Gully
Monkey in a seagull suit.
How does that compare with the early 90's then?
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- Thread starter hitony
- Start date
Uncle Spielberg
Well-known member
probably more
Uncle Spielberg
Well-known member
Nationwide said property prices fell 2.5% last month, if you have a property worth £ 300000 you lost £ 7500 in 1 month.
The Large One
Who's Next?
No, if you have a £300,000 property, your house might have lost its value by £7,500.
Do you mean 'fell by 2.5% last month, or fell by 2.5% to the year ending last month?
Of course, it counts for f*** all if you're not selling, or not intending to take out a loan against the value of your house.
Gully
Monkey in a seagull suit.
I can only speak from experience, my first property lost over 40% in about 2 years between when they started trying to sell it and me completing and picking the keys up. Even then I was only just able to afford to buy, my income wasn't that high, before it lost value there was no way I could have afforded even a basement flat...let alone a two up two down terraced house.
Lord Bracknell
On fire
Anyone remember John Maynard Keynes? The economist who got the world out of recession during the thirties.
When times get hard, the way out is for government to fund public works, like housing.
The first step to recovery (and restoring employment) is for the government to decide that housing CAN be a public sector activity. Not much chance of that happening at the moment ... but wait a few years and who knows?
When times get hard, the way out is for government to fund public works, like housing.
The first step to recovery (and restoring employment) is for the government to decide that housing CAN be a public sector activity. Not much chance of that happening at the moment ... but wait a few years and who knows?
Lord Bracknell
On fire
No you didn't. Unless, of course, you chose this moment to sell. And you've just saved yourself £7,500 on buying a replacement house.
Uncle Spielberg
Well-known member
Al, fell 2.5% in 1 month, ie May this year
Uncle Spielberg
Well-known member
Ed, its good if you go upmarket as he fall means you will end up winning
Gully
Monkey in a seagull suit.
There is an upside to this, although it may not seem so at the moment, that is for people who want to move up the property ladder...the difference between the rungs will narrow, in financial terms, only problem is finding a buyer for your current property.
This is going to get a whole lot worse when the buy to let people start to panic and all those properties come on the market.
Then the next phase will be all the peple who took equity out of there properties
to buy holiday homes abroard hoping to let them out.
This market is already showing signs of imploding as the cost of flights go up and people start losing there jobs and can't aford holidays abroad.
Then the next phase will be all the peple who took equity out of there properties
to buy holiday homes abroard hoping to let them out.
This market is already showing signs of imploding as the cost of flights go up and people start losing there jobs and can't aford holidays abroad.
larus
Well-known member
Really naffs me off.
When the economy was doing well it was down to Brown's wonderful management.
Now it's gone tits up, it's down to all of those stupid yanks and greedy buy-to-let people.
Seems no matter how much Labour f*** up the economy every time they get into power, some people can't see it.
When the economy was doing well it was down to Brown's wonderful management.
Now it's gone tits up, it's down to all of those stupid yanks and greedy buy-to-let people.
Seems no matter how much Labour f*** up the economy every time they get into power, some people can't see it.
Uncle Spielberg
Well-known member
Professional landlord who are in it for the long haul will ride it out. The upside for them is that rents are going up as people prefer to rent ot can't get a mortgage so their portfolio may be going down in value but the rental income is going up so I do not expect this to happen.
Uncle Spielberg
Well-known member
Brown was a smoke and mirrors chancellor , the worst and certainly luckiest chancellor this country has ever had. the Pigeons of his incompetancy and mis management and squandering of trillions of public pounds have come home to roost.
Barrel of Fun
Abort, retry, fail
Sorry to hear about your predicament Hitony. I hope things work out for you.
Also;
Earlier this year...
Today...
Also;
Earlier this year...
Today...
Beach Hut
Brighton Bhuna Boy
Sorry to hear about your predicament Hitony. I hope things work out for you.
Also;
Earlier this year...
Today...
Still consistantly wrong, like the horsey tips
Buzzer
Languidly Clinical
- Oct 1, 2006
- 26,121
The Chicago school might well disagree with you there, LB.
Also...isn't it the huge expansion of the public sector under this government that has contributed to the absolutely obscene national debt that we now have? I think this country's just about had its fill of Brown and his mob and its obsession with making the entire country one big Soviet style public sector.
steward 433
Back and better
Working as management for a merchants this downturn actually started about 3 years ago!!! Our american side of the business has already made over 5,000 people redundant and 350 have gone here too but we are not affected as some other merchants around.
This collapse will cost an estimated half a million jobs to go in this country in the building industry in the next 3 years!
This collapse will cost an estimated half a million jobs to go in this country in the building industry in the next 3 years!
withdeanwombat
Well-known member
Handy tool,hindsight.
withdeanwombat
Well-known member
No,you did not.If you have a property valued at £300,000,and its paper value fell by £7,500, you retain a property valued at £292,500.
You only lose if you sell,and your "loss" has to be set against what you paid.eg mine actually cost £107,000,and is now valued at £300,000.If it "lost" £7,500,I'm still on a "paper winner",though of course I'd be loathe to sell such a fantastic property whatever the state of the market.