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What will it take to change British peoples views on buying a house ?


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Bank Collapse...still people want to buy

4 years of stagnation...chomping at the bit

Help To Buy Con pushed up prices...buy now before the developer misses out.

Brexit...can't dampen their spirits

Global pandemic/Job Losses/Depression....prices up 7%

Is there anything that will stop the sheeples desire to take on more debt to house their family ?

Only thing I can see if 10% interest rates or at least the very real threat of them rising.

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What will it take to change British peoples views on buying a house ?

The realization that they aren't actually buying houses, they are renting them off the banks (maybe it's not wanting to buy a house that's the problem per se.)

or

The second coming, which is pretty much the same thing except being told by an entity typically depicted as a bloke with a beard.

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What will it take to change British peoples views on buying a house ?

The realization that they aren't actually buying houses, they are renting them off the banks (maybe it's not wanting to buy a house that's the problem per se.)

or

The second coming, which is pretty much the same thing except being told by an entity typically depicted as a bloke with a beard.

Nothing then 

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When will it change? When enough of those who boast about how much their house has risen in value make the connection between high house prices and the fact that they have adult children still living at home, or that they don't have grandchildren as their adult children are unable to afford a family home.

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When will it change? When enough of those who boast about how much their house has risen in value make the connection between high house prices and the fact that they have adult children still living at home, or that they don't have grandchildren as their adult children are unable to afford a 

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If the largest fall in GDP for 300 years, a global pandemic and Brexit doesn’t deliver a house price crash - well it’s never happening.

Insanity - but housing wealth is all we have left! It is our economy!

That's what i think now. 

Msm... House prices to fall 15%

 

Sheeple...go all in on houses

 

Its unfathomable 

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It’s all very strange, that said I can see some areas starting to have an increase in the number of houses for sale, Prime areas and seaside town are gone daft though.  I was just thinking today about 2008, After the crash my local B&Q were selling garden gates off pallets for £5, the pubs were complete dead, myself and my buddy would be the only ones in there, houses dropped 40% in my area, builders were on their knees, the list goes on and on. This is very different and I have no clear idea of where it will end.  My friends have just bought a second flat and I see a Semi on the street I was buying on last year, before pulling out, selling for crazy money.  That said the last crash crystallised very quick and this is a different situation, the banks are still very solvent and even lending.  The outcome is going to start, if it starts, in Nov and Dec as people feel the pinch of redundancy and no work.  But to be honest I thought it would become clear in the first week of Oct as to who would be made redundant and we are here already and people are still going daft buying houses, except flats who no one wants.  Maybe it’s a house of cards that is coming down, I thought a second wave would kill the market dead but doesn’t seem to be the case.   

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If the largest fall in GDP for 300 years, a global pandemic and Brexit doesn’t deliver a house price crash - well it’s never happening.

Insanity - but housing wealth is all we have left! It is our economy!

There isn't any correlation between employment, wages, wealth, Covid, Brexit and house prices. This is why the majority of people on this site are still scratching their head because they're looking for a link that doesn't exist.

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There isn't any correlation between employment, wages, wealth, Covid, Brexit and house prices. This is why the majority of people on this site are still scratching their head because they're looking for a link that doesn't exist.

Apart from you of course, you're here just to tell us we're all wrong about everything. 

There is little point in your posts as far as i can tell. We're all sad #######s on here but jeese we are 100000000 less sand than you sort of people. 

The houses bubble is perplexing, you lot aren't, you're just vile humans 

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With the greatest of respect I think a lot of people forget the majority of homeowners have modest places they have a realistic chance of ‘owning’ well before retirement. I lost money on my first place but now own half of something that’s about 225k. I have a realistic chance of clearing the mortgage within 15 years though we are looking to upsize slightly. This is despite my wife and I having never earned particularly great wages!
 

Other friends in their lates 30s have developed, extended and made nice family homes. I talk about property with friends regularly but I just don’t know anyone that’s bought something I felt was overly expensive or out with their means. 
 

As I keep saying, you can live really well for 200 - 250k in Scotland. Some wise moves and a renovation or two later, and you can live like a king with a modest mortgage (£750?) in something that’s 300 - 350k. With today’s rates, you could easily clear 8 or 9k off the outstanding each year before you even look at overpayments.

Guys, property is pretty inexpensive outside Landan!!!! :) 

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Bank Collapse...still people want to buy

4 years of stagnation...chomping at the bit

Help To Buy Con pushed up prices...buy now before the developer misses out.

Brexit...can't dampen their spirits

Global pandemic/Job Losses/Depression....prices up 7%

Is there anything that will stop the sheeples desire to take on more debt to house their family ?

Only thing I can see if 10% interest rates or at least the very real threat of them rising.

Nothing, unfortunately. I haven't posted here in 8 years it seems, and I hated the way our country views houses. I finally just sucked it up and got on. Boris just announced yet another future "help to buy" nonsense rather than calling it "help to sell your overpriced shoebox" If you wait, you will wait forever.

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If the largest fall in GDP for 300 years, a global pandemic and Brexit doesn’t deliver a house price crash - well it’s never happening.

Insanity - but housing wealth is all we have left! It is our economy!

I agree but I think these factors will deliver a significant correction.

 

There isn't any correlation between employment, wages, wealth, Covid, Brexit and house prices. This is why the majority of people on this site are still scratching their head because they're looking for a link that doesn't exist.

Nonsense.

 

 

The houses bubble is perplexing, you lot aren't, you're just vile humans 

I think you need a pick me up.  Go and review HPC around 1973, 1989-1995 and 2009ish, which would have been even deeper without intervention.  Keep it simple, what goes up, must go down.

And for the posters who say they're friends/family can afford their mortgages, this is an elementary error in terms of understanding the market.  Prices are set at the margins, always remember that.

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From : "extraordinary popular delusions and the madness if crowds":

We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first.

Basically, people, and their politicians, will get fixated on something else.

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Its a very good question but it can be fairly simply unpicked into constituent parts to try and understand. Of course whether this analysis is right depends on choosing the right parts, and making the correct judgement / analysis of each part, which is why I am probably as wrong as anyone else.

1. People live in their houses, so the house and the address is a kind of status symbol and projection of class wealth and personality perhaps more so than fashion and cars.

2. The housing stock in the UK is pretty poor really, and so there is competition between "aspiring" people for the "nicest" places. I think the idea of the "ladder" is connected to this.

3. Banks make their money by lending into residential property more than anything else. So the banks have a commercial interest in increasing lending, and in offering prospective buyers big loans to bid up the prices.

4. The Government constantly tweaks the rules to make it easier / incentivised for the banks to lend more not less.

5. See no. 1: people want to get a better house; the banks are offering them enough money to bid higher than the next potential buyer.

6. Very few people get any kind of formal training in economics, market behaviour, risk assessment, statistics and probability, all the conceptual tools that we use here.

What am I missing here?

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To add: "what will it take" is the unpicking of one or more of these factors I would suggest. E.g. the banks crashing, OR the government doing a U-turn and stopping propping up the market, OR a mass education programme where compulsory financial responsibility classes are given at all schools to all pupils, OR there is a massive campaign across the country to demolish old housing stock and rebuild quality places the people will want to make their lives in.

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From : "extraordinary popular delusions and the madness if crowds":

We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first.

Basically, people, and their politicians, will get fixated on something else.

#DogPriceMania

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  • 433 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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