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House Price Crash Forum


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About Vagabond

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    Here and there.
  1. I don't think prices will sky rocket from here. I just think they will flatten and bounce along for the next 10-20 years whilst inflation nibbles away at them until they get to fair value. I'm also looking at it from the PoV that house prices already crashed by anywhere up to 50% for anyone not in GBP which I would consider to be a fair crash already. However, I was never really looking at a house as an investment or a pension. Having been working abroad, my time to buy was always likely to be when I came back regardless of where we were in the cycle and who ends up being right or wrong. As you say, is not that important anymore as I have a home I can grow into.
  2. As per the thread title really. I was updating my story in t'other thread here. but although I was viewing a fair few properties, there was nothing that seemed to tick enough boxes to even bother updating with, let alone offering on! It was a fairly sobering experience actually viewing properties. I had rather naively thought that as a cash buyer being ready to move the house-buying world would have been my oyster and I would have been beating desperate sellers off with a sh*tty stick. Whilst that may have been the case for the previous few years it turns out that timing really is everything. Living in the SW means prices hadn't fallen as much as elsewhere in the country and you didn't get as much for your money either. Still. After moderating my expectations somewhat and filtering out the dross (of which there was a great deal), I managed to find another place I was happy to offer on. I had to compromise. There is no parking which is a chore, although there are a couple of car parks within 5 mins walk and the house is on a fairly busy road, but that then means I get to tick other boxes which I find more important. There are 3 double bedrooms (and I mean real double, not new build double), the bathroom is huge and the back garden is a decent size. Overall, its got about 1.5 times the size of other properties the same size and as I'm looking for a home for the long haul, I'd prefer something I wont grow out of. The price was just below the price paid in 2006 and it had had a fair bit of work done to it since then. Not great but not terrible either. I'm also at the bottom of a chain so there is still a fair amount of scope for things to fall through. Hopefully not. Do I think house prices will go up or down from here? Even though I've bought, I'd still like to see them drop through the floor and I assume this will be the case the very day after I exchange contracts (you're all welcome ). I'd like to see housing cheap for all and given the fact that if I do move, it will be to a bigger house I'm well aware that any drops in my house price will be reciprocated with houses further up the chain. Sadly, I don't believe this will happen. I'm currently of the mind that the government have, and will continue to, throw so much at keeping houses from falling if they do crash it will be because the financial system has also gone and the last thing you'll worry about is house prices. Shall answer and update as and when..
  3. It runs a couple of months behind IIRC so we will have to wait and see if the current rises in the Haliwide are confirmed through the LR or not.
  4. Given all the murders I've seen on TV in that area I'm surprised there is anyone left to rent a house there. LLL.
  5. Thats strange, I'm sure I already pay for this kind of thing through my taxes. Police time, A&E time, Cell time, all paid for through taxation of which I pay. Whether its a good use of funds is neither here nor there. once the police start outsourcing some tasks it won't be long before they outsource more and we end up with a private police force with I'm almost sure nobody wants. Half the problem with drunkenness in the UK comes from pubs and clubs serving to overly drunk people. In many places abroad they will refuse service if you even look a tiny bit drunk.
  6. 'Baby, this relationship is so good we have to get the government involved' Its not like people don't know this before getting married.. If you're not willing to gamble all your money, you shouldn't really be in the casino. -Disclaimer- I certainly don't think the current situation is correct, but its not like information about it is difficult to find out.
  7. I have the lions share of my savings in USD. To be honest, it doesn't really give me that much peace of mind as I'm pretty sure if one country goes all the rest will like a house of cards and the extra safety of having the money in the worlds reserve currency is kind of offset by the fact I can't just go in and pull it out quickly. There are also FX and transfer rates to consider if you are ear-marking funds for purchase in any other currency as well. Overall, I'd be thinking that if any currency was to go down the toilet and not worry the world too much it would be GBP, but if you really want to diversify, then moving to another asset class entirely would seem like a better way to go. All IMO and there are far more qualified people on here than me to comment I'd think.
  8. Recently moved back to the UK after working abroad for several years. Joined this site and followed the property market hoping the crash would have happened by the time I moved back as the money I was earning was always earmarked for a house. Unfortunately prices have remained sticky in my area and sellers have remained entitled. It wouldn't be so bad but things are going SSTC even at the overinflated asking prices. I've offered on a couple of places and my only competition has been BTL or FTBs buying with HTB or BOMAD. My offers of just 10% below are being flat out refused without even counter offers being touted. Regardless of how much I want my own place, I refuse to overpay so I've arranged a back up plan to move in with a friend for 6 months whilst still looking for a house I'm willing to buy in my area. Looks like I've managed to find a job at least though which is a fairly big hurdle out of the way.
  9. Right.. Lets see if we can find a subtone in the following quotes. Maybe its just me, but it does indeed seem like you have a view of what the unemployed are doing rather than working.
