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House Price Crash Forum


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About wembleyboy

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    HPC Newbie
  1. Yes, we Londoners are paying extra in our council taxes for the 2012 Olympics - I seem to recall Ken talking about it being the cost of a walnut whip a week
  2. Doesn't surprise me. Look at how many people on this and other forums talk about the country going to the dogs. There's a general mood of negativity that has been around for a while now even before the credit crunch. Me personally, I've travelled quiet widely and deal with people from all over the world in my job and the grass is not greener elsewhere. For all its faults, this country has lots going for it and people need to stop and think for a moment to realise how fortunate they are to be here and how much opportunity to improve their lot actually exists right on their doorstep.
  3. You know what - the subtitle to the OP is what I was thinking the other day. One aspect that no-one seems to have discussed (or if they have I've missed it!) is the higher divorce rate / change in the nuclear family model. Yes I agree that greed particularly in the BTL sector has been a key factor in HPI but I also have a theory that demand for housing and in turn price increases have also been fuelled by family breakdown resulting in the family that would have had one home now needing two homes to accomodate each of the divorcees and their kids. Be interested to know other peoples thoughts on this.
  4. I Agree. In developing countries education is the way out of poverty and so is highly valued. Families and children alike make big sacrifices for better prospects and a better life. In this country so many fail to realise and grasp the opportunity to better themselves through free school education and having a welfare system to fall back on simply aids and abbets the apathy.
  5. I laughed out loud when I read this. It's so true! All of them are the same, gone are the days when politicians did the job out of wanting to do something good for the country it's all about lining your pockets and those of your cronies.
  6. "I agree and would categorise my self as such a person. However, I'm left wondering if things were any different in the late eighties. Did the need for a place to live and call home stop the crash back then? Why not? What has changed?" In my opinion there are a great deal of similarities between this market and the eighties. Home ownership in this country runs at about 90% and has done for many years so it could be argued that the actual market for 'needing a place to live' is about 10%. Market demand today, as in the eighties, has been driven not by the 10% that need somewhere to live but by a herd mentality that has said: i) Renting is dead money (when clearly, as other posts have shown it ain't necessarily so) ii) If I don't buy now I never will be able to afford it iii) BTL can make you rich overnight or, at the very least is your new pension plan iv) I can become a part time property developer v) I can use the equity in my HOME to finance my new car, property abroad, boob job, whatever vi) The government won't let prices crash (how the government is going to stop a market crash is beyond me) vii) Property prices never fall Like the 80's as long as there are banks willing to lend the money this continues but as soon as the availability of cash dries up (as it has done now and did so back in the late 80's though for different reasons) and mortgages can't be had the herd can no longer function and the demand falls back resulting in a re-adjustment of prices.
  7. Interesting take on matters; Interest rates may be relatively low and the BTL'ers have certainly reduced the availability of properties therefore fair to conclude that it's different this time but what's different this time also is the level of personal debt is WAY WAY WAY higher than it was 20 years ago and IMO it's this debt that's going to push the market into a crash. Some similarities with the last boom that the article doesn't touch on: - Buyers stretching themselves to the limit just to get on the ladder - Sub-prime properties (i.e. properties that wouldn't get a second look in a 'normal' market) being bought out of desparation - Stock market riding high giving people a sense of security - The sentiment that house prices will just keep on rising (though of course most readers to this forum have seen the light)
  8. I've been reading this forum for about a year since I first came across it in a BBC report. There seems to be a real mixed group of posters all of whom I'm sure have different reasons why they would like to see an adjustment in house prices and I'd be interested in hearing from all. It may seem like a silly question but one persons joy in falling house prices could be another persons nightmare if they're living on the edge and I reckon there's a number of site visitors who read the posts hoping that prices remain firm. Personally, my Vested Interest is that I would like to trade up from my semi but right now the differential in price between what my house is worth and what I want is too large for me to feel comfortable in financing so I'm waiting for prices to come down on the assumption that, for example, if my house halves in value the extra I would have to pay to trade up will also half making it more affordable.
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