How far will house prices fall [volume 4]

[kingston12]

matrignano said:

But who takes the loss if the house's value has gone down in the meantime (i.e. negative equity)?

That isn't thought about, at least by the people I speak to. Then again, they are all in London/SE and the last time that prices went down significantly was a long time ago.

[fido]

kingston12 said:

That isn't thought about, at least by the people I speak to. Then again, they are all in London/SE and the last time that prices went down significantly was a long time ago.

Unless they bought 18 months ago. Then it could easily be 15% off the purchase price. I know a couple of few people in my circle who decided to keep their first home as a BTL and leveraged up max on the next home. Along with the new kitchen, Audi Q3 etc.

Edited by fido on Wednesday 28th June 10:10

[superkartracer]

p1stonhead said:

WCZ said:

lol @ people here saying an individual who takes home £4k can't afford a £900 mortgage

are you suggesting it's impossible to live on near £2k a month after all bills are paid?

you are delusional and detached from the real world

Superkartracer seems fking furious that people have dared to spend more than he deems acceptable on a house.

Not at all , i just feel sorry for you poor sods.

[kingston12]

superkartracer said:

Equilibrium25 said:

superkartracer said:

But now you have moved onto couples so add kids/extra cars and lots of other crap , so the situation is far more grim .

What drivel is this? You seem to be suggesting that it's tougher financially being a couple owning a house than being a single person.

Most couples have children and it's expensive, you'll loss the partners salary unless you're one of these idiots that decides to have kids then realises you can't afford it and shoves the kids in some sort of care.

I have seen some couples put themselves in that position - take out the largest mortgage possible based on two very good salaries, then kids come along and have to pay it off using only one of those salaries.

It has usually worked out as far as I can see, but must be stressful. I am not sure that many people actually do it, and less still would be attracted to it if house prices don't start rocketing again.

[p1stonhead]

superkartracer said:

p1stonhead said:

WCZ said:

lol @ people here saying an individual who takes home £4k can't afford a £900 mortgage

are you suggesting it's impossible to live on near £2k a month after all bills are paid?

you are delusional and detached from the real world

Superkartracer seems fking furious that people have dared to spend more than he deems acceptable on a house.

Not at all , i just feel sorry for you poor sods.

Wow do you somehow know everyone's financial situation? Mind reader?

How about don't be an arrogant tt and people in this thread may start listening to the stuff you post rather than writing it off as nonsense which it is.

[kingston12]

fido said:

kingston12 said:

That isn't thought about, at least by the people I speak to. Then again, they are all in London/SE and the last time that prices went down significantly was a long time ago.

Unless they bought 18 months ago. Then it could easily be 15% off the purchase price. I know a couple of few people in my circle who decided to keep their first home as a BTL and leveraged up max on the next home. Along with the new kitchen, Audi Q3 etc.

Edited by fido on Wednesday 28th June 10:10

Indeed, but this is still seen as a blip at the moment, caused by Brexit, lack of mortgages, lack of foreign investment or any other excuse.

If house price inflation doesn't return soon, I'd expect very different attitude to 'getting on the ladder at any cost', especially from the younger cohort who won't have seen this before.

Of course, the most likely thing is that the Government have just been to busy making a mess of everything else to invent enough new props lately, and we will be back to business as usual when they do.

[SilverSixer]

superkartracer said:

Equilibrium25 said:

superkartracer said:

But now you have moved onto couples so add kids/extra cars and lots of other crap , so the situation is far more grim .

What drivel is this? You seem to be suggesting that it's tougher financially being a couple owning a house than being a single person.

Most couples have children and it's expensive, you'll lose the partners salary unless you're one of these idiots that decides to have kids then realising you can't afford it and shoves the kids in some sort of care.

Edited by superkartracer on Wednesday 28th June 10:10

Get stuffed, you sanctimonious prat. Try buying a family home in a decent area in the SE on a single, average salary these days and stretching that one income to pay for three, four people to live. Two incomes and some form of child care before school age has become a necessity for many, many people. How dare you call them 'idiots'.

[Rovinghawk]

superkartracer said:

i just feel sorry for you poor sods.

Tell you what- pop over to my place for dinner on the south patio followed by drinkies in the orchard & a quick wander through the nature reserve. I'll cut a few roses for Mrs SKracer whilst you feel sorry for me.

[superkartracer]

p1stonhead said:

superkartracer said:

p1stonhead said:

WCZ said:

lol @ people here saying an individual who takes home £4k can't afford a £900 mortgage

are you suggesting it's impossible to live on near £2k a month after all bills are paid?

you are delusional and detached from the real world

Superkartracer seems fking furious that people have dared to spend more than he deems acceptable on a house.

Not at all , i just feel sorry for you poor sods.

Wow do you somehow know everyone's financial situation? Mind reader?

How about don't be an arrogant tt and people in this thread may start listening to the stuff you post rather than writing it off as nonsense which it is.

Arrogant ? , you are the one telling everyone how much you earn and how easy the payments are yet fail to see many people reading your posts earn way less than 4k a month and are struggling ( people with families ) .

[superkartracer]

SilverSixer said:

superkartracer said:

Equilibrium25 said:

superkartracer said:

But now you have moved onto couples so add kids/extra cars and lots of other crap , so the situation is far more grim .

What drivel is this? You seem to be suggesting that it's tougher financially being a couple owning a house than being a single person.

