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TheCountOfNowhere

Do You Think People Have Twigged ?

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has the house price crash tide finally turned ?

Everyone I speak to is saying:

* We are skint

* We can't believe the cost of everything

* I hate immigrants

* Something's got to be done about...X,Y and Z

* House prices are dropping/over-priced.

* I'm going to sell before the big drops ( that's my favourite )

* I'm going to buy a Multi-let because houses are too expensive for people to live in.

* Estate agents saying nothing is selling and prices have to come down

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my cousin has finally admitted hes shafted after buying in 2007 with a lier loan, hes 40k neg eq, £1000 a month interest only mortgage on 150k

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IMO it was the non-event of a spring bounce. Sellers were well up for it - fresh coats of magnolia applied, twigs arranged, bread baking, asking prices soaring... It had been over three years since house prices had shown double digit growth and the economy was showing some (deadcat bounce) signs of life. This was to have been the moment when they would sell their house for more than they paid, with enough extra to clear the credit cards and a cruise thrown in for good measure. It didn't happen though and things look much worse than they did just six months ago... TIMBER!

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has the house price crash tide finally turned ?

Everyone I speak to is saying:

* We are skint

* We can't believe the cost of everything

* I hate immigrants

* Something's got to be done about...X,Y and Z

* House prices are dropping/over-priced.

* I'm going to sell before the big drops ( that's my favourite )

* I'm going to buy a Multi-let because houses are too expensive for people to live in.

* Estate agents saying nothing is selling and prices have to come down

yes i hear all this too, but not seen any massive asking price drops yet, lets hope we do soon though

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Just this weekend speaking to the same people who a year ago were keen to see me buy a house (I decided not to), and both being home-owners in South East London (Plumstead & Lee) they seem all to aware that house prices have dropped and had no problem admitting it.

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THREE houses on my route to town, Friday, SSTC...today FOR SALE.

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I have given myself a rough deadline of either 10%+ falls happen by Easter next year or I am off.

I am pissed off being shafted by high house prices/ rent.

Ballinasloe, Ireland is looking good - it has train connections & 45 min drive to Galway where there are jobs and an airport. The houses are affordable. What could go wrong?

I could waste another 5 years here or try my luck there. If I just sit here for another 5 years and get shafted I will have a breakdown.

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In a word no. Showed the bubble / house price graph to two colleagues recently (one heavily into BTL and has been trying to offload a £1M+ barn conversion for the last 2 years...). It was shrugged off as it normally is. (Have been showing them regularly since 2007)

Chatting to my Dad the other day, and he told me now was a good time to buy as "prices are low"

Brother in law thinking of buying down south (currently renting).

Etc etc. IMHO it will be another 12 months at least before people realise the "good times" aren't coming back

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There seems to be a bit more sentiment around that house prices don't always go up, although all too many seem to think that this is a short-term blip in that. One or two people have even expressed the view that they're too expensive (probably easier to see that when everything else is getting expensive). However, none of that seems to be going the step further of thinking that prices could and should go down.

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In a word no. Showed the bubble / house price graph to two colleagues recently (one heavily into BTL and has been trying to offload a £1M+ barn conversion for the last 2 years...). It was shrugged off as it normally is. (Have been showing them regularly since 2007)

Chatting to my Dad the other day, and he told me now was a good time to buy as "prices are low"

Brother in law thinking of buying down south (currently renting).

Etc etc. IMHO it will be another 12 months at least before people realise the "good times" aren't coming back

A regional perspective - which is needed for balance here. Those in Norn Iron can talk about the crash in the past tense, in North England and the Mids it's present tense and in London it's a still a future and theoretical concept.

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In a word no. Showed the bubble / house price graph to two colleagues recently (one heavily into BTL and has been trying to offload a £1M+ barn conversion for the last 2 years...). It was shrugged off as it normally is. (Have been showing them regularly since 2007)

Chatting to my Dad the other day, and he told me now was a good time to buy as "prices are low"

Brother in law thinking of buying down south (currently renting).

Etc etc. IMHO it will be another 12 months at least before people realise the "good times" aren't coming back

My Dad is similar, "you don't want to miss the bottom of the market, son"

Had to laugh.

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In a word no. Showed the bubble / house price graph to two colleagues recently (one heavily into BTL and has been trying to offload a £1M+ barn conversion for the last 2 years...). It was shrugged off as it normally is. (Have been showing them regularly since 2007)

Chatting to my Dad the other day, and he told me now was a good time to buy as "prices are low"

Brother in law thinking of buying down south (currently renting).

Etc etc. IMHO it will be another 12 months at least before people realise the "good times" aren't coming back

of course, they are keen, its not until they want a mortgage that the realise the "twigged" are the lenders.

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Etc etc. IMHO it will be another 12 months at least before people realise the "good times" aren't coming back

More like 5 years I'm afraid. I'm 2 years into a 5 year loan I took out to buy a farm in Poland, I'm that convinced of the time scale.

"you don't want to miss the bottom of the market, son"

The bottom was a least a year, maybe two in the last crash, and it was obvious.

Edited by Peter Hun

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IMO it was the non-event of a spring bounce. Sellers were well up for it - fresh coats of magnolia applied, twigs arranged, bread baking, asking prices soaring... It had been over three years since house prices had shown double digit growth and the economy was showing some (deadcat bounce) signs of life. This was to have been the moment when they would sell their house for more than they paid, with enough extra to clear the credit cards and a cruise thrown in for good measure. It didn't happen though and things look much worse than they did just six months ago... TIMBER!

I know two couples who have been extending their house into the loft ( one in Northampton and one in Birmingham ) so they could catch the bounce, after not being able to sell for two years. 1 - not selling....1 - not ready to sell due to slow builders.

