State of the Market

[JustKeepSwimming]

No they're not. There'll probably be a slight dip, particularly in London and the South East. In Yorkshire where I live the prices have actually risen.

This was predicted back in the financial crash by all the big players predicting drops of 20-30% or more. Didn't happen. A number of sites were setup housepricecrash, propertysnake, etc, predicting gloom. They disappeared but will probably get resurrected again. I know a guy who sold because he believed all that nonsense. Don't think he could afford to get back on the ladder when prices fell slightly then rose even higher.

I think it's wishful thinking on account of those who can't afford a home. The kind that if they could would now be whinging because mortgage rates are 'unaffordable', despite being below the historic average.

You're in complete and utter denial. 0% is why assets weren't appropriately revalued after GFC, that's not available anymore.

You can always tell someone's motives and state of mind by how they always regard a fall in house prices as 'gloom'.

[SueEllen]

No they're not. There'll probably be a slight dip, particularly in London and the South East. In Yorkshire where I live the prices have actually risen.

What's the volume of sales?

This was predicted back in the financial crash by all the big players predicting drops of 20-30% or more. Didn't happen. A number of sites were setup housepricecrash, propertysnake, etc, predicting gloom. They disappeared but will probably get resurrected again. I know a guy who sold because he believed all that nonsense. Don't think he could afford to get back on the ladder when prices fell slightly then rose even higher.

There was a house price crash at the end of the 20th Century where this happened and people were handing in their keys to the bank. Some people who didn't who had growing families lived in overcrowded housing until the start of 21st Century.

I think it's wishful thinking on account of those who can't afford a home. The kind that if they could would now be whinging because mortgage rates are 'unaffordable', despite being below the historic average.

If the government actually starts a massive house building programme in places people want to live then house prices will fall in real terms.

[PCTNN]

If the government actually starts a massive house building programme in places people want to live...

Let's hope they build in Spain then!

[dsc]

[...]

If the government actually starts a massive house building programme in places people want to live then house prices will fall in real terms.[...]

Don't be surprised if it doesn't work like this. I'm from Poland where there's tulip ton of flats / houses being built, we are talking any / all locations, any type of property you want and prices are going up all the time. With 0% interest rates people were pushing cash into buy-to-let purchases, so property was flying off the "shelves" even in super costly areas.

[ladymuck]

Let's hope they build in Spain then!

I'd prefer Portugal personally but Spain is ok too

[eek]

Don't be surprised if it doesn't work like this. I'm from Poland where there's tulip ton of flats / houses being built, we are talking any / all locations, any type of property you want and prices are going up all the time. With 0% interest rates people were pushing cash into buy-to-let purchases, so property was flying off the "shelves" even in super costly areas.

The same was true in Ireland up to 2008 at which point the market changed instantly...

[dsc]

The same was true in Ireland up to 2008 at which point the market changed instantly...

Well I've been hearing "the bubble will burst soon" for years now and it hasn't yet. Last time Covid was supposed to break everything and...nothing happened, the year after most things went up 20-30%. The issue is there's loads of Scandis buying property in Poland as investment, for them 200-300k euros isn't too much, but for a fair amount of population it's becoming a tad expensive (people can still afford deposits, as properties are still selling, but it's not easy with the current interest rates).

[oliverson]

Let's hope they build in Spain then!

I'm currently out at my Spanish place enjoying fantastic weather for a few weeks.

Don't know if I could live out here though. Much prefer to have more varied weather. Seasons and all that.

[oliverson]

What's the volume of sales?



There was a house price crash at the end of the 20th Century where this happened and people were handing in their keys to the bank. Some people who didn't who had growing families lived in overcrowded housing until the start of 21st Century.


If the government actually starts a massive house building programme in places people want to live then house prices will fall in real terms.

The debate was about house prices falling not sales volumes. Prices and volumes change all the time, this is no exception.

I'm very familiar with the 90's housing market, remembering mortgage rates of 15%+. On a low income I had a couple of jobs to meet the rises and so did the missus. I remember once all we had in the kitchen cupboard was a tin of boiled potatoes which we shared. Coming from the North you just knuckle down and get on with it. You don't continually blame everyone and everything else as to why you can't afford to live in the type of property you would like in the exact location you want. Nor do you complain because interest rates are heading back (we're not there yet) to their historical average. In actual fact, those people should be considering themselvers VERY LUCKY to have had over a decade of ultra cheap borrowing.

No amount of housebuilding is going to bring prices down. You can forget that.

[JustKeepSwimming]

The debate was about house prices falling not sales volumes. Prices and volumes change all the time, this is no exception.

I'm very familiar with the 90's housing market, remembering mortgage rates of 15%+. On a low income I had a couple of jobs to meet the rises and so did the missus. I remember once all we had in the kitchen cupboard was a tin of boiled potatoes which we shared. Coming from the North you just knuckle down and get on with it. You don't continually blame everyone and everything else as to why you can't afford to live in the type of property you would like in the exact location you want. Nor do you complain because interest rates are heading back (we're not there yet) to their historical average. In actual fact, those people should be considering themselvers VERY LUCKY to have had over a decade of ultra cheap borrowing.

No amount of housebuilding is going to bring prices down. You can forget that.

So on a low income you could still afford a home? So you arrogantly think it's the same now and kids are just lazy snowflakes?

In the early 90s price to income was x3. Now its x8.