What fun. if there's a house pricing crash, back to 2003 levels, my house would be worth 30% less than I actually paid for it. In 2003.
Load of bollocks.
Fun to see that if it went back to 1993 levels I could expect a 80% drop in value.
sig removed by Zak33
The problem with all this house price crash doomsaying, is that it will ultimately happen, then the naysayers will be un-sufferable going round saying "I told you so" etc. When no, no you didn't, the world is going to end. One day it will. Not knowing when is useless. Fact of the matter is my flat which i bought this year, has gone up in value by at least 60k, this because we bought in an on the up area, and have two bathrooms in a two bed flat. This is not a made up figure, a smaller flat, in a less fashionable bigger block, about 2 mins further away from the tube station went for £335k. One in the same building in a much nicer condition was £270k when i was looking in jan. I'm not disputing such a jump may not be sustainable. But if you think all of a sudden loosing a 3rd of the value, isn't such a big issue when its already jumped 20% in less than a year! Long live the green belt, and hard working immigration that will actually want to own a hosue, rather than scrounge of the state.
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When can we expect to see realistic house prices in the UK though?
I mean 80K+ for a small, boxy 2 bed "apartment" with wafer thin walls and floors is not my idea of accomidation.
In Ibiza or another holiday destination then yes maybe for 2 weeks but not for living in here at home.
When supply catches up with demand or economic recession. The former will never happen but the latter will.Originally Posted by Lee @ SCAN
"Reality is what it is, not what you want it to be." Frank Zappa. ----------- "The invisible and the non-existent look very much alike." Huang Po.----------- "A drowsy line of wasted time bathes my open mind", - Ride.
The most serious crashes have coincided with interest rates of 15+% and 10% inflation and record unemployment. Compare that today with interest rates of around 5+% (next move down most probably) inflation of 2% and record employment. Add to the mix limited supply partly due to lower house building than even in the 30s (when we had a lower population) and now in present day with increased population due to immigration.
The above tells me that the fundamentals are just not in place for a crash.
With a massive influx of bloody Polish, coming over here, taking all our jobs [/Daily Mail] there are still a lot of people looking to buy/rent houses at the bottom of the market, so it's unlikely there'll be a big crash soon.
Where are you looking round bolton for that? Property prices in north manchester are bargaintastic (so long as you dont mind a short trip to the tram/train station) A decent sized semi in whitefield for example shouldnt set you back more than about 110/120k. Remember you pay a massive premium for new apartments, which isnt even approaching being worth it.
when the UK is covered by one very large skyscraper, that also has 50 sub basements
either that or we decide to build an extension to the country by throwing billions of gallons of concrete into the ocean
Nice Polish the ones that are getting out of their bed at six in the morning to do the jobs
you do not want to do.
Send them all home these nasty people who have come across here and driven prices down.
Bit of thatcherism there.
Oh well you can not have it always can you..
Or challenge me can you.
Get up and paint the front of my house for six pounds an hour.
No! did not think so.
House prices are silly, purely because businesses can't afford to pay people what they need to purchase a home. It's a vicious spiral really, because people demand more pay to stay in their jobs, it gets given so prices for things rise, this makes it harder to afford things ontop of a silly mortgage and we're back to demanding more pay for the same job.
All in all it can only end with a crash or an outside force going "enough is enough" and we've seen exactly what the latter achieves in several African countries of late. That's why people can accurately predict a recession and housing price crash, because there's no other rational alternative
Yup, house prices in my area (Bucks/Thames Valley) are just beyond insane at this point. The simple fact is that house prices cannot continue to go up and up because the money is now well and truly running out. Polish people are certainly not buying up all the houses round here unless they've started paying office cleaners £50K/year while I wasn't lookingIt's a much deeper rooted problem that can't be laid at any one door.
One of my friends works in a company who lent out money to the sub prime market and their supply of money literally dried up over night leaving them well and truly up the creek without a paddle. I agree with Barrichello that we aren't quite in the right situation for a crash yet, but we aren't far off.
Interest rates will continue to go up (even if the next is down 0.25%and that is going to gradually smoke out the people who should never have been given a mortgage in the first place which is fine by me.
Do I want to own my own house? Yes. But I'm planning on emmigrating in 3-4 years so don't really want to be stuck with something I can't sell, so will simply wait and see what happens. The trouble is, there are still a lot of people with deposits who are waiting for a crash who will help to soften the landing by jumping in early.
I'm not sure whether you understood the sarcasm in my post or not.Nice Polish the ones that are getting out of their bed at six in the morning to do the jobs
you do not want to do.
Send them all home these nasty people who have come across here and driven prices down.
Bit of thatcherism there.
Oh well you can not have it always can you..
Or challenge me can you.
Get up and paint the front of my house for six pounds an hour.
No! did not think so.
Your post just looks like some gibberish sixth form poem.
No, but they're renting lots of houses, and therefore providing fuel for the buy-to-let market, which is a very significant factor at the lower end.Polish people are certainly not buying up all the houses round here unless they've started paying office cleaners £50K/year while I wasn't looking
And the people who have bought houses as buy to let landlords are finding that the rents will not cover the mortgage.
lol - I think Schmunk's sarcasm was then countered by Redlight's sarcasm. The irony is both didn't see each other's sarcasm. (or maybe I have that wrong - any other neutral party want to interpret?)
"Reality is what it is, not what you want it to be." Frank Zappa. ----------- "The invisible and the non-existent look very much alike." Huang Po.----------- "A drowsy line of wasted time bathes my open mind", - Ride.
I can remember the last housing crash at the end of the 1980's - the properties that lost most money weren't the expensive, top end properties but the one bed maisonettes and small flats -
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