UK Property

[Foxy Moron]

Don't forget earnings will be coming down and many will be forced to sell, but many are still under a perception prices will recover quickly so are being sticky with pricing. As soon as people change their expectations prices will really slump. Remember many don't remember the last downturn, and this is worse.

[TimberWolf]

Don't forget earnings will be coming down and many will be forced to sell, but many are still under a perception prices will recover quickly so are being sticky with pricing. As soon as people change their expectations prices will really slump. Remember many don't remember the last downturn, and this is worse.

Perhaps a better measure is relative to peak house prices then, rather than earnings, which as you say may also come down (to minimum wage or dole levels).

[d000hg]

All the way down to 3x average earnings for the price of an average house. At least.

Or maybe our country will end up with home-ownership not being considered the norm anymore... 'average' people will rent much longer and only those on high salaries or with large savings will buy.

Isn't that how it used to be, some-time pre-Thatcher?

[AlfredJPruffock]

Or maybe our country will end up with home-ownership not being considered the norm anymore... 'average' people will rent much longer and only those on high salaries or with large savings will buy.

Isn't that how it used to be, some-time pre-Thatcher?

Yes, in many ways that would be the best scenario.

[Foxy Moron]

-Isn't that how it used to be, some-time pre-Thatcher?

Not at all, we've been a nation of homeowners long before Thatcher. She just got some of the trogs out of their council houses

[DimPrawn]

Not at all, we've been a nation of homeowners long before Thatcher.

True, but it tended to be professional types rather than someone on the checkout at ASDA.

[Solidec]

Yes, in many ways that would be the best scenario.

Not really, too many unscrupulous cheapskate private landlords around.

Thinking back to the 40s and 50s, private landlords kept their properties in awful states of disrepair. Private tennants really DID get shafted.

The one MAJOR positive to come out of Britains obsession with property ownership, is the increase in quality of the housing stock. When you own an asset you make sure you keep it in the best possible nick.

of course, I think seeing a sea change in the attitudes of the 20somethings of this country away from the almost lemming like desire to own their own place is a good thing.

[Foxy Moron]

My family owned property long before Thatcher, half working class, half middle class. We weren't unusual. Like I said she got some of the trogs out of their council houses that is all.

[ratewhore]

Well, a US auction house is coming to the UK to offload repossessed properties for the mortgage lenders. One assumes they are definitely talking to Northern Rock.

Could be opportunities...

linky

[Foxy Moron]

A house in Detroit for a dollar or a Bedsit in Hackney for 300k?