  10. A few stats on the labour market. Including; Not enough jobs to go around. I'd be more than happy for a scheme to pay people who were unemployed to work as long as they were paid NMW for everything they did. Just because they are unemployed doesn't make them any less human than anyone else in the country. In reality though, we don't pay them £70 a week for nothing. We pay them £70 so they don't come around, steal your stuff and eat your children. Anyone who has anything at all to lose in society should view this payment as absolutely necessary and value for money.
  11. Government giving free money away to spend on asset class causes asset class to rise. Shocking news.
  12. One of the worst ideas ever. All the bad points of renting along with all the bad points of owning. Can't believe anyone ever thought this was a good idea.
  13. And here it is. Looked at a further 4 houses so far this week. One 3 bed Georgian terrace that looked ok, had a beautiful kitchen, but apparently there isn't room for manoeuvre on the price as they 'need this price to buy the house they want'. House has recently come down by 30k which is a direct result of the house they want being reduced by that much but as this still leaves it priced at 170k when the last sold price was for 156k in 2006 so I will continue to monitor but otherwise ignore it. One 2 bed bungalow. Huge garden so room to move out as the inside was fairly small, but overpriced for what it was. One 3 bed terrace that was nice on the inside but just in an awful location. Right on the road, sandwiched between two social housing estates and opposite a secondary school with no parking. No thanks. One 2 double bedroom end terrace. Built on the corner so had a bit more space than normal. Small garden but allocated parking and opposite a common green. On at 150k and I liked this one enough to offer 135k (10% off as the kitchen and bathroom needed updating and he has already had one chain fall through). This was flatly refused and he had already refused two previous offers of about the same price. Moved up to 140k which was 'in the right area' but also refused. Declined to move up any more as I feel that price is fair in this climate. There is only one more property in my price range that I'm interested in viewing so I will try to view that next week. If that doesn't work out I'm left with the choices of holding on or extending my search area. Ninja edit.
  14. Rather than start a new thread I thought I'd just chime in on this one.. Should offer some comparison opportunity as to the then and now. I've been away from the UK for the last few years working abroad. I recently finished my contract and moved back having saved up an amount of money I was hoping would allow me to buy outright with. Sadly, prices haven't crashed to that level and my area (SW) has remained stubbornly sticky. Very luckily, My father has offered a small sum to top up what I have on interest free loan so I can buy outright rather than go down the mortgage route. I'm hoping this will strengthen my position as I'm proceedable with no chain. I would like to buy now rather than rent for a variety of reasons which I'm happy enough to discuss on the main forum but I'm not sure they belong here so I shall leave them out for now. I've followed the market in my area all through the time when I was away so I'm fairly clued up on whats going on which reduces the amount of swotting I have to do now, so the general plan is to view anything I like the initial look of and then dig deeper into previous prices against asking price etc if I decide I like it enough to take it to the next level and actually make an offer. I'm looking for a place I can spend the foreseeable future in, so I don't have to worry about future moves in the market, but that still doesn't mean I'm going to fall in love with somewhere and pay vastly over the odds for something just because a deluded owner believes they're entitled to a profit or has to get one because they're overstretched. I spent the last couple of weeks registering with various estate agents (my town has around 10 which is a ridiculous amount) if they had houses I wanted to view. I will continue to do this rather than give my details to all and sundry as I'm perfectly capable of monitoring Rightmove and I don't want to be swamped by Agents calls. The registration was better than I thought it would be. Out of the agents I spoke to only one was overly bullish, the rest seemed fairly reasonable, even when I asked about making offers under asking price they went as far as to point out the buyers they thought would be amenable to approaches and who wouldn't. Only natural really as anything else would obviously be wasting everyones time but it still surprised me given the horror stories I'd previously read on here. So far I've only seen the one house. 4 bed semi that used to be owned by a old fella that passed away. Being sold by his sister so for a quick sale there may have been a possibility of movement on price. I really liked the look of the outside. It had a drive for parking and was an old stone built cottage which ticks a lot of boxes. Sadly, the inside was a huge disappointment. There wasn't a single room that didn't need some kind of work doing and the kitchen and bathroom would need replacing completely. I estimated 20-30k worth of work that needed doing and mentioned as much to the agent. She agreed it was a 'project' house and didn't really try to push me any further. They are due to give me a follow up call this week though so we shall see. I wouldn't be interested now unless there was serious movement on price and will tell them as much and see what they say. I have a further 3 or 4 viewings booked in for this week so shall update again later on when thats been concluded. Feel free to comment and question I shall answer if there are any!
  15. Right but, what if, goverments in the future simply said it wasn't wiped after 30 years but had to be repaid. Anyone taking out one of these that hasn't considered this possibility, I have a bridge I'd like to sell you..!
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