UK House Prices to drop another 55%..
#31
BE Enthusiast
Joined: Jun 2003
Location: Melbourne, Victoria
Posts: 524
Re: UK House Prices to drop another 55%..
Bit flippant.. if you are talking about paying 20c for something, then only being able to get 19c when you try and sell it, then fair enough.... but if you have paid 200 grand for it and can now only get 150 grand then that's a life impacting loss for most people... one that most people simply can't manage
#32
Forum Regular
Joined: Oct 2008
Location: Sydney to Kendal
Posts: 119
Re: UK House Prices to drop another 55%..
House prices may have gone up 300% if you bought more than 3/4 years ago so a 50% droop would still give you 150% gain.
House prices are only what people will accept or buy at and some analysts quoting a % does not apply the random attitudes of the general public. If you have equity in your property then you could remorgage against that or if you are still paying you mortgage payments then why would you sell for less than what you payed.
The downard % only applies to the people who have recently lost their jobs and have no equity which is probally a small amout and they will probally take bankruptcy option anyway and write off any depts.
So basically any % qouted can't be trusted and actually you are quoting so called financial experts that got us in this mess anyway.
House prices are only what people will accept or buy at and some analysts quoting a % does not apply the random attitudes of the general public. If you have equity in your property then you could remorgage against that or if you are still paying you mortgage payments then why would you sell for less than what you payed.
The downard % only applies to the people who have recently lost their jobs and have no equity which is probally a small amout and they will probally take bankruptcy option anyway and write off any depts.
So basically any % qouted can't be trusted and actually you are quoting so called financial experts that got us in this mess anyway.
#33
Account Closed
Joined: Jul 2006
Posts: 14,188
Re: UK House Prices to drop another 55%..
To me these quotes are all a bit hard hearted and smack of an "I'm all right Jack" attitude. So long as its going OK for you then anybody else who's struggling only has themselves to blame. Its a very American, and Thatcherite, attitude.
#35
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Joined: Jul 2006
Posts: 14,188
Re: UK House Prices to drop another 55%..
Any 'profit' I ever made just went into paying more for the next house I moved to. I never managed to stick a big bundle of cash in the bank as a result of speculating.
Last edited by iamthecreaturefromuranus; Mar 13th 2009 at 4:20 am.
#36
Forum Regular
Joined: Jun 2006
Posts: 106
Re: UK House Prices to drop another 55%..
It is not realistic to expect people to sell their homes at an extortionate loss, that would be stupidity and would only cause greater financial headaches in the UK. Everyone is sitting tight, very few people are actually selling and very few people are actually buying, so the market is stagnant.
Your comments are smug, arrogant and insensitive to people who really are struggling with the current economic situation. I am a homeowner who would like to sell, but I am not prepared to rush things, but am secure enough that I will not make a loss. This is not the case for many other homeowners who aren't fortunate enough to be in this position.
#37
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Joined: Jun 2007
Posts: 1,043
Re: UK House Prices to drop another 55%..
Any profit I have ever made on house sales has simply been coincidental. I bought all my houses to live in, not profit from and I only actually ever sold a home when I was moving cities, or continents.
Any 'profit' I ever made just went into paying more for the next house I moved to. I never managed to stick a big bundle of cash in the bank as a result of speculating.
Any 'profit' I ever made just went into paying more for the next house I moved to. I never managed to stick a big bundle of cash in the bank as a result of speculating.
#42
Account Closed
Joined: Jul 2006
Posts: 14,188
Re: UK House Prices to drop another 55%..
I'm trying to tell you that I never bought a house as an investment. I bought them all as homes. Places for myself and my family to live in. The home I am in now has lost money since I bought it. While that is irritating its not a major problem because its not why I bought the place.
It becomes a problem if I have to sell. Its then a big problem.
It becomes a problem if I have to sell. Its then a big problem.
#43
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: UK House Prices to drop another 55%..
I'm trying to tell you that I never bought a house as an investment. I bought them all as homes. Places for myself and my family to live in. The home I am in now has lost money since I bought it. While that is irritating its not a major problem because its not why I bought the place.
It becomes a problem if I have to sell. Its then a big problem.
It becomes a problem if I have to sell. Its then a big problem.
But the reality is, a house is both a home (for the person living in it) and an investment (for the person who owns it).
#44
Re: UK House Prices to drop another 55%..
No it isn't reality. Houses aren't selling in the UK because the finance isn't being freed up by the mortgage lenders. Even if individuals dropped their prices by 50% there would only be a minute number of people with the cash to buy.
It is not realistic to expect people to sell their homes at an extortionate loss, that would be stupidity and would only cause greater financial headaches in the UK. Everyone is sitting tight, very few people are actually selling and very few people are actually buying, so the market is stagnant.
Your comments are smug, arrogant and insensitive to people who really are struggling with the current economic situation. I am a homeowner who would like to sell, but I am not prepared to rush things, but am secure enough that I will not make a loss. This is not the case for many other homeowners who aren't fortunate enough to be in this position.
It is not realistic to expect people to sell their homes at an extortionate loss, that would be stupidity and would only cause greater financial headaches in the UK. Everyone is sitting tight, very few people are actually selling and very few people are actually buying, so the market is stagnant.
Your comments are smug, arrogant and insensitive to people who really are struggling with the current economic situation. I am a homeowner who would like to sell, but I am not prepared to rush things, but am secure enough that I will not make a loss. This is not the case for many other homeowners who aren't fortunate enough to be in this position.
Mortgages and the amount of cash made available to people without proper checks on whether they can afford to pay it off is what caused this crisis, and there is no way that lending more money is the solution.
Last edited by Burbage; Mar 13th 2009 at 5:47 am.
#45
BE Enthusiast
Joined: Jun 2003
Location: Melbourne, Victoria
Posts: 524
Re: UK House Prices to drop another 55%..
Your comments are smug, arrogant and insensitive to people who really are struggling with the current economic situation. I am a homeowner who would like to sell, but I am not prepared to rush things, but am secure enough that I will not make a loss. This is not the case for many other homeowners who aren't fortunate enough to be in this position.
I could have said I'm not going to work until I find someone to pay me $x again and I would have been out of work for a long time. Same with house prices. Hold on or sell at current market expectations.
Last edited by ossigeno; Mar 13th 2009 at 6:14 am.