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House Price Crash Forum

Value

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About Value

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  1. Call it what you want, but if you bought at the peak as a FTB or for BTL and are forced to sell five years later it will feel very unpleasant. Prices didn't fall overnight in 1989 either...deciding to buy or sell a house isn't something people do overnight. Especially if its going to lose them money...they'll cling on as long as possible.
  2. Want doesn't always get. Hence state regulated prostitution in some countries
  3. If a large number of people on formerly decent incomes remain renting privately, which I think is likely even after a -25% crash, then surely this will become an increasingly important political & social issue? Especially once its affecting those that decide elections, not just the young and apathetic. Maybe there is a good chance of better tenant's rights in the future if people demand them...
  4. Did I read USD25K right? The average price of a serviced apartment in Tokyo itself is over USD600k. (http://www.japantoday.com/jp/news/415030)
  5. This must be the soft landing we keep hearing about... The shark theory sounds more realistic though...with no more "capital growth" to subsidise the BTL crowd's losses, surely some will sell. Also, maybe more FTBs will "wait and see" rather than than continuing to rush in fearing prices can only increase. Interesting times ahead.
  6. I agree...but can anyone name a politician that doesn't fit this description?
  7. Clarkson is the ultimate multimedia troll. I like him. Not sure what relevance he has to anything here though, or why I'm even bothering posting about the xxxx.
  8. Not sure where you think you read that but its nonsense. Its up to the LL what he does with his property once the tenant has gone. Depending on how many weeks deposit the LL holds, just stop paying the rent. The contract probably expressly forbids this, but if you leave the property as you found it the LL is unlikely to take you to court. Might be worth arranging an inspection before the last month's rent is due to sort out any potential issues beforehand. Photos are always a good idea too.
  9. Have a look at these sites giving advice on your right to extend the lease. The cost might not be too bad compared to the cost of moving, plus it will be offset by the added value to the lease once renewed. http://www.lease-advice.org/legsframe.htm http://england.shelter.org.uk/advice/advice-2929.cfm I'm not an expert, but I think you are overestimating your landlord's powers to prevent you renewing, the law was changed in 2002 to make it easier to renew. If the LL acts up you can go a leasehold tribunal hearing. Good luck
  10. Embarrassed to admit it, but I watch this quite regularly. In the current series the lovely Kirsty has referred repeatedly to the market hardening and to huge capital gains being a thing of the past. She's also suggested people will be trading up less in future due to this and has advised people to look how they can improve existing properties to add value in increasingly difficult market conditions. Not sure any of the potential purchasers took a bit of notice. So, its not all Bull from Kirsty after all.
  11. Luck more like. What if Dave got made redundant or couldn't get enough work in the early '90s like so many others. He'd have been bankrupted, unable to get a new mortgage for a few years, and then probably be working his **** off to pay a mortgage on a modest house even now. He was just lucky. Oh, and the dreaming American waiter? 90% chance he's still waiting tables and dreaming...but then the myth of the American Dream is cheaper than paying for a welfare state.
  12. That brings a whole new meaning to "servicing one's debt"!
  13. I'd agree with that. But in say 15 years time, assuming continuing unaffordability, will the "house nots" and their parent's supporting them be a large enough part of the population to force the politicians to take interest? I'm not sure personally, there seem enough desperate FTBs stretching themselves at the moment to ensure a future homeowning class...and no doubt they will whine incessantly demanding the Government subsidise them with low interest rates and with restrictive planning laws to protect their "investment".
  14. I wonder if the current glut of information compared to 1989 will influence this at all? Today we have the internet, a media arguably more obsessed with the housing market than ever before, and websites like this one, banging the drum. I can see the BTL pension funders hanging on at all cost...but a lot of them seem vulnerable due to the puffed up, crappy new build flats they've all bought. People might rent them, but I imagine buyers will be thin on the ground in a downturn. I guess on balance, wishful thinking will overrule the knowledge available and people will hang on until they no longer can.
  15. I agree completely. My own parents say the latter about struggling. They genuinely don't seem to get it and they're far more in tune with reality than the average politician. I'd never really given tenant's rights much consideration. That would be an easy way to maintain the status quo while placating a lot of people. My rent is far cheaper than a mortgage and I live in a very nice area. If I had better rights I might be inclined to invest more time and money in improving my home. I'd happily keep on renting forever with improved tenant's rights and rent controls. Not sure the BTL crowd would like that though, thankfully my LL doesn't have a mortgage.
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