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House Price Crash Forum


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About Sprrite

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  1. I think the numbers may be much higher as many illegals reside in in London and they wouldn't have got any furlough or any other support. I think long term London will recover as unemployment in other parts of the country will migrate to cities like London for work.
  2. Interesting point, however I think furlough is likely to be extended as once the national lockdown is over as we will move back into tier lockdowns where some businesses will be forced to remain closed. I think furlough in some form may continue until the end of the year at least.
  3. I don't think we are through the covid crisis yet, we're still in the middle of it. I think once renters outnumber landlords/homeowners the political narrative will shift.
  4. Its not a bad idea but the issue is if people knew beforehand that they would need to repay the furlough money, many may have had second thoughts about taking furlough. Its quite hard to do things retrospectively. In my opinion there will need to be some form of wealth tax, the easy target will be increasing inheritance tax but this obviously won't be enough. I can see thing like fuel duty and VAT increasing. Other things that I think are highly likely to be implemented is a digital sales tax on online only retailers (especially as government will likely pay be getting less income from b
  5. A lot is going to depend on government financial support to people, when that stops and we are back to some level of normalcy, all those people on furlough aren't going to be going back to their jobs, there will be a hit on unemployment. In this situation I can't see interest rates increasing and we could move to negative IRs which will further increase property prices. Time will tell.
  6. I would like to think that a conveyancer and/or surveyor would pick up on the above points. On the other hand I could easily say similar about renting - Would you want to rent a property that gets a cockroach infestation from the flat downstairs? Would you want to live in a property where you are sharing with numerous people and even a small family with a crying new born baby? I use the examples above as these (and many more) have been my experiences renting which probably makes me a little biased however I would suspect a lot of people in their 20s on this forum have had simila
  7. I don't think the full effects of the economy will be known until the government stops all the handouts they're giving. If it is as bad as I think, we could have some form of social unrest similar to the 2011 riots. I can see unemployment hitting 3 or 4 million and gdp won't recover to pre pandemic levels until 2024/25. Certain industries are just going to be gutted, hospitality and retail being the obvious casualties.
  8. I got out of London last June and I can say anecdotally that room rents have fallen. However I do expect london to recover once everything goes back to normal. Wouldn't read too much into population decline just yet, most people don't want to be stuck in their room or flat in London during lockdown, I can see a lot returning in the end.
  9. I've seen a few of your posts and you seem to be quite experienced in this area, not sure if you have a background in construction or property in general but I do find your posts insightful. What you're saying that you could get the same house for 185k instead of 270k will be true in certain areas but rare and probably only available to people with the right connections. Not saying its impossible as I had a cousin who bought a very cheap house (repossessed in 2009) that needed significant work doing to it but as he was working in construction he was able to fully renovate the property to
  10. Thinking of a home as an investment is why we are in this mess of high property prices. This country really needs to get away from this idea as it sucks economic activity away from other areas. I disagree with your statement that owning isn't any better than renting. Rents traditionally go up and mortgage payments go down. I accept that you need to maintain a property but I'll take that any day than live under a LL where ill be paying ever increasing rent and at risk of being evicted.
  11. Very good, I work in the insurance industry and we dont want to be associated with this type of thing. It mainly affects Hiscox and some of the lloyds syndicates. Not sure Aviva do much on busines interruption insurance.
  12. Renting is dead money. Having a diverse of investments assumes people have enough cash left over every month after payment of rent and other expenses to invest. Most people in this country unfortunately are not in this position and won't be any time soon. Those same people paying high rents could afford to pay mortgage payments, only thing that hinders them is the deposit to get them on the property ladder.
  13. The thing is only you know your personal circumstances. If you're buying your forever home and will be there for 20 years, I wouldn't worry too much at price to be honest if you can afford it because over that time period it is much better than renting. If you're looking at a house as an investment only for the next 3 or 4 years then thats a different story. Your questioning in very valid. From my perspective, I would like to think by the summer that we are coming out of covid and the government has stopped the spending taps. The transformation of the economy and the inevitable
  14. I think the main issue is that most people on this forum (and the wider country) can't afford to buy which does restrict the type of life you an lead - that was certainly the case for me. Its also not that easy to save up the cash if you're giving a big chunk of your monthly salary to a LL. I can understand why people are bitter and this forum is somewhat of an outlet. Ironically this pandemic has been good for me in terms of savings as I moved out of London and am staying with my sister living rent free. I am now in a position where I would have a deposit for a flat in London and th
  15. +1 - I have seen at times a good debate between people with opposing views on this forum but there is a level of disdain for people who believe prices will continue to rise. Its always good to get opposing views otherwise you just reinforce your own. In regards to the OPs post, a lot will depend on what type of property your in and the local area. I think another major factor is when government support ends, this should be winding down once enough people are vaccinated and covid numbers are down. Its very hard to predict what will happen though, I was expecting us to be over covid b
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