Wednesday, December 5, 2007

What to do with property?

"Don't touch the housing market with a barge pole"

Includes yours truly

Posted by financial planner @ 05:45 PM (1662 views)
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16 thoughts on “What to do with property?

  • it_is_going_with_a_bang says:

    “sentiment may change” – yes indeed its going to get worse – not quite what he meant me thinks.

    “I can’t imagine selling a property because of what’s happening in the housing market”
    So… people don’t sell something when it starts to devalue. What wealth of knowledge is that based on???
    Clearly doesn’t have much of an imagination!

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  • “Jonathan Davis, chartered financial planner and spokesman for Housepricecrash.co.uk, says: Don’t touch [the housing market] with a barge pole.”

    I think he might have a Vested Interest in wanting prices to crash 😉

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  • > “I can’t imagine selling a property because of what’s happening in the housing market”
    > So… people don’t sell something when it starts to devalue. What wealth of knowledge is that based on???

    Too right! I’m selling a kidney next week because I believe the market for kidneys will crash in the next 2 years.

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  • Everyone has an interest of some sort. I don’t own (just moved because of work and am renting) so it helps me since I can’t afford the house I want where I now live. My friends/family will not be happy, since some of them have just bought. etc etc. Only some people have consistently said the market it faltering. Now more are saying it as it’s impossible to deny. I think that people must look at howcome we continually have to have these types of ups and downs in housing making some people happy, some poor – and some wealthier. And why they don’t have these in places such as Germany. It’s hugely complicated, maybe one day people will understand it. In the meantime, it’s the usual: Caveat Emptor. It affects us all – at some point. You just have to open your eyes and ears.

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  • HAHAHAHAHA – we should have fireworks, house prices are falling and there will be a crash soon. What will Jonno’s next website be… “I could have bought properrty but I waited, now I’m a property millionaire. You could be too, watch my dvd and come to my seminar”

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  • personally think j davis is being conservative….houseprices are 9x average income(excuse me???)…yep 9x average income…long term average is 3.5
    so prices could falls 50-70% if wages start to decrease with recession and the flood of immigrants willing to work for less money

    Welcome to the great uk depression

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  • I thought the comment of ‘if you have loads of equity and the rent more than covers the mortgage then don’t bother selling’ quote was hilarious.

    Yep don’t take the cash out..just let it dwindle to nothing!!!!..sounds like a great investment to me.

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  • Nice to see ‘ yours truly’ given a slot on prime time BBC 6pm news earlier. It’s gaining momentum.

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  • Cheekie Charlie says:

    “so prices could falls 50-70%”
    I think when your talking about city centre flats your spot on. These will be fast known as chav flats, even if they fell in value by 80% I still wouldn’t want one. Muahahahaha.

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  • For those who don’t know, Jonathon Davis is ‘Financial Planner’ (who I believe was involved in setting up this site) – but I’m not crticising him for posting his own quote – he’s worked hard to get this far and to get that quote into a mainstream newspaper headline has to be a major milestone in this process. Well done Jonathon.

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  • Agreed, well done Jonathon for setting up this site and finally gaining the exposure it deserves!

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  • planning4acrash says:

    Congratulations Jonathon! I’m sure it will be a bitter sweet ‘i told you so’ to friends who wouldn’t listen. But many like me avoided buying because of the sanity of this site. So. Without meaning to be sycophantic, Thankyou!

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  • The lead item on the BBC News At Ten this evening was also the drop in house prices and the further potential impact on the economy. Jonathan was on there too with the website address beneath his name. Other than Gordon Brown quoting the address from the floor of the House Of Commons I’d say that’s about as mainstream as you can get!

    About time too. There must be plenty of people who were about to make a really big mistake but who will now have reason to reconsider their options.

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  • voiceofreason says:

    Well done FP.
    I was about to give up working next year. Seeing as the other half’s pay covers everything except the huge piles of cash needed to go up a rung.
    Maybe my salary will be worth getting up for again soon …!

    I was so looking forward to some time off – damn you 🙂

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  • hi jonathan
    i nearly bought a house last year , a 2 bed in telford for 75k ,
    i earn 15k a year it would have been a real stretch but i didn’t go ahead
    last month that house sold at auction for just 55k(reserve price)
    and one further down the road is going up for auction next week with a guide price of just 45k
    cheers mate

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  • Seanb303 – excellent post – thanks for sharing the figures

    Property price £75K now down to £45K = 40% price drop and a return to 3 x £15K salary multiple for mortgage purposes – several visitors to this site have been predicting a combination of these figures – looks like the market is correcting after all despite the best efforts of the vested interest brigade.

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