Doomed (yet again, really this time...)

[Bagpuss]

More like 1990 to 1995. And yes doubling the period of falls to 10 years is a gross inaccuracy.
At least you apologised once you saw your gross mistake though

Now you are lying, it started in 1989 and lasted several years. Why not tell us about something you are knowledgable in like rubber dolls?

[sasguru]

Now you are lying, it started in 1989 and lasted several years. Why not tell us about something you are knowledgable in like rubber dolls?

I know you're not the sharpest tool in the box so here's some figures from my previous link. As you can see prices rose 20% in 1989. You can argue the toss whther they started rising in 95 or 96 (probably 95 in London which always recovers first). But the figures show only 4 years of falls.

HTH

Year House prices rise %(Average in Uk)
1984 7.2
1985 9.1
1986 11
1987 15.4
1988 23.3
1989 20.8
1990 0
1991 -1.2
1992 -5.6
1993 -2.9
1994 0.5
1995 -1.7
1996 4.5
1997 6.3
1998 5.4
1999 7.2
2000 9.8

[Moscow Mule]

I know you're not the sharpest tool in the box so here's some figures from my previous link. As you can see prices rose 20% in 1989. You can argue the toss whther they started rising in 95 or 96 (probably 95 in London which always recovers first). But the figures show only 4 years of falls.

HTH

Year House prices rise %(Average in Uk)
1984 7.2
1985 9.1
1986 11
1987 15.4
1988 23.3
1989 20.8
1990 0
1991 -1.2
1992 -5.6
1993 -2.9
1994 0.5
1995 -1.7
1996 4.5
1997 6.3
1998 5.4
1999 7.2
2000 9.8

Are those adjusted for inflation?

[Bagpuss]

I know you're not the sharpest tool in the box so here's some figures from my previous link. As you can see prices rose 20% in 1989. You can argue the toss whther they started rising in 95 or 96 (probably 95 in London which always recovers first). But the figures show only 4 years of falls.

HTH

Year House prices rise %(Average in Uk)
1984 7.2
1985 9.1
1986 11
1987 15.4
1988 23.3
1989 20.8
1990 0
1991 -1.2
1992 -5.6
1993 -2.9
1994 0.5
1995 -1.7
1996 4.5
1997 6.3
1998 5.4
1999 7.2
2000 9.8

"Not the sharpest tool in the box" oh dear, you always resort to that old chestnut when you know you are talking balls
You fail to mention +2 years of no rises, which in real terms is a fall.


You are a proper Wally aren't you?

Please just FOAD

Are those adjusted for inflation?

Of course not, he's too busy scoring points

[sasguru]

"Not the sharpest tool in the box" oh dear, you always resort to that old chestnut when you know you are talking balls
You fail to mention +2 years of no rises, which in real terms is a fall.


You are a proper Wally aren't you?

Please just FOAD

I'll leave it up to the esteemed members to decide which of us is talking bollocks

[DBA_bloke]

Baggy & sas: a pair of bitch-titting, numpty bumholes, or what?!

[sasguru]

Are those adjusted for inflation?

Not sure, but as inflation erodes the value of your mortgage debt, probably balances out. The moral of the story is that if you can pay off your mortgage in bad times (or your renters do it for you) and like where you live, then a few years of falling prices are neither here nor there in the medium-long term.

[Bagpuss]

The fall was only a small proportions of the gains in previous years. And then, like now, those who bought early in the boom, were still laughing after the large falls.

Yeah all a load of balls really that 80s correction, there wasn't really a crash.
Only a few people were affected

The last boom-and-bust in the property market happened at the end of the 1980s and into 1990s.


Chancellor Nigel Lawson helped inflate the 1980s house price boom

The 80s house price boom had been going on for several years when it was given one final push.


The then Chancellor of the Exchequer, Nigel Lawson, used a budget speech to announce the end - in less than five months time - of double mortgage interest tax relief.

At the time, that was a major subsidy to mortgage holders.

Tens of thousands of people piled into the market in a desperate attempt to get onto the property ladder before - as they saw it - it was pulled out of their grasp forever.


But with general inflation soaring, the government nearly doubled interest rates from just over 7% in the spring of 1988 to nearly 15% in October a year later.


The results were crippling to millions of people - a recession, a crash in house prices and hundreds of thousands of home owners losing their jobs and seeing their homes repossessed because they could not keep up with repayments.

[sasguru]

Yeah all a load of balls really that 80s correction, there wasn't really a crash.
Only a few people were affected

The last boom-and-bust in the property market happened at the end of the 1980s and into 1990s.


Chancellor Nigel Lawson helped inflate the 1980s house price boom

The 80s house price boom had been going on for several years when it was given one final push.


The then Chancellor of the Exchequer, Nigel Lawson, used a budget speech to announce the end - in less than five months time - of double mortgage interest tax relief.

At the time, that was a major subsidy to mortgage holders.

Tens of thousands of people piled into the market in a desperate attempt to get onto the property ladder before - as they saw it - it was pulled out of their grasp forever.


But with general inflation soaring, the government nearly doubled interest rates from just over 7% in the spring of 1988 to nearly 15% in October a year later.


The results were crippling to millions of people - a recession, a crash in house prices and hundreds of thousands of home owners losing their jobs and seeing their homes repossessed because they could not keep up with repayments.

Highly polemical last para. Was it millions or hundreds of thousands?
How many actually kept their properties - 80%, 90%?
I remember unemployment at the time didn't break the 10% barrier.
Those who piled on late suffered most. Most kept their houses, albeit with some hardship. For those who bought in the mid 80s, their properties were still worth more after the crash than what they had paid.
Perspective, dear boy, perspective.
An economic disaster is like what happens in Weimar Germany. Which still affects the behavious of Germans to this day.

[alreadypacked]

Perspective, dear boy, perspective.

sasguru in "if it didn't effect me, it doesn't matter" mode