Good reasons to buy property NOW !

[Platypus]

Pah, you should aim for something like this: http://www.jacstrattons.com/property...es.aspx?id=841

It even comes with "Street Parking" whatever that might be.

I like it. Can you lend me £14,995,000 ?

[HairyArsedBloke]

I like it. Can you lend me £14,995,000 ?

If you are oversubscribed, can I have $1,899.90 for that place in Detroit? I can busk for the balance.

[BrilloPad]

If you are oversubscribed, can I have $1,899.90 for that place in Detroit? I can busk for the balance.

sell my body

[shoes]

I'm confortable that's we're about 20% of it's peak value.

You paid market value for it, by definition. If there was another buyer prepared to pay more you wouldn't have secured it. The 'peak value' you mention is not a price it sold for, so is not it's past value. If it previously sold for more than you have paid, that price is its peak value.

It's only worth what someone is prepared to pay for it. Had you have waited a year or two the seller would have accepted less than you paid.

But you seem happy with it so the price can't matter that much. You're a contractor so its probably no great shakes. But it wasn't a good time to buy.

[BrilloPad]

house prices are a matter of opinion. debt is a matter of fact.

[snaw]

You paid market value for it, by definition. If there was another buyer prepared to pay more you wouldn't have secured it. The 'peak value' you mention is not a price it sold for, so is not it's past value. If it previously sold for more than you have paid, that price is its peak value.

It's only worth what someone is prepared to pay for it. Had you have waited a year or two the seller would have accepted less than you paid.

But you seem happy with it so the price can't matter that much. You're a contractor so its probably no great shakes. But it wasn't a good time to buy.

Really?

Thanks for that info, no idea what I would have done without it

[DimPrawn]

House prices: Market sliding faster than in the 1990s recession

http://www.guardian.co.uk/business/2...et.houseprices

House prices are falling at a faster rate than during the recession of the early 1990s, according to data released by Halifax today.

Britain's biggest mortgage lender said prices fell by 2.4% in May, wiping almost £5,000 off the value of the average house.

The decline follows a 1.3% drop in April and a shock 2.5% drop in March - the biggest monthly decline since 1992 - and means prices have fallen by around 6.5% in the past three months.

"The pace of decline is now far worse than the early 1990s. Other housing guides are similarly grim," said Michael Saunders of Citigroup, adding that the decline over the past quarter was the worst since the Halifax index began, in 1983.

DOOMED

[Bagpuss]

At the peak each brick in my house was worth £500, at this rate, the bricks will fall to the price of bricks

[Pickle2]

35-40% of current prices? Come off it.

No, you come off it. House prices are at least this overvalued. Just choose any long term indicator you like. The traditional one is house prices to average earnings.

A 40% drop would make that 250k studio above the chippy in zone 2 worth 150k. Much more sensible given avaerage salaries, dont you think?

[Bagpuss]

My gut feeling says 20%-30% drop from peak given the impending world recession. We have a generation of consumers who have never experienced economic pessimism. They have participated in the unsustainable optimism that the boom required. Why all of a sudden will these people start to behave differently from the herd as the herd becomes pessimistic? They won't, as soon as gloom sets in, expectations will fall, jobs will go, spending will fall,house prices will fall,further. What we are seeing now is the turning point of expectations from bull to bear.

Human behaviour never changes