s/he deserved that!

dannyboycey

tryinhardtosavethepennies wrote: »

Can I please add that the house price crash was predicted to happen "next year" when we were looking to buy in 2005...in fact, I think they were talking about it before then. Nobody KNEW when exactly it would hit

I'm talking about the widespread availability of statistical information from a variety of sources, for which there was a general consensus. You can't just pick up a quote or statistic and run with it. I think we've already had two dates pass this year when the world was supposed to end. I just wish people would take some responsibility for their actions rather than pretend they have no control. I sold my house at the right time - not through luck, or divine intervention, but because it was pretty damn obvious that prices were about to fall. I really don't want to appear smug, but I made an informed decision about when to sell based upon the information available to me. This is not top-secret stuff - the same info is available to everyone. I am now sitting in wait whilst this crash passes (the one that apparently isn't happening) until I re-enter the market at a price acceptable to me. Arguing over trivialities like 'will it or wont it happen' is ultimately pointless, as it is our actions that really matter.

tryinhardtosavethepennies

Well, not everyone "plays the game" selling high, buying low, etc. etc. Most people enter into the property market to build a stable home for the family.

What happens in the wider market IS, frankly, outwith our control. Perhaps everyone should have seen it coming, but many won't have because they don't spend all their days carefully analysing the available statistics (and please don't quote this with some remark about the "writing being on the wall" - not everyone is academically wired to understand economics)

Finally, I wasn't offering undue sympathy to boogiesherbs, I was simply defending him/her in the wake of several not-so-nice posts. Someone else said this earlier in this thread, but I'll repeat it: it seems a little unfair and one-sided sometimes.

PasturesNew

It's easy to talk about information that's available, but it's a full-time job finding all the info, reading it, working out who to believe.

Even here, people with an avid interest still have very contrasting opinions and views on what's right. Go back 6 months and those who said prices would fall were told to shut up!

dannyboycey

PasturesNew wrote: »

It's easy to talk about information that's available, but it's a full-time job finding all the info, reading it, working out who to believe.

Even here, people with an avid interest still have very contrasting opinions and views on what's right.

Agree completely. It's not easy, especially if you're not a numbers person (include me in that!) - However, I'm of the opinion that a £200k purchase is not something to be made on a whim or a gut feeling so it's worth a bit of effort.

PasturesNew wrote: »

Go back 6 months and those who said prices would fall were told to shut up!

I think they still are in some cases

The vastly contrasting opinions never cease to amaze me though. But then it depends on which media source you place most importance I guess. An Express reader is likely to have differing opinions to a Guardian reader for example. My personal method of choice is to seek out as many sources as possible, taking them with a pinch of salt and remembering that they ALL have a vested interest in spinning a story a certain way and taking a general overview. Historic data can also be useful.

brit1234

It must be clear to everybody that we are entering a downturn. There are no positives on the horizon.

Prices are extremely overvalued and lending has significantly tightened/cut.

The only way now is big falls in prices as it was only loose lending which kept them that high.