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A Crash Is Happening

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I am amazed at how many people here think that there is no crash.

There is a crash (appart from maybe a small amount of towns),

Estate agents and banks just do a very good job in covering this up.

Give them credit for the way they spin the truth.

In Southampton alone, Luxary flats are being reduced by 20k, 30k and

some by 40k.

Manchester and Leeds the same is also happening.

There are empty properties everywhere you look.

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Same down my way mate..

Exeter.. seems that as long as the press says prices havent dropped that we are dreaming the discounts and cashback offers on new builds..

No drops??

Well if I bought a two bed flat this year it would be £40,000 cheaper then last year..

and if I look at my take home pay..

thats a big chunk of three years take home..

So Glad I didn't last year..

imagine how much less I will ahve to pay when prices start going down.

flat house prices seem to be a great way to save..

Or a bit of a porky pie

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Same in bristol, I have been watching 10 flats in the centre for the last few months and they have on average come down about 10% in that time, if you offer 10% less than that, they are back to the price they were in 2002, and looking on www.houseprices.co.uk, some are going for less than they were bought for!

ril.

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Same in bristol, I have been watching 10 flats in the centre for the last few months and they have on average come down about 10% in that time, if you offer 10% less than that, they are back to the price they were in 2002, and looking on www.houseprices.co.uk, some are going for less than they were bought for!

ril.

I wish it was true but not where i am.

A new development of around 55 townhouses in Horsham, West Sussex, all been sold exept for one and they have only just completed the development. How do you explain that, hardly the sign of a HPC.

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I wish it was true but not where i am.

A new development of around 55 townhouses in Horsham, West Sussex, all been sold exept for one and they have only just completed the development. How do you explain that, hardly the sign of a HPC.

He did say a "apart from a small number of towns", when markets crash there are always exceptions, even in the 1920s stock market crash a few stocks actually went up. There are always exceptions. BUT Hosham is not the entire UK market. ;)

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I wish it was true but not where i am.

A new development of around 55 townhouses in Horsham, West Sussex, all been sold exept for one and they have only just completed the development. How do you explain that, hardly the sign of a HPC.

Relax, it always happens. In Southampton the same also happened. A block of flats completed. All sold.

Then within 1 year they will go back on the market for a much lower price. People believe the spin.

Buy youself the townhouse next year for 20% cheaper.

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Any of you mug enough to buy a new build anyhow? The premium over older housing stock is usually quite substantial so you hardly will be getting a bargin even with a discount. Don't forget the chavs overlooking you in the next apartment block for social housing.

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There is no crash.

Don't take my word for it, try taking a look at the home page of this very website. Every survey detailed (with the exception of Hometrack) is showing a year on year increase of between 2.5% to 4%.

I accept that this is barely outpacing general inflation but it can not be called a crash.

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How do you explain that, hardly the sign of a HPC.

I remember the day I was driving home past the block of flats that had sat empty for a year just down the road from me and saw the sign saying 'only 3 left'. Odd that, because not a single flat in the block was listed on nethouseprices.com.

Interestingly, last time I drove past there a couple of months ago, only 3 were still left, and there was only a light on in one flat in the block.

Every survey detailed (with the exception of Hometrack) is showing a year on year increase of between 2.5% to 4%

Meanwhile, people on the expats site (one of the few dedicated to forced sellers) are often reporting having to reduce prices by 20% or more to get a sale.

Edited by MarkG

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Nationally, new flats have shown the biggest falls the past year. In some places pretty big falls.

really starting to struggle around where I work (Docklands), plenty of neg equity around. And they're continuing to build new ones!! :o

the plaza near where I work is full of estate agents... all perpetually empty. Properties retailing at a minimum of quarter of a million. The vast majority of people who work in the area are on less than £30k. Yeah there may be a marginal number of big earners over at Canary Wharf itself, but why would they want to live in a crappy flat round here when the same money would get them somewhere far nicer in West London?

Insanity. And they're still building new ones!! (repeated because I can't believe it myself - especially now that the NE situation is becoming public knowledge)

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the plaza near where I work is full of estate agents... all perpetually empty. Properties retailing at a minimum of quarter of a million. The vast majority of people who work in the area are on less than £30k. Yeah there may be a marginal number of big earners over at Canary Wharf itself, but why would they want to live in a crappy flat round here when the same money would get them somewhere far nicer in West London?

