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House Price Crash Forum

cheshiredoc

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About cheshiredoc

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    HPC Poster

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  • Location
    CHESTER
  1. The same pattern is seen here in Chester too. The houses that I have viewed recently were all priced at 2007 prices+£20-50K. It is madness! I told the EA that I am pretty irritated and not making an offer. I am happy to wait.
  2. I had to admit that 50% falls in most areas is unlikely but I do thing that further falls are on the way. Unemployment is on the raise. The interest rate is going to go up. It would probably takes 6 months or so from the unemployment to the forced selling of the house. The real impact of the unemployment and the interest rate raise is not there yet. Slight raise in the activity, sales and mortgage approvals are likely to a blip in the trend.
  3. I agree. Many of my friends advise me that I am missing the boat by waiting. In fact they said to me for the last 8 years! I missed it and unable to get on and they are unable to reach the shore! I trust myself. Stay put.Watch. encourage people to wait. Many repossessions, increasing unemployment, crumbled banks and poor overall world economy should not lead to increase in house prices.
  4. I agree that some sellers have huge equity on their houses. They can hold on. The factors affect the price drop still apply these houses like three Ds and number of buyers available. Some areas are very desirable and may not have further new development opportunities. They still hold their values better.
  5. I agree. No point in crying that the house is not selling. The reasons for moving itself (for many) are the profit from selling the house and relatively cheaper properties abroad.
  6. The struggling economy has not hit many yet. Watch out for bigger drop in October 2008.
  7. I keep my discussion as little: Do not buy with 6 time salary. What do you mean by manageable? If interest rate goes up even 0.5% some people who are 'managing' will be in deep sh*t.
  8. Well, you can not change these people. Friend of mine put his house for sale in May 07 for 395k which shocked me. I asked him" Are you sure -will it go?" He dropped 10K after 3 months. Now it is 50K down and no viewings. He has to move out of the country for work. On rental-300 below the monthly mortgage payment.
  9. This possibility (repossession) never entered to many thick heads. Many stretched themselves and bought bigger houses than that they can afford, without realizing a small increase in the interest rate or reduction in income can cause significant damage to their family finance. Increase in the cost of living adds the fuel to the fire. I guess many have to downgrade themselves to smaller property, moving to less posh area etc. My sympathy goes to these families.
  10. 1. Just curious, why do you wish the house price to crash 50% plus? 2. If you make more money by renting and tenant has handed 10 years rental contract to you with handsome rent - then sit tight. 3. I agree the building cost are increasing but it is not alone the cause for the ludicrous house prices.
  11. Well, you live in denial. I rented my current house for £825PCM last August. In my street, same sized completely refurbished house is available for rent with £750PCM tag. It would probably go for £700PCM. It's an example. By the time you learn the facts from this forum, your house is worth £6000 less than now (approx). ~2% drop a month. Good luck anyway.
  12. I like to disagree some facts here: Medicine is not black and white- it has always been grey-it will continue to exist that way. Of course opinions can differ but not a great deal in most cases. Quality issues and patients safety have improved markedly in the recent years after Bristol issues. I do not think there is any likely difference in private GP and NHS one. I work in both the settings. The only difference in private is that patients see their health care people in their preferred time and location etc. The last statement you made is baseless.
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