Reply to: Admission

[unemployed]

Try not to trip over your selfie sticks.

Well it is rather a large selfie stick , lots of patina on the end of it

post a pic up sas we all want to see what a self entitled twunk looks like

[BrilloPad]

Neither. They want a stable house price.

Stable in their home currency.....

[tomtomagain]

I will ask another question and lets see if it answers your question:

If the money is stolen and all they are trying to do is hide it in some form of asset that can in turn be hidden in an offshore trust, does the buyer want:
a) a low house price?
b) a very high house price?

Neither. They want a stable house price.

[DimPrawn]

Try not to trip over your selfie sticks.

Post an angry faced selfie on Instagram, that will show them boomers!

[sasguru]

Young should start rioting now in that case .

Try not to trip over your selfie sticks.

[unemployed]

I think property prices have a LONG way to go (up) before the crash, possibly even double in the next few years, all due to intervention.

UK won't leave the EU, confidence in the UK will boom, immigration will quadruple.

To sell now is silly.

That's my last word on this thread.

Young should start rioting now in that case .

[DimPrawn]

If remaining flats in the building drop by 50% then I'd buy them all and thus have average purchase value close to new low price.

Simples.

Dirty Spekulent, repent!

[d000hg]

I thought this was an April Fool post but apparently it was posted a day early?!

[AtW]

If remaining flats in the building drop by 50% then I'd buy them all and thus have average purchase value close to new low price.

Simples.

[OwlHoot]

Added to which the UK has abandoned capitalism, which I believe to be the best of the many flawed economic systems invented by human beings, in favour of cronyism and get-rich-quickism by the people at the top.

Money makes money - There's always a natural tendency for money to collect in ever larger amounts in fewer hands.

'Twas ever thus, for example back in Roman times in the late republic.

[sasguru]

BTL is dying
20-30 somethings have low pay and high debt ditto the generations behind them
Generations with the money and low debt will all be dead in 30 years

Either a new model for house ownership will happen and/or a mega crash. Perhaps the state will take ownership of housing again, possibly there will be some redistribution of assets as the poor generations lurch to the left (after all they will have nothing to lose)

Could have been avoided, but political vanity and short term thinking rule the UK.

Completely agree.
Added to which the UK has abandoned capitalism, which I believe to be the best of the many flawed economic systems invented by human beings, in favour of cronyism and get-rich-quickism by the people at the top.

[bobspud]

So if a lawyer cannot buy my house, who the hell can?

I will ask another question and lets see if it answers your question:

If the money is stolen and all they are trying to do is hide it in some form of asset that can in turn be hidden in an offshore trust, does the buyer want:
a) a low house price?
b) a very high house price?

[ZARDOZ]

BTL is dying
20-30 somethings have low pay and high debt ditto the generations behind them
Generations with the money and low debt will all be dead in 30 years

Either a new model for house ownership will happen and/or a mega crash. Perhaps the state will take ownership of housing again, possibly there will be some redistribution of assets as the poor generations lurch to the left (after all they will have nothing to lose)

Could have been avoided, but political vanity and short term thinking rule the UK.

[sasguru]

So I think a crash will come but it will not be until the boomers and the "my-property-is-my-pension" crowd start to exit the market. .

That process has started ...

[tomtomagain]

Next 5 years -

If prices continue to rise 3 - 5% a year for the next 5 years then crash 50% what level will they be at?

By my rough calculation at 280k house today would end up as a 180k house. Tough, but not fatal as most people live in a house for a decade or more. The majority of the population is living in the house today that they will be living in in 2021.

Don't get me wrong - I believe house prices have totally lost touch with reality - but I've been believing that since 2002 when I bought my current place for what seemed an enormous amount of money at the time.

The thing that get's me is this:

In theory I would struggle to buy the house I currently live in. It's a standard family house in a reasonable area, nothing particularly special. According to RightMove it's "worth" somewhere north of 550k. Which is complete fantasy. It's a figure so far beyond the means of the majority of the population that they just discard it.

I got it when I was 30 but I don't see how a 30-year-old me could buy it today. This was brought home when I was out having a drink with a young lawyer the other week. House prices inevitably came up and he complained a bit about how he could not afford anything more than a 2 bed flat for his young family.

So if a lawyer cannot buy my house, who the hell can?

So I think a crash will come but it will not be until the boomers and the "my-property-is-my-pension" crowd start to exit the market. Then they'll discover that the paper valuations of their properties are meaningless as the people who should be buying their large family homes are unable to meet the sky-high valuations and have instead been committing themselves financially to much smaller properties.