Most couples have children and it's expensive, you'll lose the partners salary unless you're one of these idiots that decides to have kids then realising you can't afford it and shoves the kids in some sort of care.

Edited by superkartracer on Wednesday 28th June 10:10

Get stuffed, you sanctimonious prat. Try buying a family home in a decent area in the SE on a single, average salary these days and stretching that one income to pay for three, four people to live. Two incomes and some form of child care before school age has become a necessity for many, many people. How dare you call them 'idiots'.

Which proves my point.. house prices have become silly

[okgo]

superkartracer said:

Arrogant ? , you are the one telling everyone how much you earn and how easy the payments are yet fail to see many people reading your posts earn way less than 4k a month and are struggling ( people with families ) .

Well you did say that people on half decent money couldn't afford a £230k house, which is clearly bks

[Sheepshanks]

SilverSixer said:

Try buying a family home in a decent area in the SE on a single, average salary these days and stretching that one income to pay for three, four people to live. Two incomes and some form of child care before school age has become a necessity for many, many people.

It's just as tough in the North too, where people are paid buttons in comparison to the SE.

[p1stonhead]

superkartracer said:

p1stonhead said:

superkartracer said:

p1stonhead said:

WCZ said:

lol @ people here saying an individual who takes home £4k can't afford a £900 mortgage

are you suggesting it's impossible to live on near £2k a month after all bills are paid?

you are delusional and detached from the real world

Superkartracer seems fking furious that people have dared to spend more than he deems acceptable on a house.

Not at all , i just feel sorry for you poor sods.

Wow do you somehow know everyone's financial situation? Mind reader?

How about don't be an arrogant tt and people in this thread may start listening to the stuff you post rather than writing it off as nonsense which it is.

Arrogant ? , you are the one telling everyone how much you earn and how easy the payments are yet fail to see many people reading your posts earn way less than 4k a month and are struggling ( people with families ) .

Where on this thread did I say what I was earning?

And our original point about not being able to afford a 230k house on 70k was stupid. You are the only one who can't see that.

[SilverSixer]

Sheepshanks said:

SilverSixer said:

Try buying a family home in a decent area in the SE on a single, average salary these days and stretching that one income to pay for three, four people to live. Two incomes and some form of child care before school age has become a necessity for many, many people.

It's just as tough in the North too, where people are paid buttons in comparison to the SE.

Yes, fair enough, I expect it's all relative.

[superkartracer]

okgo said:

superkartracer said:

Arrogant ? , you are the one telling everyone how much you earn and how easy the payments are yet fail to see many people reading your posts earn way less than 4k a month and are struggling ( people with families ) .

Well you did say that people on half decent money couldn't afford a £230k house, which is clearly bks

I'll be more clear , it's at the upper range of what you'd want to pay from your salary for a house , and in these current times insane .

Do people really believe things wont change regards interest rates?

[WCZ]

superkartracer said:

Arrogant ? , you are the one telling everyone how much you earn and how easy the payments are yet fail to see many people reading your posts earn way less than 4k a month and are struggling ( people with families ) .

you're the arrogant one stating that £2,000 a month isn't enough disposable income to feed an adequate life style to you and that we are all poor sods without knowing our income.

[p1stonhead]

superkartracer said:

okgo said:

superkartracer said:

Arrogant ? , you are the one telling everyone how much you earn and how easy the payments are yet fail to see many people reading your posts earn way less than 4k a month and are struggling ( people with families ) .

Well you did say that people on half decent money couldn't afford a £230k house, which is clearly bks

I'll be more clear , it's at the upper range of what you'd want to pay from your salary for a house , and in these current times insane .

Do people really believe things wont change regards interest rates?

Yet I paid £450k for a house when earning the same.

It's only YOUR upper limit apparently.

[fido]

kingston12 said:

Of course, the most likely thing is that the Government have just been to busy making a mess of everything else to invent enough new props lately, and we will be back to business as usual when they do.

ZIRP is over in the US. Inflation is over the target 2% - so GBP devaluation hasn't much to go. Foreign investors - when we're trying to flog car park spaces in Manchester Airport and 'luxury flats' in Sutton to them - well I think that has also run its course!

[okgo]

superkartracer said:

I'll be more clear , it's at the upper range of what you'd want to pay from your salary for a house , and in these current times insane .

Do people really believe things wont change regards interest rates?

Of course it will change, and people will get burned. But it won't be the people with 4k each month spending a quarter of it on a mortgage I doubt (unless they have 14 kids and an RS6 on tick).

Percentages make little odds. Would you rather have 50% of your salary left if you earned 100k or £30k? One leaves you with plenty to live, the other not so much.

[superkartracer]

okgo said:

superkartracer said:

I'll be more clear , it's at the upper range of what you'd want to pay from your salary for a house , and in these current times insane .

Do people really believe things wont change regards interest rates?

Percentages make little odds. Would you rather have 50% of your salary left if you earned 100k or £30k? One leaves you with plenty to live, the other not so much.

People ( not all ) generally live to their means , the people on 100k will most likely have expensive cars and a lifestyle that sucks the rest of those funds up , or they get a bigger mortgage .

Even on 4k a month , say 2.5k is taken by house/bills/travel/doing stuff , then another 1k savings/pension/isa , it would take years to save for a decent car... that you actually own , what if i wanted a new kitchen or that nice leather sofa for 5k , more cheap debt?