Reply to: House prices to fall 80%

[MPwannadecentincome]

The UK is not at all short of land to build new houses on. It is rather short of land that you are allowed to build houses on.

That depends on how long it takes to build and how many immigrants come in. Don't forget the thousands of immigrant builders who need to come in to do the building 'cos there aint enough here! Also with the ageing population people are living longer so families have to wait longer to buy a half decent house as there are not enough people moving out of half decent houses.

[TimberWolf]

So by the time it is over will we have had the biggest boom and bust ever?

[TykeMerc]

I still think the UK will fall by 50% from Aug 2007 to Aug 2010.

I think you're probably right and I'm not unhappy about it despite being a homeowner myself with a small mortgage. A sizable correction has been needed and on the cards for years it's only been the wild availability of massive mortgages that's fueled the gigantic prices (no news to anyone here).

[xux42]

surely the huge housing shortage that the UK has been facing for almost 10 years now will keep prices up and even rising??

Errm... You really need to have a look at the forums on www.housepricecrash.co.uk

Mind you, given your comment I recommend that you pour yourself a stiff drink and make sure you are sitting down first. We are facing a financial crisis of vast proportions - house prices are a sideshow, well for the time being anyway. Employment and food and energy prices are will be bigger issues for most people in 2009.

[BrilloPad]

I still think the UK will fall by 50% from Aug 2007 to Aug 2010.

[d000hg]

The UK is not at all short of land to build new houses on. It is rather short of land that you are allowed to build houses on.

Well yes I thought that was implied.

[expat]

Isn't LAND to build new houses what the UK is short of, compared to most other countries? Don't know if that has a knock-on effect on pushing up house prices, I suppose if ALL available land was built on then it would do.

The UK is not at all short of land to build new houses on. It is rather short of land that you are allowed to build houses on.

[tim123]

Not that much different from the UK to be honest.

The price of houses in the UK has been out of rational proportion to incomes for the better part of a decade.

There are pockets in the UK where, even in 2007, you could buy an acceptable 2 bed property, in a "safe" area, for 60K.

You can't do that anywhere in Ireland as far as I could tell.

tim

[expat]

If nobody can get a mortgage then house prices will fall to the levels of savings people have in the bank. Which means in NL the average house will cost around 10,000 euros, in Germany about 15000 and in Britain you’ll have to pay people to take your house off you.

Unless "nobody can get a mortgage" really means that fewer people are getting mortgages approved: curiously, just enough fewer that the number of buyers equals the number of sellers.....

[Spacecadet]

I also predict that prices WILL NOT fall 80% in the UK.

how about 79.9%?

[Flashman]

The price of houses in Ireland got silly.

You go to a small town, with no jobs, no particular tourist interest, 4 hours from Dublin and a poxy little (OK reasonable sized) 2 bed apartment costs 300K (Euro),

It's nuts.

tim

Yeah, heard the same sort of thing from a friend living in Cork. If you thought the British property market was mad, the Irish was utterly nuts.

[TykeMerc]

The price of houses in Ireland got silly.

You go to a small town, with no jobs, no particular tourist interest, 4 hours from Dublin and a poxy little (OK reasonable sized) 2 bed apartment costs 300K (Euro),

It's nuts.

tim

Not that much different from the UK to be honest.

The price of houses in the UK has been out of rational proportion to incomes for the better part of a decade.

[contractor79]

The price of houses in Ireland got silly.

You go to a small town, with no jobs, no particular tourist interest, 4 hours from Dublin and a poxy little (OK reasonable sized) 2 bed apartment costs 300K (Euro),

It's nuts.

tim

or is that what it will cost for the Brits... ;-)

[tim123]

in Ireland

The price of houses in Ireland got silly.

You go to a small town, with no jobs, no particular tourist interest, 4 hours from Dublin and a poxy little (OK reasonable sized) 2 bed apartment costs 300K (Euro),

It's nuts.

tim

[contractor79]

Lots of holiday homes as well used for a couple of weeks a year by City types and empty the rest of the year. Locals just love it.

yes. such a hideous thing to do with one's money, why can't they just put their money in other things and pay hotel bills the greedy mean gits, just go camping or get a caravan