Not if the crash is due to recession/depression event. If that happens, there's no money around, except Mum and Dad's bank acc.
House price gravy train may have hit the buffers
- Thread starter JohnD
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The upturn that follows is the time to buy, not during the crash.
It would be a dark tunnel, but there's light at the end of it, especially for the young.
There were lots of repossessions among middle-aged people in the 1990s, then the next generation got the bargains after.
It would be a dark tunnel, but there's light at the end of it, especially for the young.
There were lots of repossessions among middle-aged people in the 1990s, then the next generation got the bargains after.
A house price crash may well end up with everyone paying more tax.
Thinking of someone in a care home having to sell the house to pay for care - now the house is worth half of what it was so money runs out quicker and the taxpayer steps in
Thinking of someone in a care home having to sell the house to pay for care - now the house is worth half of what it was so money runs out quicker and the taxpayer steps in
The repercussions would be huge, we've never had anything like the levels of personal and state debt we now have. To keep the plates spinning, house prices have to keep rising so the feckless can keep extending their mortgage and buying more tat.
Most of the flashy cars around on the roads are rented. They'll be going straight back if there are mass layoffs.
You don't know who's swimming naked until the tide goes out.
We need a rebalancing.
Most of the flashy cars around on the roads are rented. They'll be going straight back if there are mass layoffs.
You don't know who's swimming naked until the tide goes out.
We need a rebalancing.
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For there to be a crash we need a combination of supply massively outstripping demand and people being forced to sell, even at a loss. e.g. repossessions.
In recent years (25 or so) we have had ups and downs, but even after the Financial crash of 08/09 we didn't get massive increases in supply while demand was low. House prices fell and the market dried up.
The only losers were estate agents, who need the market to flow to survive.
In recent years (25 or so) we have had ups and downs, but even after the Financial crash of 08/09 we didn't get massive increases in supply while demand was low. House prices fell and the market dried up.
The only losers were estate agents, who need the market to flow to survive.
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I think that’s the key point - London has been distorting the picture for years. Outside of it, things haven’t always followed the same pattern, so any “correction” might end up being quite uneven rather than a big nationwide reset.
Converting building societies to banks massively increased what you could borrow in the mid late 80s before the crash. Rapid house price inflation happened again in the early noughties when Broon and Bliar inherited an improving economy from Major. All down to an obsession with the sanctity of free market and low social housing build rates. What’s surprising is that there wasn’t a crash in 2008 on the scale of the late 80’s.
Did you only want to move into a brand new home with totally all new appliances, did you and your partner each have a new car on lease, did you both have the latest greatest mobile phone on contract, did you both have gym memberships, did you both take a couple of foreign holidays each year, did you have Netflix, Amazon TV, and a few more streaming services, did you both eat out a couple of times a week, did you both have an extensive new wardrobe of the latest fashionable clothes, did you try to live the life of a celebrity and post up all your nights out, your new outfits and holidays on social media? Did you have a £30k+ wedding after a week long foreign stag and hen do's? Mrs Mottie and I did none of those things. We bought a shìthole, furnished it with secondhand every thing (except the bed - wedding present)and had to live upstairs for a whole year before the downstairs were habitable. Most of today’s youngsters wouldn’t even consider doing that.
No no no it's all private landlords fault don't ya know
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Absolutely spot on !!!!!
Utter bollax.
'Fraid not. We've had two houses sell down our street this year, both over £500k, both bought by young couples. It was over a month before they moved in as they weren’t quite up to the spec they wanted and both had builders/decorators in to get them just right before they crossed the threshold. I do not know of any young couples that have bought a doer-upper and made any sort of sacrifice to get on the housing market.
Fraid so.
Essex or the South East, is neither a benchmark or a boilerplate. The young today are no different to the young of yesteryear Mottie. They are just more knowledgeable and healthier than previous generations. They are still just as poor as pi55.
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