How can house price's fall so much??

rozzy_2

tryinhardtosavethepennies wrote: »

I do think that, in this day in age, we are used to a lot more in the way of luxuries.

I think this is the underlying factor why so many people are struggling.

Far too many people have pushed the boat out with how much they borrow (like stated previously people have the misconception that it is an asset opposed to a debt), and i think this topped with the mentality that they dont want to seem any worse off than others i.e expensive holidays abroad, new cars, new T.V's. It was inevitable when these 100%+ mortgages came to their end of the fixed rate and couldnt remortgage that there would be problems.

Everbody wants to be living the champagne lifestyle on cider wages, It was only a matter of time before banks starting saying no to credit.

izzybusy23

Hairy wrote: »

I cant help but notice that there seems to be loads of scaremongering on this site. People saying house prices will drop by over 50% in some cases.
quote]

House prices rose over 300% ... why do you find it so unbelieveable that they could fall 50%????????

Don't get why its acceptable for house prices to rise uncontrollably but everybody's in denial about them falling back down again.

BettiePage

lisyloo wrote: »

I definitely think you are right.
I grew up in the 70s. So did I.
We had 1 family car (dad would cycle to work).Same here. Hubby cycles, I drive.
We were not driven to school.Sprog catches school bus.
We did not have a TV to begin with.We do have a tv though(and one in the bedroom too).
Hardly ever went out for meals, take aways, cinema etc. A real treat would be fish & chips but that wasn't very often. Same here.£20 plus for the cinema? Not a chance!
Had hand-me-down school uniforms.Same again.We also hand them down when sprogs outgrown them (every 5 mins at the minute)
Had one holiday a year in the UK with caravans or tents. Not even that. We have weekends away staying with family or friends.

We never felt poor (I think that's relative) beacuse we didn't have lots of consumer stuff and couldn't drive everywhere.

I think some people don't know what it was like and other people forget.
The only time I felt like I was missing out on something was when richer friends at school stayed in hotels abroad for their holidays but you had to be rich to do that.

I'm not sure that too much has changed.

neverdespairgirl

lisyloo wrote: »

Had hand-me-down school uniforms.

My 2 years younger sister started secondary school, aged 10, with 2 skirts, 2 jumpers, 3 shirts, a blazer, and a regulation overcoat. Apart from 3 new shirts, she wore that lot every school day for 5 years.

Then she started in the 6th form (no uniform) and my other sister started in the Lower Fourth. She wore the same 2 skirts, jumper, blazer and overcoat for 5 years herself, so altogether that set of uniform got 10 years wear out of it (-:

neverdespairgirl

lisyloo wrote: »

I grew up in the 70s. I was born at the end of the 70s, grew up in 80s and 90s
We had 1 family car (dad would cycle to work). We had a family car, Dad got the train to work, until I was about 8 when they bought a 2nd one.
We were not driven to school. We walked, then cycled, then school bus to secondary
We did not have a TV to begin with. We always had a TV, a colour one in the living room, and an old black and white upstairs somewhere
Hardly ever went out for meals, take aways, cinema etc. A real treat would be fish & chips but that wasn't very often. We didn't eat out, ever, apart from on summer holidays. I have never been to the cinema with my parents. They don't like it much.
Had hand-me-down school uniforms. I had a mix of 2nd hand and new
Had one holiday a year in the UK with caravans or tents. We had one holiday a year. Mostly in the UK, in Devon, Somerset, Norfolk, or Wales. We went to Switzerland when I was 3, and Greece when I was 5. We went to Italy for 3 years in a row when I was 10 - 12, and then France twice. Never in a hotel, though.

And I grew up in a pretty well-off family.

IveSeenTheLight

Some good quotes of days gone by.
I would hazard a guess that these famalies had a full time domestic godess to organise, cook etc on the tight budgets

neverdespairgirl

IveSeenTheLight wrote: »

Some good quotes of days gone by.
I would hazard a guess that these famalies had a full time domestic godess to organise, cook etc on the tight budgets

It helps. My mother and Granny made almost all our clothes when we were children, and my mother cooked pretty much everything from scratch.

I grew up in a wealthy family (from age 8 to 10, or so) but before that, my parents were on a much tighter budget.

tryinhardtosavethepennies

BettiePage wrote: »

I'm not sure that too much has changed.

Well, for the money/eco conscious, maybe not. But I'm thinking of your average person on the high street who thinks nothing of blowing £100 on a Saturday shopping, then lunch, then dinner, then cocktails, then hit the bars/clubs. Do you ever watch Spendaholics on BBC3 (re-runs from BBC1)? It's scary!!!

As an aside, we do go to the cinema - we invested in one of those cinema passes that allows you unlimited trips to the flicks for £11.99/month (min. 12 month contract) and it has paid for itself several times over already! You only need to go twice a month to make it worth your while going, and sometimes we go as many as 8-10 times a month! (Excessive, I know!)

When I was a kid, fish and chips/chinese take away was a real treat. We only ever went out for dinner a couple of times a year (usually to a beefeater or something) when the grandparents were visiting (and I'd hazard a guess that they probably paid). My clothes were not just hand-me-downs from my two older sisters (they often had matching outfits, so I was "lucky" enough to have the same outfit to last me several years - I say "lucky" because some of them were horrendous! And we were nearly a decade apart, so you can imagine how much of a misfit I was growing up in the 80s with 70s fashions!), I also got hand-me-downs from my next door neighbour, and even my male cousins! Not that it particularly bothered me then...I just look back at photos and laugh now!

neverdespairgirl

tryinhardtosavethepennies wrote: »

And we were nearly a decade apart, so you can imagine how much of a misfit I was growing up in the 80s with 70s fashions!)

My darling son has some clothes from the 1970s - I'm thinking in particular of a blue cardigan my great-grandmother knitted when I was born, and which my sisters and brother wore, and now Isaac wears.

tryinhardtosavethepennies

Oh my goodness! Now that's good quality!