people have been predicting a property crash for the last 30 years

I remember when I bought a property in 1995 (right at the nadir as it turned out) talking to a guy who was convinced prices were to fall back to pre 80's levels

I sold that property 5 years later for 3.5 times what I paid for it

and then in 2001 -- post dot com bubble, the same people were saying the same things -- I bet they are still waiting for property to get back pre 80's levels

btw that same house I sold in 2001 -- has been sold again for over £600K

 

BTL Landlords are hated just as much a Bankers and Estate Agents - between all of them they have left out younger generation without a hope in hell of buying ... just renting from Fat Cats.

 

[QUOTE=hodgy0_2;9619623]people have been predicting a property crash for the last 30 years

I remember when I bought a property in 1995 (right at the nadir as it turned out) talking to a guy who was convinced prices were to fall back to pre 80's levels

I sold that property 5 years later for 3.5 times what I paid for it

and then in 2001 -- post dot com bubble, the same people were saying the same things -- I bet they are still waiting for property to get back pre 80's levels

I think there is a bit of wishful thinking going on from some on here .I dont know if its people who have missed the boat or people who dare not get on the Waltzer ,but they are intent on talking, but not doin !!!
Get on and do it !!!
Looks like you have made some cracking decisions Hodgy over the years .Well done son .!! Takes a pair of Cahooners !!!

 

I really dont understand this .They put there money into property and then provide homes for people .They provide a service ,usually a first class service and the rewards are fair ,not excessive ,by any means .Bankers get well paid and then get bonuses way beyond what they deserve ,for risking not their money but everyone elses .!!!

Estate agents lie ,cheat and steal but provide nothing .They are just creaming off from the people on both selling and buying sides .

How very dare you compare Landlords in the same breath .!!!!

 

well I have certainly put my **** on the block in the past (i think its still there tbh)

but i have been caught out too -- 1989 bought at the top, three years later I had to bail, and get a bank loan to cover the negative equity - painful -- but like you say, get back on the mery go round

how is the merc btw

 

But the thing is you keep going Hodgy .

Just like the merc is going !!!
Time to do my loft conversion on my house .I have scratched my itch ,so its back to working on the house again .A nice master bedroom with ensuite and walk in wardrobe dressing area is on the cards .
Just got a mundano for the time being .!!!

Hows your new place shaping up ?

 

well always good to scratch the itch -- but get back on the house

and a motto I try and live by is "Even if you fall on your face, you're still moving forward." - by Victor Kiam

our house? -- well the garden is keeping me busy at the mo!!!!, but we are goint to draw up plans for the house soon

 

Yep looks like you,ve got your hands full with that garden .

I made the mistake of having plans drawn up when I first moved into this house 5 yrs ago ,for two more bedrooms with ensuites in the space in the loft ,but now ive just had fresh plans done for one large master and ensuite ,but we all make mistakes now and again .Its what you learn from them .

 

imo it is v v v important to live in a property for a bit, before you draw up plans -- it gives you time to get a feel for the place, and how the space works or does not work as the case may be, especially with regard to how you want to use the space on a day to day basis, although you must always keep an eye on what other people (potential buyers) may want/need

but giving yourself a bit of time means you can avoid making basic mistakes

 

I dont think it matters if house prices fall because unless you are selling and leaving the country it shouldnt have any monietry effect on you.
If you are selling and buying another house in the UK, the chances are that they would have also fallen by the same percentage.

 

How about negative equity?

 

IMF are stating that the UK is doing well and is on the way out of the recession and picking up speed .!!!!!!!!!
Things are on the Up again .!!!!

BoE wants us to spend our way into strength !!!!

 

Things were on the up from from 1992 onwards. House prices still nose-dived from 1992 to 1995. I bought a house in 1993 (my first) and looked on in horror as it lost 15% of its value. I still own it now

The two are not linked. I'm hoping the Tories don't hurt the country too much when they announce their plans to pay back Labour's profligacy. At least we're now in the hands of people that encourage business and don't encourage voters by way of benefits.

 

Mortgage approvals at a 7 month low I just read.

 

Yes ,the Doom Mongers put the w1llies up people for a little while but the good news should now get things back on track once and for all !!!!

 

Are you joking?

The fact some people believe that the market will accelerate back on full boost 'if only' lenders will start lending again to the 'insatiable demand' that is there, makes me believe the market has some way to fall.

The market only hits bottom when the irrational optimism ends.

 

Fill up your cup Son .Your half empty !!!!

 

Good news? Where?

Take this quote from Howard Archer of IHS.

"High unemployment, muted wage growth, low consumer confidence, difficulties in getting a mortgage, a housing supply/demand balance currently firmly in favour of buyers and a house price/earnings ratio above long-term norms comprise an unhappy set of factors for house prices. Low interest rates and the current stamp duty holiday for first-time buyers on all properties costing up to 250,000 pounds only partially offset these adverse factors."

Yes, it's all good news.

 

Diffcultly getting a mortgage? For people who were getting 110% mortgages, yes, it has become more difficult, and quite rightly so.
Still lots of mortgages out there for 10% deposits. 15-20% and you'll get a very good rate.
I don't anyone that has been refused a mortgage.

 

Fact is that not many people want a Mortgage at the moment - saying that lenders are not lending isn't grasping the nettle.

The number of buyers with an appetite to borrow to buy property has all but disappeared.

There are no buyers, there are more sellers than at any time in the past 3 years, it can only result in price falls.

If sellers give up and don't sell (what happened in late 2008-2009) then prices will recover or remain static. But I'm not sure sellers will be as hard lined as they have been in recent years.

 

Sure but people have to move, and people get families and need larger homes, people die and estates are sold off.

I love this amateur idea about property and markets - "you only lose if you sell".

 

You miss out the Divorcing people .... one house then generally splits into two - requiring 2 lower priced properties. Thus it drives up demand in the lower sector (under £250k)

 

The BofE warns that mortgages are going to get even tougher to get.

http://www.telegraph.co.uk/finance/p...e-lending.html

 

Looks like the BTLers are going to clean up !!!!!!

 

Yep, because BTL's dont need mortgages do they. And of course, the huge numbers of BTL's with cash, will easily cover the lack of FTB's.

Yep, it's all looking up!

 

But, still, there are no buyers ....................

 

Apart from BTL'ers of course. We're saved by these upstanding citizens.

 

Explain to me how your house being worth less than it was 12 months ago has any effect on you if you have no plans to sell.

 

I agree with your point, but otoh the housing market has undergone downward corrections in the past.

Fact is people do move and you have the 3 D's (Divorce, death, debt).

The market will not just cease to have a supply.