I refuse to buy a 5/6 bed house where 2 of the beds are in the loft....that's actually a 3/4 bed with 2 rooms in the loft you could have done yourself and saved £100K :lol:

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I've noticed sentiment change although only very recently. My dad who was always going on about house prices only ever go up and how I should buy a 'fixer upper' to sell on for more and repeat until i owned my own house has now changed his view. I think its because now i've been looking at the market more seriously he see's how expensive a normal 3 bed semi is. The same house he bought for 60k in the early 90's (right before the market crashed so bad timing on my parents part as a year later it would have been a lot cheaper) is now up for sale at 160k yet I earn the same as my parents combined income but can't even afford to buy a 2 bed flat using mine AND my gf income.

My dad even tried talking my cousin out of buying and suggested they rent for a year or so! I was absolutely shocked as my dad has been banging on about rent being dead money for years.

I've also heard people complaining about the rising price of food although they seem to blame the shops for rising prices and not the real reason behind it (although I have tried explaining it to them).

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Unfortunately not here in London.

Some concern in London, but plenty of sales going through in our area for 3/4 bed houses. Prices seem to be easing off, but quite a few are going.

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I refuse to buy a 5/6 bed house where 2 of the beds are in the loft....that's actually a 3/4 bed with 2 rooms in the loft you could have done yourself and saved £100K :lol:

That.. and the 4-bed where one is just a room downstairs.. so it's a 3 bed with 2 lounges IMO

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A guy at work that went into a hilarious ear bleeding rage at me when I presented to him a graph on rightmove showing that the volumes of sales had fallen on its **** in his postcode about a year ago, has even changed his tune.

He got back from a holiday and realised that you could basically buy genuinely luxurious homes in parts of Europe with what you would be lucky to get a 3 bed former crack den in the South East with.

He is now actually very sympathetic to the HPC cause, despite owning 2 homes - all a bit odd really.

It's also a bit of a shame because I can't wind him up anymore.

my cousin has finally admitted hes shafted after buying in 2007 with a lier loan, hes 40k neg eq, £1000 a month interest only mortgage on 150k

Oh man.

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I've noticed sentiment change although only very recently. My dad who was always going on about house prices only ever go up and how I should buy a 'fixer upper' to sell on for more and repeat until i owned my own house has now changed his view. I think its because now i've been looking at the market more seriously he see's how expensive a normal 3 bed semi is. The same house he bought for 60k in the early 90's (right before the market crashed so bad timing on my parents part as a year later it would have been a lot cheaper) is now up for sale at 160k yet I earn the same as my parents combined income but can't even afford to buy a 2 bed flat using mine AND my gf income.

My dad even tried talking my cousin out of buying and suggested they rent for a year or so! I was absolutely shocked as my dad has been banging on about rent being dead money for years.

I've also heard people complaining about the rising price of food although they seem to blame the shops for rising prices and not the real reason behind it (although I have tried explaining it to them).

Wonderful. Thanks for sharing that. I think this change in boomer sentiment is key. When they stop egging their kids on to take out ever increasing amounts of debt - as they have been these past 10 years - then you know the game is up. I think this realisation is slowly beginning to dawn on people - including my older colleagues at work and my friends who bought post 2005. Of course, I won't be saying "I told you so" - I don't need to; they already know.

I think the next 12 months will be as interesting as 2008-09. I hope it was worth the wait.

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Some concern in London, but plenty of sales going through in our area for 3/4 bed houses. Prices seem to be easing off, but quite a few are going.

People I know who've bought in the last couple of years keep coming out with the mantra "but it's the Olympics next year!" I have to bite my tongue to stop myself replying "but once the Bulgarian who's renting your pad for 2 weeks goes home, what then?".

Of course there is still a large transient euro population living and working in London, and prepared to pay silly money to rent a bed-sit.

Another fear is that the long-promised hyper-inflation will really take off. When you need a wheel-barrow of bank notes to buy a loaf of bread, buying a house that cost a million, may seem a sensible choice to have made. Even if you have to stand guard with a shot gun as society collapses...

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Not here down on the South Coast. Colleague of mine is desperately trying to get a mortgage to buy something that will cripple her financially - but she sees the problem as it's all the bank's fault for not lending silly multiples of her wage, rather than prices are too high. Absolutely will not entertain the idea that prices will go down and she should wait.

Edit to add: which goes to show it's not just the sentiment of sellers that needs to turn.

Edited by RentingForever

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Friend recently completed on a 215,000 (I think - over 200,000 anyway) in Ash Vale. Mentioned on another thread somewhere.

Don't think it's even started to sink in yet.

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Was in central London the other day walking through town (I'm from upt'north) and overheard two boomers behind me discussing how "nothing was moving" and that sympathetically, "no one could get mortgages".

I think it's interesting that people attributing lack of mortgage availability as the main factor in slow sales, as opposed to the fact that the prices are just too damn high in the first place.

But then, they probably have a point, as there are no doubt plenty of Gen-X/Y'ers desperate to nest-build whatever the cost, if a bank would just loan them the figures required. (NO DON'T DO IT!!)

We need a home buyers strike. That combined with lack of mortgage availability should really do the trick. Unfortunately, we'll all get bled dry by BTL'ers via high rent in the meantime. Still, worth it imo.

Also, with fear of the goldbugs seizing this as an opportunity to turn this thread to gold, I also overheard a financial advisor advising a client while I was having lunch in Waterloo, basically saying that Gold was a good investment at the moment. He expected it to hit $2,000/ounce, probably $3,000 eventually. Make of that what you will. All I made of it was that London's bloody crazy, with guys talking about gold investment downt'station. Are you all made of money down there?

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  • 338 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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