There will be NO CRASH - think about

digipeep

I think we are in for a boom time in House Prices just like the last ten years. Just give it another six months and everything will be fine.

Then again, I've just watched Ocean's 13, wtfdik.

IveSeenTheLight

Quote:
Originally Posted by skint2008
as the average mortgage is £150K (well known fact) then why would mr average not desperate to sell reduce and lose £75K ?

this simple fact will ensure there is no crash, 10%- 15% from the peak max

jamtart6 wrote: »

To be pedantic I think its more like £174'950

Actually, to be even more pedantic, he said the average mortgage, not the average house price.

From the CML website http://www.cml.org.uk/cml/statistics spreadsheet ML4, for each month of mortgage loans, the highest monthly average was 157,920 (August 2007).
For interest in 2008, the average mortgage was: -
Jan 2008 = 154,537
Feb 2008 = 150,938
Mar 2008 = 150,903
Apr 2008 = 152,553

slashdotdashdot

skint2008 wrote: »

simple really

most sellers put their house up for sale to either (1) move up the ladder or (2) to down size

ask yourself, would you a non desperate seller drop your asking price 40% to achieve a sale, if you did would your seller do the same - is he that desperate to downsize he'll accept tens of thousands lower than he wants?

there will be a relatively small reduction (due to the CC) and things will then level out.

to sum up if you DONT NEED TO sell then prices wont drop, far more non desperate sellers than ones that have no choice - far, far, far more

I agree, you are right, they are wrong. They are just jealous cos they live in bedsits.

mizzbiz

:rotfl:

slashdotdashdot wrote: »

I agree, you are right, they are wrong. They are just jealous cos they live in bedsits.

Totally agree. I think you should stretch yourself to a 100% mortgage to get the house of your dreams. Why would you mind losing min.£30k over the next few months, after all, it is borrowed money, and you would be showing such economic and financial sense by borrowing more money than you can afford and paying 95% of your monthly mortgage payments in interest every month.

Meanwhile, all us 'bedsitters' out here must seem really stupid paying a few quid a month from our own money just to pay someone else's mortgage. Wonder what kind of bedsit your average house-buying loss would buy us?? hmmmm probably a nice, four bed detached with garden in a few months

dannyboycey

skint2008 wrote: »

simple really

most sellers put their house up for sale to either (1) move up the ladder or (2) to down size

ask yourself, would you a non desperate seller drop your asking price 40% to achieve a sale, if you did would your seller do the same - is he that desperate to downsize he'll accept tens of thousands lower than he wants?

there will be a relatively small reduction (due to the CC) and things will then level out.

to sum up if you DONT NEED TO sell then prices wont drop, far more non desperate sellers than ones that have no choice - far, far, far more

Your user name doesn't really give much gravitas to what you're saying.

jamescredmond

mizzbiz wrote: »

:rotfl:

Totally agree. I think you should stretch yourself to a 100% mortgage to get the house of your dreams. Why would you mind losing min.£30k over the next few months, after all, it is borrowed money, and you would be showing such economic and financial sense by borrowing more money than you can afford and paying 95% of your monthly mortgage payments in interest every month.

Meanwhile, all us 'bedsitters' out here must seem really stupid paying a few quid a month from our own money just to pay someone else's mortgage. Wonder what kind of bedsit your average house-buying loss would buy us?? hmmmm probably a nice, four bed detached with garden in a few months

'greed and fear' used to drive the market.

and now it's jealousy!?!

godverdomme! how stupid were all you bedsitters for not hoiking yourselves onto the prop. banadwagon these past few years!

you could've had a piece of the action. you could've been winners.'who dares, wins'*.

but no.

you slunk back to your bedsits - all cowardly and green-eyed - and howled at the moon about other people's greed.

but I tell you, my friends, as God is my witness - you will rue the day you stood back and took a long cool look at the market.

you will cry many buckets that you did not jump in.

you will bleat like the new-born lamb as prices falleth faster than the humming-bird's wing.

only then will you slither - lower than the belly of the snake - into affordable housing.

yea, jealousy is a dreadful thing to behold.

*****************************

mizzbiz. there's a private message in your inbox.


*SAS motto recently changed to 'who dares gets royally shafted'.

Conrad

Why do owners mentaly bank thier paper profits and assume they are immovable, but do not accept those magical paper profits can also reduce again?

Can someone tell the Japanese that thier prices didn't need to crash 50% despite having 0% interest rates, as all they had to do was simply refuse those low offers!

purch

and points 1 and 2 applied in the last 'crash'

...........and the one before that, and the one before that too..........

Plasticman

skint2008 wrote: »

why would Mr 3 bed semi at no 22 (not desperate to sell) with a £150K mortgage slash his asking price by £75K to "better" himself on a 4 bed ?

are we saying that mr 4 bed (not desperate for a sale either) thinks "hey i'll reduce my asking price by 50% too", or wait again will he think "nah, I'll wait for a more sensible price" ?

Cos his mortgate payments have gone up dramatically as his fixed rate is just finishing. Cos the economy is in difficult times and he's just about to lose his job. Cos he doesn't want to better himself anymore - he just wants to get rid of an unaffordable debt. Cos he's suddenly Mr 3 bed semi 'desparate to sell'.............................

Datasafe_2

skint2008 wrote: »

simple really



ask yourself, would you a non desperate seller drop your asking price 40% to achieve a sale, if you did would your seller do the same - is he that desperate to downsize he'll accept tens of thousands lower than he wants?

No he might not want to sell, but other people might have to and reduce their prices down. This will reduce Mr 3 bed semi's "worth" without him doing anything.

Also if the house he wants to move onto down as well then where is the problem???

I think it is you who needs to think about it...........:rolleyes: