House prices to crash

Uncle C

Well-known member

Jul 6, 2004

11,683

Bishops Stortford

• Aug 16, 2010

• #1

Here we go, it's show time. The proper house price crash is under way.

We have just passed the denial and bull trap phases where recent buyers have been suckered into the market by a mismatch between supply and demand.

The "return to normal" was never going to last, so get ready for the real action.

 

Last edited: Aug 16, 2010

B

BLOCK F

Well-known member

Feb 26, 2009

6,343

• Aug 16, 2010

• #2

House prices are way too high on a ratio of average earnings to average house price.Have been kept there by low interest rates.
I look forward to the day when potential young first time buyers can afford to be actual young first time buyers without crippling themselves with debt for the rest of their natural!

 

Uncle Spielberg

Well-known member

NSC Patron

Jul 6, 2003

42,813

Lancing

• Aug 16, 2010

• #3

What is this obsession / desire in this country for house prices to crash ?. Most odd.

 

Tim Over Whelmed

Well-known member

NSC Patron

Jul 24, 2007

10,188

Arundel

• Aug 16, 2010

• #4

There is no crash about to happen other than the usual scaremongering ...

 

B

Billy the Fish

Technocrat

Oct 18, 2005

17,496

Haywards Heath

• Aug 16, 2010

• #5

I was looking for that graph on here the other day. Didn't someone post a graph of ACTUAL prices next to it last time?

 

D

Deleted User X18H

Guest

• Aug 16, 2010

• #6

Uncle C said:

Here we go, it's show time. The proper house price crash is under way.

We have just passed the denial and bull trap phases where recent buyers have been suckered into the market by a mismatch between supply and demand.

The "return to normal" was never going to last, so get ready for the real action.

Click to expand...

Would this help you move back to B&H then Uncle?

 

Uncle C

Well-known member

Jul 6, 2004

11,683

Bishops Stortford

• Aug 16, 2010

• Thread starter
• #7

Tim Over Whelmed said:

There is no crash about to happen other than the usual scaremongering ...

Click to expand...

You sound like an Estate Agent

 

Rambo

Don't Push me

Jul 8, 2003

3,957

Worthing/Vietnam

• Aug 16, 2010

• #8

Uncle Spielberg said:

What is this obsession / desire in this country for house prices to crash ?. Most odd.

Click to expand...

Might have something to do with all these property programmes like Property ladder, Relocation Relocation, Homes under the hammer, To Buy or not to Buy.

Need I go on?

Ian a homeowner but Jesus does this property developer get rich quick culture get on your tits.

 

Uncle C

Well-known member

Jul 6, 2004

11,683

Bishops Stortford

• Aug 16, 2010

• Thread starter
• #9

hove born&bred said:

Would this help you move back to B&H then Uncle?

Click to expand...

Its even more expensive up here.

 

B

Blue and White Tiger

Exiled to Exeter

Jul 6, 2010

927

• Aug 16, 2010

• #10

I hope there is a crash, but is it realistically going to happen? Me and the mrs are currently renting but saving to buy.

 

Stoo82

GEEZUS!

Jul 8, 2008

7,530

Hove

• Aug 16, 2010

• #11

Uncle Spielberg said:

What is this obsession / desire in this country for house prices to crash ?. Most odd.

Click to expand...

Becuase they need to come down to normal prices. You know, so people can afford them.

 

D

Deleted User X18H

Guest

• Aug 16, 2010

• #12

Uncle C said:

Its even more expensive up here.

Click to expand...

Don't give me that. Brighton and Hove has the most ridiculous over inflated house prices in the UK. And its killing off the real Brightonian.

 

Stoo82

GEEZUS!

Jul 8, 2008

7,530

Hove

• Aug 16, 2010

• #13

Also there has been a 'Hindenburg Omen' in the US stock market,which might mean total collapse maybe Imminent. I am in no way an expert in anything to do with mulla.

