Cinzano Bianco Posted February 2, 2011 Share Posted February 2, 2011 nor would i if I could earn a six figure salary elsewhere You don't need a six figure salary if you live elsewhere. You might argue it would be harder (or impossible?) to find a job in your industry elsewhere though. Quote Link to comment Share on other sites More sharing options...
Constable Posted February 2, 2011 Share Posted February 2, 2011 (edited) well I am torn. I have always believed that this is a transfer of wealth from west to east and that a substantial reduction of living standards is coming for us here. I figured on a bottom in 2013. But I am also used to looking at charts and looking at the charts that you posted which you claim would happen here means that like for like would be 1995 prices in 2020. I dont see a like for like crash though. Rather a more gradual affair for us me thinks. I had hped that 2013 would be the bottom and I could buy then but now I am not so sure. Who knows? I dont and you dont but we are both positioned the same. My earlier comment were based on the fact that I would be much better off had I bought in 2009. That hopefully will not be the case forever but the fact remains that not all of us have done so well so far. Many of us have different circumstances. I need a substantial crash from here to break even if just looking at the cold hard figures with a calculator and I am not the only one. Yesterday is exactly that though. I would have been better then but that time has passed and the option is gone. Now I am the same as every str and ftb. We will all wait and see Where are you looking? London? Don't pay attention to asking prices, they are nonsense - there is a 24% gap between asking prices in sold prices in London http://www.thisislondon.co.uk/money/article-23898762-reality-gap-in-property-prices-drives-buyers-from-the-market.do. Hold tight, things have turned, but they've only just started and it's an oil tanker with a stubborn captain who has orders to turn round but is only doing so reluctantly! You'll look back one day and thank your lucky stars that you didn't buy in 2009 IMHO. Edit: My GF sold her London flat last year and as since been told by the agent that she was very lucky as he'd never get that price for it again. Edited February 2, 2011 by Constable Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted February 2, 2011 Share Posted February 2, 2011 Figures are a bit distorted as they also include the £47million Bernie Ecklston paid for his kids house and the 1 Knightsbridge appartments selling for £100million, which beefed up the average prices. Without these expensive properties, the drop would have been far higher. Doubt it. They wouldn't have used mortgages. Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted February 2, 2011 Share Posted February 2, 2011 Why does everyone assume that there be a bottom followed by an automatic recovery in house prices? My guess is that house prices costs will continue to decline for the next 5-10 years (certainly in real terms) with no guarantee that they will ever recover to levels seen in the last few years. I've said this many times, but globalisation has changed the game. Britain will have to get used to being a poorer country with lower standards of living. We will not be able to compete with countries that... 1) do not have crippling sovereign debts 2) do not have crippling welfare states including public sector pension liabilities 3) do not have dreadful educational achievement 4) do not massive and costly social problems caused by uncontrolled immigration 5) do not have have high land and property prices making them uncompetitive 6) do not have ageing populations Exactly! Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted February 2, 2011 Share Posted February 2, 2011 (edited) I had hped that 2013 would be the bottom and I could buy then but now I am not so sure. In early 2013 I believe there will be a window of opportunity to buy at distressed levels, prior to next blip up. Thus, if prices, then are 35% below late 2007 (45% in real terms) and one puts in several low ball offers (at 50% below 2007) one just might strike lucky. They can only say no. Edited February 2, 2011 by Killer Bunny Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted February 2, 2011 Share Posted February 2, 2011 In early 2013 I believe there will be a window of opportunity to buy at distressed levels, prior to next blip up. Thus, if prices, then are 35% below late 2007 (45% in real terms) and one puts in several low ball offers (at 50% below 2007) one just might strike lucky. They can only say no. If it's anything like the last crash there will be a long trundle along the bottom and plenty of time to buy in. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted February 2, 2011 Share Posted February 2, 2011 If it's anything like the last crash there will be a long trundle along the bottom and plenty of time to buy in. All crashes are the same. Though the best time might be just before the bottom (if you can call it) as people will still be seeing continuous falls rather than stagnation and so take a lower offer. Quote Link to comment Share on other sites More sharing options...
Kazuya Posted February 2, 2011 Share Posted February 2, 2011 In early 2013 I believe there will be a window of opportunity to buy at distressed levels, prior to next blip up. Thus, if prices, then are 35% below late 2007 (45% in real terms) and one puts in several low ball offers (at 50% below 2007) one just might strike lucky. They can only say no. So, do you 'think' falls will stop around 2013 or will this crash drag out until 2015 or more? I hope this year and next is when the majority of falls take place. Quote Link to comment Share on other sites More sharing options...
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