Good words, quite simply houses are not worth the value they are at, easy credit let to an onslaught of people making money from nothing. It's like some mad, giant con by the government whereby who actually benifits from house price rises?
1, Stamp duty contributions.
2, Estate Agents fees.
Definitely NOT home owners! Who if they want to move on require much more money, therefore much more working time to pay back the difference. Like the share holder who's shares went up 100% until they sell are worth the price they paid. Why is this subject so hard for people to believe, the country as a hold is still in a daydream that house prices are a surefire investment that will only rise and rise. Well 15yrs on the up, how long for them to come down!!!! HHEHEHEHEHEHE
Houses are if they were built 15yrs ago say 60k, now after 100% increase 600k, so how did they afford the bricks and mortar for 60k? Cause all houses are only worth what people will pay! If people can't get credit they can't put unrealistic offers in. I offered 40% off asking price for a 700k house, they laughed at me, but I'm 100% sure I'll be the one laughing as they watch their house drop and drop. This crash is the biggest the world has ever seen, it's not great for people who are suffering, but it's great for the normal person who wants a normal life, 25 X 3.5 = 87.7k + stamp duty, and have a 20% deposit, carry on the down turn and make FTB's able to afford a house. The con by the government will disappear and people will have much more money for themselves.