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rantnrave

If Your Housing Market Dreams Came True?

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If everything you wanted to happen in the housing market actually happened, how would it change your life? What would you do that you can't do now?

Personally, my dream would be that my deposit (currently pushing £100K) would allow me to make a cash purchase on a decent place in the southern town where I went to uni. Still know a lot of folk down there. In reality I would have to keep working re pension plans, but with no rent or mortgage that would take some of the financial pressure off. Granted, I would lose the interest I'm getting on my savings right now, but that aint great as it is. I'd hope to put more money into travelling to really off the beaten track places (FWIW I have been fortunate enough that I consider myself extremely well travelled as things presently stand).

Anybody else care to share what they would do?

Edited by rantnrave

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In simple terms, a 50% fall, seeing my own house fall from about £240K to £120K, but maintaining a fairly respectable equity of £40K. This goes towards our dream house that has now fallen from £400k to £200k... B)

Of course, this assumes ALL property falls by the same amount, and that the banks would still be around to offer me a £160k mortgage at affordable rates.

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I'd buy a 3 bed semi, in the village that I'm currently renting in, for about £120K. Mortgage would be the same as the current rent at 9%, so could own and maintain the lifestyle we've had whilst renting, even when rates return to normal.

I'd be quite content with that :)

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buy a house and live rent free - spend my time building a big legacy for my children (uni aint gonna be cheap!)

Probably start a business too since the risk is a lot lower with almost no outgoings.

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prices to drop 60% and no 2nd homes available without HUGE tax penalties. perhaps triple pox tax for 2nd homes.

+1

I'd be happy with a 30-40% drop to make the average around 100k (4x £25k income), no buying of property without a sizeable deposit, as RFD states above penalties/extra taxes for multiple property ownership, a large social housing building program (and if you trash your social home it doesn't get repaired by the taxpayer), finally use of the tax system to prevent excessive movements of house price inflation/deflation against wage inflation (keep within 2% i.e. wage inflation 2%, HPI in the range of 0-4%). Off the top of my head that'll do for now I think?!

Edited by danlee74

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The chance to buy a home to live in without the risk of a rapid and ruinous collapse in property prices is what most people are waiting for. Everyone knows the fall will happen, but you really don't want it to occur just after you spent 250k on some over-priced new build that you don't see as your lifetime home. This is why nobody is buying. I just wish they'd allow the correction to occur, and if necessary assist those who are most shafted by it (excluding investors who could be left to rot). The stalemate will continue for as long as government artificially and temporarily props up prices. It's gone on long enough now.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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