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Property crash

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By (user no longer on site) OP   
over a year ago

Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

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By (user no longer on site)
over a year ago


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

"

Foresight is good....but doesn't always work

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By *ngel n tedCouple
over a year ago

maidstone


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

Foresight is good....but doesn't always work"

Bruce foresight

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By (user no longer on site)
over a year ago

I can't see that happening. Supply outstrips demand so why would the prices drop.

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By (user no longer on site)
over a year ago

Most "experts" are saying a slow down but still between 1 to 4 % increase...

Maybe question your source and do a bit of your own research before accepting their predictions as final...

xx

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By (user no longer on site)
over a year ago

Surely it would depend on geographic location?! I don't believe anybody knows what is going to happen on the market at this point in time. At this stage brexit hasn't had a massive impact after the initial panic. Property prices are gradually getting back to where they were at the peak of 2007 before the crash. But I am very aware that our market is completely different than of the market down South.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

As with all speculation you run the risk of losing out or making a killing. If you can afford to pay rent which you'll never get back and buy if prices do rise it could be worth it.

Hope it works out for you

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By (user no longer on site)
over a year ago

In the time that a friend of mine has been renting awaiting the property crash, my house has gone up by 60% and he has lost £100,000 in rent payments... only gamble on property is short term and a few points. over 5 to 10 years it goes up.

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By (user no longer on site)
over a year ago


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

"

Wales has always had the worst property market in the uk and the most volatile. I think your source may be exaggerating at 30%. The government won't allow it. There may be a marked slow down of price rises and a levelling out. But while demand is still high and money cheap people will still buy.

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By (user no longer on site)
over a year ago

Highly doubt it.

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By (user no longer on site)
over a year ago


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

Wales has always had the worst property market in the uk and the most volatile. I think your source may be exaggerating at 30%. The government won't allow it. There may be a marked slow down of price rises and a levelling out. But while demand is still high and money cheap people will still buy. "

worst in what way?

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By *ire_bladeMan
over a year ago

Manchester

Depends where you live op or more the point buying. London has had its day Manchester is and will be the next boom closely followed by Liverpool

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By (user no longer on site)
over a year ago

Dare I say it but don't we need a property crash? Gone are the days when young people could afford a house and even longer than when a single income family could afford one. If your house has trebled in value in ten years it's meaningless as everyone else had too. The only winners are mortgage companies and estate agents.

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By (user no longer on site)
over a year ago

I'd like to think that was true OP. I'd snap a cheap house up and hold on until prices rise again. It peaks and troughs with the property market.

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By *andsonjohnMan
over a year ago

in the eye of the storm


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

"

not going to happen with interest rates as low as they are ,

the 90s bubble burst was down to interest rates and the inability of people to pay there mortgages due to large rises in interest rates ,

only thing that will lead to such a drop again is run away interest rates ,

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By (user no longer on site)
over a year ago

We've got new builds going up by us and the prices in my opinion are crazy, looking at over £500k for a pretty standard 4 bed house. For that I'd be expecting a lot more for my money.

But as someone else said with interests as they are I can't see there being any dramatic change downwards in house prices.

I'm hoping that interest rates stay as they are for another 6 months so i can lock into a new deal and knock 5 years off the mortgage.

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By *Q_GentMan
over a year ago

Manchester, City Centre


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!)

"

Is that well placed source the proud owner of your old home today?

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By (user no longer on site)
over a year ago


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

"

As an estate agent, this isn't going to happen. We're massively short on property here and prices are on the up.

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By (user no longer on site)
over a year ago


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

Wales has always had the worst property market in the uk and the most volatile. I think your source may be exaggerating at 30%. The government won't allow it. There may be a marked slow down of price rises and a levelling out. But while demand is still high and money cheap people will still buy.

worst in what way?"

I think the poster means it's hard to shift properties in parts of Wales. Unless it's a good deal, they're a bugger to sell.

Anything over 150k could be on the market years.

