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Spindler

What Housing doesn't always go up ?

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https://www.zerohedge.com/news/2019-05-01/new-housing-data-warns-era-double-digit-home-price-gains-over

US related but parallels to UK

regardless of the nonsense to come out of the Halifax this week(they should hang their heads in shame and embarrasment) I have mentioned a few times i'm pretty sure all those who used HTB in the last few years on a new build are probably in negative equity if they tried to sell..North or South...

Anyone in the last few years who wasnt using existing equity to buy but debt..(HTB or otherwise).in the South East and London is probably looking at a loss...and thats not even taking transaction charges into account...

This is just the start ...as per the article those likely millenials who have bought with debt will rue the day:  The US market may be different to the UK but they do have something in common the days of extraodinary gains are over

this could be the turning point in real estate that turns a generation of millennials into deadbeat bagholders

 

The US buyers have one advantage... they likely in many states can walk away by handing back the keys if its a non recourse mortgage....of course all UK mortgages are full recourse !!!!! So fat chance !!!

Well you can hand it back but you're still liable for the difference between what they sell it for and what you owe         ..for up to 12 years !

 

Edited by Spindler

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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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