How can house price's fall so much??

Hairy_2

This site is laughable! Money saving experts my !!!!! My friends were right when they said the internet was over run with numptys! Adios and keep dreaming you bunch of nomarks!

m00m00

kübler-ross stage 1 at it's finest.

ruggedtoast

Hairy wrote: »

I am in the process of buying another property, I am renting out my present one, and I completed on the sale of another for full asking price last week. Things will get bad I agree, but I doubt it will get nearly as bad as everyone is saying. Most of the over-reaction is caused by the media, as well as a few people on boards like this.

Thats fine, I dont think anyone will miss you if you dont bother to post here again. You've demonstrated all the economic acumen of someone's dad in the pub, on their fourth pint and about to embark on a "what they ought to do" rant.

You're also extremely rude, which has just made you look like even more of a twit.

Dan:_4

chrisandanne wrote: »

If all anyone would pay for it was £150k then it wouldn't be 'worth' £300K would it....surely somethings only 'worth' what someones willing to pay for it.
Ax

Correct, but it was worth 300K once so will be again.

Dan:_4

jazzyjustlaw wrote: »

Sorry but Im someone who "just wont buy unless house prices fall by 50%" so where does that leave us?

...Renting

narced

Hairy wrote: »

The fact is, if you own a £300k house owe £250k to the bank, your not gonna sell for 50%.

And what if you can't afford your mortgage repayments? What if you have to move through e.g. divorce, relocation etc? What if you took out a 125% NR mortgage and they have put you on their SVR and you are in negative equity? Sure if you don't have to sell you will not want to sell for less but some people have no choice, and its the people selling that dictate the market value of a property.

Earlier this year a house near us went on the market for £725K. Nice place, built about 4 years ago as a brownfield development (i.e. someones back garden got built on). Its been steadily reduced and is now on for £599950.

That's a drop of 17% in less than 6 months. And it is still not selling, and rightly so, as a 4 bed detached with a tiny garden at even that price is unaffordable to 99.99% of us.

tradetime

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

Pobby

Well I think the rises are very justified. I mean, because house prices only go up and it`s different this time it makes total sense that our house we bought 10 years ago was worth over 400% more last year. Totally logical!!!!

jazzyjustlaw

ruggedtoast wrote: »

Thats fine, I dont think anyone will miss you if you dont bother to post here again. You've demonstrated all the economic acumen of someone's dad in the pub, on their fourth pint and about to embark on a "what they ought to do" rant.

You're also extremely rude, which has just made you look like even more of a twit.

Think thats the best post I have seen on this thread - it will keep me laughing for days thanks.

Kez100

Hairy wrote: »

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

If people cannot pay the mortgage the bank will sell - for whatever price they can get. You can only stay in your home, sat on negative equity if you have no real need to move and can afford the mortgage interest. Have you seen the trend in fuel, council tax and food? Now add mortgage interest increases which are already coming and that is with BOE base rate staying the same.

I wouldn;t bother revisiting this thread in a year. I'll see you here in five.