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By *crumdiddlyumptiousMan
over a year ago

.

As people have said I think it will only crash if the interest rates make a dramatic rise, And I cant see it happening anytime soon,

If someone has a 200000 mortgage over 25 years they will be paying between 500-800 a month, If it suddenly went up by 4-5 percent they would be looking at a extra 400-500 monthly increase, A lot of people wouldn't be able to pay that and probably lose their house, The knock on effect would be a property crash, Anyone buying a house at the rates as they are should remember the rates will only go up

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By (user no longer on site)
over a year ago


"Just sold my house, and just in time too from what I've been advised (from a supposedly well-placed source!). Property prices are expected to drop within this year by up to around 30% in a manner similar to (but not quite as sudden) as what happened in the early 1990s.

Anyone aware of what's happening...?

I'm going to rent somewhere for 6 months and see what happens from there I think.

Wales has always had the worst property market in the uk and the most volatile. I think your source may be exaggerating at 30%. The government won't allow it. There may be a marked slow down of price rises and a levelling out. But while demand is still high and money cheap people will still buy.

worst in what way?"

Prices being volatile and properties remaining on the market for months/years. Some areas have. Some areas have seen only minimal increases in ten years.

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By (user no longer on site)
over a year ago


"As people have said I think it will only crash if the interest rates make a dramatic rise, And I cant see it happening anytime soon,

If someone has a 200000 mortgage over 25 years they will be paying between 500-800 a month, If it suddenly went up by 4-5 percent they would be looking at a extra 400-500 monthly increase, A lot of people wouldn't be able to pay that and probably lose their house, The knock on effect would be a property crash, Anyone buying a house at the rates as they are should remember the rates will only go up "

A typical £200k mortgage at 1.34% is just over £1000 pm on a repayment.

Banks look at a risk factor of historic highs over the last 20 years to factor in an afforded increase. I think mine was about 11%. Which came in at over £2.5k. But as previously stated the Bank of England will not allow things to run wild as history over the previous years where banks have lent stupid multiples would send far too many people into repossession. It just won't happen.

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By (user no longer on site)
over a year ago

Someone read a piece from the paper saying prices are set to double.

Daily mail. Fact people.

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By (user no longer on site)
over a year ago

I was in a pub when I heard it.

Can't get more reliable than facts from the mail in a pub.

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By (user no longer on site)
over a year ago


"Someone read a piece from the paper saying prices are set to double.

Daily mail. Fact people. "

Must be true then.

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By (user no longer on site)
over a year ago

I'm curretnly on my 2nd renovation and how the market is here I honestly cannot see anything but price increases happen... there is so many buyers the power is in the sellers hands... buyers are literally bidding each other up way over asking prices

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By *layfullsamMan
over a year ago

Solihull


"Dare I say it but don't we need a property crash? Gone are the days when young people could afford a house and even longer than when a single income family could afford one. If your house has trebled in value in ten years it's meaningless as everyone else had too. The only winners are mortgage companies and estate agents. "

What about the people who move from say London to a cheaper part of the country or the retired people who sell up and downsize ?

I'd say they're both winners as well

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By (user no longer on site)
over a year ago

30% would put thousands in negative equity and banks in serious trouble can't see that high of a percentage drop

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By *uckOfTheBayMan
over a year ago

Mold

With S4C moving out to Carmarthen I'd have thought house prices in the area would have been expected to rise

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By (user no longer on site)
over a year ago

As said above the only way an actual price crash happens is if the banks overcharge on interest rates. They got stung themselves back in the early 90s as people just couldn't pay and sales didn't cover the debts.

Ever since when they call it a housing price crash, it has meant they only went up by 6% a year instead of 9% which in press terms is a 30% drop...

One of my income streams is renting houses, annual rental is 10% of the purchase price which with empty times, maintenance and other costs, pays off the house in about 15 years, usually less, after that the tax man and I do very well out of it, and I still have a house to sell if I want to.

My advice would be if you possibly can, stay on the property ladder.

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