Reckon the UK market could get this bad?
06 July 2009, 02:46 PM
#1
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Reckon the UK market could get this bad?
I reckon it could.
Amazing but chilling pics of the US property crash.
Ruins of the Second Gilded Age - The New York Times > Magazine > Slide Show > Slide 1 of 13
Amazing but chilling pics of the US property crash.
Ruins of the Second Gilded Age - The New York Times > Magazine > Slide Show > Slide 1 of 13
06 July 2009, 02:56 PM
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Beautiful pictures and there are plenty of shelved developments here in the UK - both commercial and retail projects.
In the UK though there is a much greater level of latent property shortage than the US.
I am sure if Pete was here he would be sharing the Nationwide stats that prices have risen for the past three months in a row!
In the UK though there is a much greater level of latent property shortage than the US.
I am sure if Pete was here he would be sharing the Nationwide stats that prices have risen for the past three months in a row!
06 July 2009, 03:08 PM
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Old folks homes and schools....
That's all we need.
One for the Brits, the other for the immigrants...
LOL
dunx
P.S. The site I'm on has it's other half in moth-*****, developers have run off and hidden.
That's all we need.
One for the Brits, the other for the immigrants...
LOL
dunx
P.S. The site I'm on has it's other half in moth-*****, developers have run off and hidden.
06 July 2009, 03:13 PM
#4
I remember this happening in Bangkok when the Asian economies went **** up in the 90's, there were shells of uncompleted high-rise buildings all over the place - AFAIK many are still standing today in the same state.
06 July 2009, 03:19 PM
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Might be a good time to buy a holiday home in the states.
Edit:
There was an "Exclusive" estate just round the corner from me that started construction early last year. Work has now stopped leaving half the constructed homes as shells, half the land just rubble, and just a handfull of properties have occupants. They live on a Building site and stand no chance of selling at anywhere near the purchase price.
Edit:
There was an "Exclusive" estate just round the corner from me that started construction early last year. Work has now stopped leaving half the constructed homes as shells, half the land just rubble, and just a handfull of properties have occupants. They live on a Building site and stand no chance of selling at anywhere near the purchase price.
Last edited by stilover; 06 July 2009 at 03:29 PM.
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06 July 2009, 04:23 PM
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We're lucky (maybe?) in the UK in that there just isn't enough land available to build the amount of housing needed. Therefore it will be unlikely that we'll see anything like that.
06 July 2009, 04:37 PM
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Coffin - I'd argue that we already seeing stuff like that - but to a lesser degree.
Bro in law is a chartered surveyor in Reading (he does commercial) and the market is so bad that he's moving lock stock and barrel to Sweden with his wife and little boy. It's not the only reason for going, but it's a big factor.
Bro in law is a chartered surveyor in Reading (he does commercial) and the market is so bad that he's moving lock stock and barrel to Sweden with his wife and little boy. It's not the only reason for going, but it's a big factor.
06 July 2009, 05:49 PM
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I remember in the mid-nineties getting a great deal on a house on a building site. Only about six out of 150 completed. The site was mothballed and it looked very bleak. Five years later I made the single biggest percentage gain from any house that I have owned (I was very good at accumulating losses before that) and was able to afford the house I am very lucky to have now.
At the time it looked as bleak as this so it is very hard to tell.
At the time it looked as bleak as this so it is very hard to tell.
06 July 2009, 07:58 PM
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In and around city centres such as Leeds there are half built blocks of "luxury" flats which may never be finished off. One in Leeds was completely sold off plan, and every single buyer lost their £20k deposit, but better that than complete the sale and lose £100k+ on the value!
There has been a bit of a false dawn recently - and I don't just mean the housing market. The underlying problems behind the credit crunch haven't gone away - it's just that stuff is running on bail-out money at the moment, but when that's gone the job losses etc will accelerate. Governments simply cannot afford to keep things going on bail-outs when they're deeply in debt.
House prices will be the least of peoples worries if we get to a situation where we have widespread social unrest, and that is a real possibility.
The unemployment timebomb is quietly ticking - Telegraph
There has been a bit of a false dawn recently - and I don't just mean the housing market. The underlying problems behind the credit crunch haven't gone away - it's just that stuff is running on bail-out money at the moment, but when that's gone the job losses etc will accelerate. Governments simply cannot afford to keep things going on bail-outs when they're deeply in debt.
House prices will be the least of peoples worries if we get to a situation where we have widespread social unrest, and that is a real possibility.
The unemployment timebomb is quietly ticking - Telegraph
06 July 2009, 10:55 PM
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07 July 2009, 08:19 AM
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I remember in the mid-nineties getting a great deal on a house on a building site. Only about six out of 150 completed. The site was mothballed and it looked very bleak. Five years later I made the single biggest percentage gain from any house that I have owned (I was very good at accumulating losses before that) and was able to afford the house I am very lucky to have now.
At the time it looked as bleak as this so it is very hard to tell.
At the time it looked as bleak as this so it is very hard to tell.
my father in law bought a wharehouse just off Ladbrook Grove in the mid nineties, with a sitting tenant and no resy planning permission, a very big risk - he paid off the sitting tenant and got residential planning and has made literally millions.
easy to say, not easy to do, he put his **** on the block big time
Last edited by hodgy0_2; 07 July 2009 at 08:28 AM.
07 July 2009, 08:35 AM
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A friend of a friend (possibly of a friend) invested £250k in some commercial land in Essex about 15 years ago. It sold at the height of the boom a few years ago for £120 million - they did nothing to it at all!
07 July 2009, 08:47 AM
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Any one else agree?
07 July 2009, 08:48 AM
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did he spend any of it on a watch, is what I want to know
07 July 2009, 09:14 AM
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Yes - he bought a Lorus.
I must emphasise that I don't know this person at all. The estate agent involved got a **** OFF great wad of commission out of that one.
My folks have made a killing on houses, then lost a lot. So have a lot of people I know. Overall I'd say all have come out on top but less than some would have you believe.
I must emphasise that I don't know this person at all. The estate agent involved got a **** OFF great wad of commission out of that one.
My folks have made a killing on houses, then lost a lot. So have a lot of people I know. Overall I'd say all have come out on top but less than some would have you believe.
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