 

Last edited: Aug 16, 2010

Uncle C

Well-known member

Jul 6, 2004

11,683

Bishops Stortford

• Aug 16, 2010

• Thread starter
• #14

Billy the Fish said:

I was looking for that graph on here the other day. Didn't someone post a graph of ACTUAL prices next to it last time?

Click to expand...

Its in this thread, but is a bit outdated now

http://www.northstandchat.com/showthread.php?t=146632

 

Notters

Well-known member

Oct 20, 2003

24,869

Guiseley

• Aug 16, 2010

• #15

Uncle Spielberg said:

What is this obsession / desire in this country for house prices to crash ?. Most odd.

Click to expand...

I wouldn't expect a Mortgage Broker to say anything so daft. The way things are, virtually no-one under the age of 30 can expect to be in the position to buy a property in their lifetimes.

 

Barrel of Fun

Abort, retry, fail

Aug 22, 2005

52,833

Sūþsēaxe: The Land of the South Saxons

• Aug 16, 2010

• #16

Rambo said:

Might have something to do with all these property programmes like Property ladder, Relocation Relocation, Homes under the hammer, To Buy or not to Buy.

Need I go on?

Ian a homeowner but Jesus does this property developer get rich quick culture get on your tits.

Click to expand...

I spent a period of about three months (prior to the first crash in '08) looking at properties around Brighton and Hove.

There were an astounding amount of properties that were 'vacant' and had been done up very cheaply to boost the price and not in consistency with the actual property style.

There was one house that had two bottles of Champagne 'chilled' in the bathroom sink. I walked out shortly after that one.

Luckily I pulled out of the market as I was minded to believe that a drop was to come.

 

Uncle Spielberg

Well-known member

NSC Patron

Jul 6, 2003

42,813

Lancing

• Aug 16, 2010

• #17

Notters said:

I wouldn't expect a Mortgage Broker to say anything so daft. The way things are, virtually no-one under the age of 30 can expect to be in the position to buy a property in their lifetimes.

Click to expand...

The biggest problem is the lack of mortgage availability for first time buyers. The average deposit is 25% which is £ 40000 for the first time buy. 9 out of 10, 90% mortgage applications are being declined by some lenders. They charge nearly 7% fixed for 5 years with the bank base rate at 0.5% and charge huge fees as well. This is the reason the market is going backwards. So get your facts straight before you start slagging me off. The mortgage drought has gone on for 3 years and its getting worse and this is why the market has stalled and many people as you say with never be able to buy and will rent for life.

Gross mortgage lending was £ 362 billion in 2007, it was £ 140 billion in 2009 and looks like being even less around £ 130 billion in 2010. Most experts agree £ 250 billion of new lending a year is needed for a functioning property market.

A mortgage is fast becoming a luxury for the privielged few.

 

Uncle Spielberg

Well-known member

NSC Patron

Jul 6, 2003

42,813

Lancing

• Aug 16, 2010

• #18

The average age of a first time buyer is now 34 and it is getting older very quickly. The Country will soon be a Nation of Timothy's living at home with Mum and Dad into their 50's and then maybe being able to buy a small place of their own with Mum and Dad's inheritance money.

 

The Antikythera Mechanism

The oldest known computer

NSC Patron

Aug 7, 2003

7,795

• Aug 16, 2010

• #19

I would say that the x axis on that chart is greatly exaggerated for effect, and that we are, after 2 years of decline,in my opinion, not too far away from the mean. There will, obviously, be fluctuations in the market, reflecting supply & demand, but with the banks well on the road to recovery, these fluctuations will not be overly significant.

 

Bozza

You can change this

Helpful Moderator

Jul 4, 2003

55,719

Back in Sussex

• Aug 16, 2010

• #20

Uncle Spielberg said:

What is this obsession / desire in this country for house prices to crash ?. Most odd.

Click to expand...

Completely wrong. Allow me...

What is the obsession / desire in this country for house prices to soar? Most odd when, for literally every other product, we don't want prices to rise.