Brexit - 35% House Prices Crash

[p1stonhead]

Penelope Stopit said:

p1stonhead said:

Penelope Stopit said:

p1stonhead said:

Penelope Stopit said:

Terminator X said:

Penelope Stopit said:

The sooner houses are being sold for affordable prices the better, by affordable I mean those people with an income of 500 pounds a week or less before tax can buy a home to live happy ever after in
Hence I hope the housing market in the UK collapses and never returns to the mess it is in at present

35% is mentioned in the OP, 50 % would be much better

Presumably those people can already afford a house just not in the SE or London?

TX.

Working to a figure of 100000 pounds for a house being purchased by obtaining a 100% loan/mortgage and guessing that 200000 pounds would need paying back to the lender over 25 years gives a repayment of 8000 pounds a year

All guess work with the above figures but they do possibly show how difficult life is in the UK for many people

Is £666 a month on a combined £3200 (assuming both on £25k) take home per month supposed to be a hardship or something?

Where did I mention anything about combined income?

You are correct I misread. You meant £200k as in that’s how much you would repay.

Ok now the question is do you think a single person on an income below the national average should be able (or allowed) to buy a house with zero deposit?

I don’t.

I don't understand why you have brought the national average wage into this discussion but....It is those that don't have the ability to earn big money that are struggling to buy homes
Regarding the zero deposit, I used this as an example to keep the figures simple, unfortunately finding a deposit to put down on a house makes life more difficult for many

You mentioned £24k. The national average is something like £26k is it not?

[Tlandcruiser]

I’m about to put my house on the market, I’m not looking forward to it because I’ve seen a lot of houses with price reductions and I’m worried it may take awhile to sell. I have one valuation and I’m getting a second, I’ve told the EA I want a realistic price that will result in a sale and not sitting on the market for months on end.

I have found a nice bungalow I want to view.

I’m in Essex

[Terminator X]

CaptainSlow said:

Terminator X said:

Ah ok av. prices do seem to show that. Did something happen in 2016

TX.

As already said, showing a UK average is pretty meaningless.

Other than showing what is happening to the average price of course eg the trend ...

TX.

[FocusRS3]

Tlandcruiser said:

I’m about to put my house on the market, I’m not looking forward to it because I’ve seen a lot of houses with price reductions and I’m worried it may take awhile to sell. I have one valuation and I’m getting a second, I’ve told the EA I want a realistic price that will result in a sale and not sitting on the market for months on end.

I have found a nice bungalow I want to view.

I’m in Essex

I had the same problem but listened to people pointing out Zoopla valuations on my house!

We did have a lot of foot traffic and no mention of it being overpriced but it took a while to sell so putting it on at VERY realistic level given what's happening now is a wise move.

I'd be interested to know where in Essex you are as there are hot spots and not so hot spots.

Also be aware of an EA over valuing the property just to get it on his books. A well known EA trick...

[CaptainSlow]

Terminator X said:

CaptainSlow said:

Terminator X said:

Ah ok av. prices do seem to show that. Did something happen in 2016

TX.

As already said, showing a UK average is pretty meaningless.

Other than showing what is happening to the average price of course eg the trend ...

TX.

The average person in the UK has 1.91 legs..up from 1.87 legs 10 years ago.

[Pvapour]

CaptainSlow said:

The average person in the UK has 1.91 legs..up from 1.87 legs 10 years ago.

Indont know whats funnier, the stat itself, the comparison or the fact that you actualy know that!

either way

[FocusRS3]

donkmeister said:

A drop of that magnitude would be brilliant for many people and for many reasons but only if it isn't accompanied by a huge increase in people defaulting on mortgages as a result.

It would however upset a lot of friends and colleagues who have remortgaged to pay for holidays and toys, and also those who are mortgaged to the hilt to get the absolute maximum house they can stretch to.

Remortgaging for Holidays and Toys in particular is always a dangerous game IMO.

[Tlandcruiser]

FocusRS3 said:

I had the same problem but listened to people pointing out Zoopla valuations on my house!

We did have a lot of foot traffic and no mention of it being overpriced but it took a while to sell so putting it on at VERY realistic level given what's happening now is a wise move.

I'd be interested to know where in Essex you are as there are hot spots and not so hot spots.

Also be aware of an EA over valuing the property just to get it on his books. A well known EA trick...

Yeah, I will reliterate that to the EA tomorrow. Im in Boxted and will be looking to move back to the hanningfield, howel green and chelmsford area etc What area was you in?

[Terminator X]

CaptainSlow said:

Terminator X said:

CaptainSlow said:

Terminator X said:

Ah ok av. prices do seem to show that. Did something happen in 2016

TX.

As already said, showing a UK average is pretty meaningless.

Other than showing what is happening to the average price of course eg the trend ...

TX.

The average person in the UK has 1.91 legs..up from 1.87 legs 10 years ago.

Oh shame not the other way around as number of legs could be linked to house prices ...

TX.

[CaptainSlow]

Terminator X said:

CaptainSlow said:

Terminator X said:

CaptainSlow said:

Terminator X said:

Ah ok av. prices do seem to show that. Did something happen in 2016

TX.

As already said, showing a UK average is pretty meaningless.

Other than showing what is happening to the average price of course eg the trend ...

TX.

The average person in the UK has 1.91 legs..up from 1.87 legs 10 years ago.

Oh shame not the other way around as number of legs could be linked to house prices ...

TX.

Only of the "average" house...wherever that is.

[FocusRS3]

Tlandcruiser said:

Yeah, I will reliterate that to the EA tomorrow. Im in Boxted and will be looking to move back to the hanningfield, howel green and chelmsford area etc What area was you in?

I’m in the Brentwood area.
Lots for sale and not shifting currently .
I’ve seen a good few houses get reduced shortly after hitting the market which suggests very little early foot traffic and owners fearful of Brexit and the consequences of future labour government.