The average salary of people working full-time in the London borough of Tower Hamlets is £71,947. The median is £39,431, which rather falsifies your claim that the vast majority earn less than £30K.

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The average salary of people working full-time in the London borough of Tower Hamlets is £71,947. The median is £39,431, which rather falsifies your claim that the vast majority earn less than £30K.

I guess everyone is lying to me then. And there was me thinking that people would tend to exaggerate their earnings rather than understate them! :blink:

I must move in low company. Either that or those figures are complete balderdash.

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There is no crash.

Don't take my word for it, try taking a look at the home page of this very website. Every survey detailed (with the exception of Hometrack) is showing a year on year increase of between 2.5% to 4%.

I accept that this is barely outpacing general inflation but it can not be called a crash.

You have to appreciate that the bears are in complete denial at the moment!

It looks like prices are moving up, the stats say prices are moving up - but NO it cannot be - because the people here know better.

Like they knew better in 1994-1995 and didn't buy then either.

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I think Tower Hamlets is an area queered by some of the worst poverty in the UK alongside some of the richest earners in the UK. The local Public Sector jobs also pay incredibly well for Social Workers, etc, BUT the people who butter the toast of investment bankers in Canary Wharf probably earn a pittance.

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It looks like prices are moving up, the stats say prices are moving up - but NO it cannot be - because the people here know better.

Indeed. We know that new bull markets almost always grow from the bottom of bear markets, not from the peak of the last bull market with prices well above historically normal levels.

Like they knew better in 1994-1995 and didn't buy then either.

Unfortunately most of us chose to be born at such a time that we were either in nappies, in school, or barely out of school/university in 1994-1995. Obviously we should be condemned to rent for life or pay most of our lifetime income to the bank as a result of such a bad decision...

Edited by MarkG

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Indeed. We know that new bull markets almost always grow from the bottom of bear markets, not from the peak of the last bull market.

No, most of us unfortunately chose to be born at such a time that we were either in nappies, in school, or barely out of school/university in 1994-1995. Obviously we should be condemned to rent for life or pay most of our lifetime income to the bank as a result of such a bad decision...

From what I have seen, there are a significant number of posters here who are well over 30.

They also seem to be some of the most vociferous on the subject

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From what I have seen, there are a significant number of posters here who are well over 30.

Someone who's 30 today would have been 20 in 1995. Hardly an age when most people rush out to buy houses, if they could even have raised enough of a deposit to do so... I suspect the average FTB age was around 30 in those days, when most people could actually afford to buy a house if they wanted to.

They also seem to be some of the most vociferous on the subject

They're probably the ones who reached FTB age only to see house price inflation rapidly exceed their income.

Edited by MarkG

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Like they knew better in 1994-1995 and didn't buy then either.

I was 19/20 at this time and in F.E. I'm sure huge numbers of my peers didn't buy either because of their age.

From your previous posts it's been established that you didn't buy after 1996, yet you were old enough and in the posistion to buy. It seems you don't know better either.

Quite the bull run you missed there LL :rolleyes:

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I wish it was true but not where i am.

A new development of around 55 townhouses in Horsham, West Sussex, all been sold exept for one and they have only just completed the development. How do you explain that, hardly the sign of a HPC.

Horsham, right next to Gatwick Airport. The airlines normally are the last into a recession and the last out. Been there, done it. In 1990/91 these airport towns almost emptied overnight as people 'went home'!

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I was 19/20 at this time and in F.E. I'm sure huge numbers of my peers didn't buy either because of their age.

From your previous posts it's been established that you didn't buy after 1996, yet you were old enough and in the posistion to buy. It seems you don't know better either.

Quite the bull run you missed there LL :rolleyes:

I was in FTE when I bought my first place (1979).

I have also posted previously that I then bought in 1981, 1984 & 1988

I bought my first BTL in 96, the next in 97 & the next in 99

So I'm actually very satisfied.

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The average salary of people working full-time in the London borough of Tower Hamlets is £71,947. The median is £39,431, which rather falsifies your claim that the vast majority earn less than £30K.

No it doesn't.

I think you'll find the mode is what the 'majority' earn.

Now I have no idea what that is in Tower Hamlets (anyone?), but being one of the poorest boroughs in London, I bet you it's less than 30k.

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  • 301 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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