Jump to content
House Price Crash Forum

Big Price Falls - Good For Homeowners?


Recommended Posts

Hi all,

I bought a tiny starter flat for 113K at the top of the market, and I'm sure it's going to fall heavily in value. This made me depressed for a while :( .

However, I've been number crunching, and it seems some heavy price falls would allow me to move up the property ladder for a lot less than if prices had continued to rise. I guess the problem is that houses would retain their value more than flats, but then again higher priced houses would probably fall by a greater amount of money.

Is this right? If so bring on the price falls :rolleyes: . OK so I should have held on and bought, but due to personal circumstances it was the right time for me to buy (and my moving into a safe public sector job looks a good decision given what may be in store for the UK).

Link to post
Share on other sites
Hi all,

I bought a tiny starter flat for 113K at the top of the market, and I'm sure it's going to fall heavily in value. This made me depressed for a while :( .

However, I've been number crunching, and it seems some heavy price falls would allow me to move up the property ladder for a lot less than if prices had continued to rise. I guess the problem is that houses would retain their value more than flats, but then again higher priced houses would probably fall by a greater amount of money.

Is this right? If so bring on the price falls :rolleyes: . OK so I should have held on and bought, but due to personal circumstances it was the right time for me to buy (and my moving into a safe public sector job looks a good decision given what may be in store for the UK).

Don't forget lower taxes, lower insurance payments, lower heating and lighting costs while you are still there etc

(That public sector job is a lot less secure thn you think, btw. Unless you are in the emergency services or something extraordinarily vital like that).

Link to post
Share on other sites

> (That public sector job is a lot less secure thn you think, btw. Unless you are in the emergency services or something extraordinarily vital like that).

I'm aware of that, but my employer hasn't had a round of compulsory redundancies in 40 years, so it's pretty safe. I also have a small business to fall back on, and thankfully its earnings aren't £'s.

Link to post
Share on other sites
Hi all,

I bought a tiny starter flat for 113K at the top of the market, and I'm sure it's going to fall heavily in value. This made me depressed for a while :( .

However, I've been number crunching, and it seems some heavy price falls would allow me to move up the property ladder for a lot less than if prices had continued to rise. I guess the problem is that houses would retain their value more than flats, but then again higher priced houses would probably fall by a greater amount of money.

Yes, correct. Don't know about Essex, but in the post-industrial West Midlands an extra bedroom would have cost about an extra £20K a decade ago instead of £50K now. Except for speculators and downsizers, falling prices benefit everyone, as the rungs in the property ladder get closer together.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.