Tuesday, Apr 10, 2007
Its going to be big...VERY BIG
Daily Express: UK FACES £459BN HOUSING CRASH
THE BUBBLE is about to burst on Britain’s booming property market. Experts fear a crash is coming that could wipe at least £450billion off the value of the country’s housing stock.
Posted by mr cobblepot @ 10:34 AM (141 views) Add Comment
5 Comments
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1. p. o. o. r said...
£30 K of a house priced at £195K is not enough - My first house bought in 1990 for £60 K is now on the market for £195, even with a £30K drop to £165K I would not buy that property as I would consider it far too expenive. To bring things into the real world for many, I think we have got to be talking of drops of at least 30 percent, and in some cases far more..
My first Mortgage was for 2.8* my salary - Average starting salary now for someone with a degree is about £25K, so this means a mortgage of £70K - I had a 22K deposit in 1990 so inflate that to toaday and call it say 40 - 50K - This means if I were in the same situation as I was in 1990, then the house would need to be priced at about £110 - £120K - And I found it tough back in 1990 - no wonder it is impossible for first time buyers today!!!!!
Boy do I wish I had held on to that place, and rented it - I could have afforded to have done that in 1994 when I moved house - By now my mortgage would have been less than £15K on that property, and I would still have been able to afford to have bought the place I moved into.... Hind Sight is a wonderful thing... :-(
2. japanese uncle said...
As I mentioned a while ago, a couple of years after the start of the HPC can be a dangerous trap. Some poeple could not resist the temptation after they see the prices going down by 10% circa 1991 in Tokyo. They all ended up in tears after all, watching their house prices further sliding downhill by another 50%. Also majority of the stockbrokers ended up shattered on the pavement of Wall Street circa 1930, were those who bought too many shares after the Black Thursday, in the belief that the market had bottomed out, only to prove they were farthest from right.
10% HPC is a wishful thinking. 70% cannot be ruled out.
3. Jackpot06 said...
Am I reading this right is this The Daily Express ! ---haven seen the paper myself today ! but what a U TURN since the last "soaraway prices " headline -----someone pinch me please !
4. Blahblah said...
Not sure whats more exciting, this news on the DE, or CZJ's jugs on display to the right of 'BIG'!
5. Bobsta said...
Am I going mad or is the pictured strapline above the headline completely wrong? ... "Interest rate CUT could spark boom-bust crash" ... WTF?!