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House Price Crash Forum


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About Jack2

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    HPC Poster
  1. Beware the flooding risk, real or imagined. The dept of environment (no less!) will tell you that filby is smack in the middle of a high risk area. Google "flooding risk". Its best to stay quite a bit west if you can. Why? Look into house insurance against flooding risk and you will find that our wonderful government has an agreement with insurance companies to cover almost evry uk house, but that agreement ends soon. Its why there are a lot of houses in Potter heigham, Fleggburgh area etc that cannot sell. Awful if you own one, but can't you find somewhere that will not , possibly, flood?
  2. Abbotts are having a 2 week sale with no prices on some properties in September, just make an offer....... yeah, sure, its a real good time to buy..... More like they have learned to be ahead of a price crash, rather than behind it. (The next and upcoming one).
  3. Oh if only my offspring (FTB) had listened to me or any other reasonably experienced house buyer (ie older person), they would not have £30,000 negative equity now. You miss the point, I feel, that houses may be bought, even as the prices fall, but they are still way way overvalued. Some people are happy to buy what they see as a bargain (20% off), others can see that the probability is that the days of the Brits being a nation of homeowners are sliding away. You are not thinking this through. Housebuying was a thing that you decided to do because it was cheaper than renting and you would make money, and if you needed to, you could easily sell. That has now changed. Hundreds of thousands of pounds of debt. Why would anyone want that???? It is not about promoting a house price crash. It is about intelligent people being very very nervous, for themselves and each other.
  4. As an older chap, I struggle to imagine what it must be like to be a first time buyer at the moment, but at the risk of repeating myself, if i was a FTB now I would only buy if it was relatively easily, with little worry, or concern for my future. If I was confident I would not lose my job, that the UK was where I wanted to live my life, and that buying would give me lower bills than renting, while allowing me to sell easily and at a profit if I needed to. (Divorce, moving job, emigrating etc). There is the problem. FTBs are being told by parents to put money in bricks and mortar, just like they did. But things have changed. I bought in 1972 for 10k, sold in 1974 for 17.5k, bought for 20k, sold in 1976 for 25k, bought for 32k, sold 1989 for 100k, bought for 130k and sold in 1996 for 160k, bought for 170k,sold in 2005 for 300k. Biggest mortgage was 50k, biggest multiple was 3 times ONE salary paid off over 10 years. This was absolutely normal Everyone did it , in their sleep. Now my kids buy a box for 130 k despite my best efforts to dissuade them.... Jeez, there is no sense. If they hope to have the same long term results as me, they have started badly, with a multiple of 3 times TWO salaries, no spare cash and 30k neg equity. I think I would feel it best to wait until steady , slightly over inflation HPI returned, otherwise, what sense is there in buying an anchor with a huge debt? You only buy the house when you make the final payment. This all sounds so negative. I guess I am getting old.
  5. You feel the same as I do. Years of unknowingly stressing about my "biggest investment" when my biggest investment should have been my family and our lives. Now is obviously a better time to buy than say late 2007, but I too am going to take a little more time out of anchor ownership. Another plus is that since i became an accidental STR I have not set foot in B and Q - bliss ! I sleep better too.
  6. I am not from cambridge. I am surprised at the mad rush to buy that you describe. Its one thing to scrabble for comfort etc if youy can easily afford it, quite another to commit to a massive mortgage for umpteen years in a world that has gone completely mad.
  7. You are the potential buyer you decide the price paid there is no queue to buy it. house prices are falling , and have done without a break for so long I have lost count. Land registry says house prices (norfolk ) continue to fall. and without a break. He has the right to ask what he wants for his house. You have the right not to buy. The worst of all this is that the property market is so screwed that buyers are dumbfounded, and owners are terrified. The more recently you bought, and the more "home improvement " money you have spent , the more you will be up against it. Imagine this scenario, which is feasable. The buyer in 2007 meets a girl, they both have good jobs, they get married, buy a BMW, and the house, and put the lot on a 110% mortgage. Man loses job, wife leaves man, man owes £240,000. What price would man have to sell for? The issue here is that if vendor has to ask a certain price, (note the words "has to") , then you, being wise , ignore the advert. If you are stupid, you fall for it. There are loads and loads of detached properties available in the area for less. Why on earth would anyone buy a semi for this price, when detached are cheaper,unless they like listening to neighbours.
  8. 2 From Haart :- "What you have been working for" and "price range, from --- to ---" I work to enjoy the planet, and all its wonders, not to pay daft prices for an anchor, and as for "price range" what on earth is that about????
  9. Movement in prices means someone making money.
  10. I realise this is off the point a little, but why are you making an offer at all? Seriously, why?
  11. My county (Norfolk ) has accelerating falls, 16.4% year on year fall in June, with a monthly fall of 0.7%. Up from 0.4% the previous month. These are facts, not opinions. So have alook and see how your county is doing.here is the link Put your findings on here. Are the agents right or just plain wrong?
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