Sunday, Mar 18, 2007
This guy must post on HPC surely..
Firstrung: House price crash be careful what you wish for..
The long expected crash in the housing market has begun... How I fantasise about reading that headline. I have, alas, come to accept that the only way I will see it in print is if I write it myself. I found it quite therapeutic actually. Might try it again. "The value of property is expected to fall by as much as 20 per cent over the next week." Mmm. Negative equity. Lovely negative equity....
Posted by converted lurker @ 10:30 AM (167 views) Add Comment
3 Comments
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1. japanese uncle said...
"I have a dream that one day this nation will rise up and live out the true meaning of its creed that Man shall not live on houses alone"
(Japanese Uncle circa 2007)
2. enuii said...
Hear's me thinking it already had when I last checked estate agents board prices v land registry sold prices in my neck of the woods. I think that the market has already been over bulled and the actual unavoidable truth is starting to come out into the open for all the plebs to see.
3. Sitting Tight said...
Fear ye not for it will happen. Here is my reasoning why. 10 years ago I bought my second house (£53,000) with no deposit and 100% mortgage, it was the cheapest that I could afford. I was earning approx. 20k and could just about afford the mortgage payments and bills. I sold it 3 years later for £105,000 having spent a fair bit on it. I bought another house for £105,000 did it up and sold it 3 years later for £221,000. At this point I moved into rented with approx £140,000 equity. My second house is back on the market now for £275,000 (laughable) meaning that if I wanted to buy it back I would have to take out a mortgage (25 years) for £135,000 and start again from scratch. Therefore in 10 years I havent moved up the ladder and cant even afford my original house!!
My children have no hope in todays current housing market. The more I think about this the more I am convinced a correction will happen. £165,000 MAX for my original house is a fair price taking average earnings into account.
Bring it on.