How much do you need house prices to fall before you buy.

[macca]

14 hours ago, UmBongo said:

I need them to come down to £80-90k. Never going to happen.

 

I think it will..

The problem is Housing benefit is £27 billion.. As generation rent retire having paid off other peoples mortgages the state will have to pick up the bill!

Its just not possible with the current corrupt system to sustain the cost of all the Benefits.. Its the same in America.. Medicade and benefits are sucking them dry..

Unless the cost of living comes down the economies will collapse as more people spend their lives working just to survive which does not grow an economy, It just leads to increase in state debt and eventual collapse..

What we have now is purely the last knockings of the GREED of our masters striping what little wealth we have left before the game ends..

Buy To Leach must end, housing slavery must end.... We all get one life, it should be working for ourselves, not some GREEDY cunt landlord..

[Bear Hug]

2 hours ago, SillyBilly said:

Probably 40 to 50% in the SE which is where I currently am. I doubt that will happen. My exit game is having enough cash to buy outright in a cheaper part of the country when I choose to pack in the rat race. Probably could do it now if I moved to somewhere like Middlesborough but I still need some work for the time being! The itch to buy isn't what it was but I'd rather not be in private rental as a pensioner. 

 

1 hour ago, Cunning Plan said:

I am the same except that I don't anticipate ever being a pensioner.

Similar.  Also SE, also would buy on 50% fall but prefer to buy outright elsewhere and work from home. 

I don't expect or want to be a pensioner, but instead see myself working fewer days a week from age 50 or so.

I only really started to consider buying about 12 years ago but didn't like the idea of getting into more debt while I still had a student loan.  Paid it off eventually and started putting away over £1k a month, but for ages felt like I missed the bus on buying a house.   Now I see things are turning and really don't feel any rush to buy.  

My rent is less than interest on mortgage would be for the same house, and landlords are best of a bad bunch, so I am happy to wait it out. 

I know it will be a long wait, and I know my kitchen is worse that my various friends' kitchens, but I'll just have to wait it out.  Second mouse gets the cheese.

[Band]

15 hours ago, macca said:

I think it will..

The problem is Housing benefit is £27 billion.. As generation rent retire having paid off other peoples mortgages the state will have to pick up the bill!

But that is one hell of a long wait, another 20 years until the first of the priced out generation start retiring.

[macca]

7 hours ago, Banned said:

But that is one hell of a long wait, another 20 years until the first of the priced out generation start retiring.

Not at all, plenty of broken relationships out there, people who lost it all in there 60's and are now living day to day, immigration is still rising and you know how we love to house everyone, except for our own that is.. The longer it goes on the worse it gets.. we already have the start of it with record high crime, food banks and people spending allot more than they earn.. Companies collapsing because of lack of spending and high running costs.. More hikes in council tax, utilities, collapsing services, S24 to continue to squeeze margins, benefits to be cut further as universal credits roles out like a tsunami.. End of my aunties road 2 cars with people living in them! If this is not the end game how much worse can they make it?

Once you cant service your debt, you cant service your rent.. the game ends.. surely?

[Band]

46 minutes ago, macca said:

Not at all, plenty of broken relationships out there, people who lost it all in there 60's and are now living day to day, immigration is still rising and you know how we love to house everyone, except for our own that is.. The longer it goes on the worse it gets.. we already have the start of it with record high crime, food banks and people spending allot more than they earn.. Companies collapsing because of lack of spending and high running costs.. More hikes in council tax, utilities, collapsing services, S24 to continue to squeeze margins, benefits to be cut further as universal credits roles out like a tsunami.. End of my aunties road 2 cars with people living in them! If this is not the end game how much worse can they make it?

Once you cant service your debt, you cant service your rent.. the game ends.. surely?

Yes i agree, but your previous comment about it kicking off when generation rent retire is a long wait.

I think its all going to change as politically it has to, the bigwigs in the Tory party know exactly whats going on and they know full well if the bubble doesn't pop they're definitely toast at the next election, and if it does they might be toast.

May Hammond need to go asap and then maybe S24 will be brought in for all along with a  council house building as even JRM has mentioned will happen.

[macca]

41 minutes ago, Banned said:

Yes i agree, but your previous comment about it kicking off when generation rent retire is a long wait.

I think its all going to change as politically it has to, the bigwigs in the Tory party know exactly whats going on and they know full well if the bubble doesn't pop they're definitely toast at the next election, and if it does they might be toast.

May Hammond need to go asap and then maybe S24 will be brought in for all along with a  council house building as even JRM has mentioned will happen.

The young would have to be suffering from a mental illness (or have stinking rich mummy and daddy) to vote Tory..

but you know like, its like, yeah like.. init.. They are not that smart to see when the Tories are stealing from them on a daily basis..

[Band]

2 minutes ago, macca said:

The young would have to be suffering from a mental illness (or have stinking rich mummy and daddy) to vote Tory..

Its not just the young those aged between 40 and 50 voted Labour over Tory at the last election. 

 

[kibuc]

I'll bite when I can buy a 4-bed with 4x my income. Could accept 5x if the neighbourhood was exceptionally nice. That would mean 50% or more nominal drop which sounds like a lot, but if there's any place it can happen it's London.

[spunko]

Bought in 2012 but hoping for a crash of at least 50pc in the SE. Think it'll happen but every other asset is going to tank too so it won't be pretty. 

[Band]

5 hours ago, kibuc said:

I'll bite when I can buy a 4-bed with 4x my income. Could accept 5x if the neighbourhood was exceptionally nice. That would mean 50% or more nominal drop which sounds like a lot, but if there's any place it can happen it's London.

I hope it happens for you.

[Band]

16 minutes ago, spunko2010 said:

Bought in 2012 but hoping for a crash of at least 50pc in the SE. Think it'll happen but every other asset is going to tank too so it won't be pretty. 

Yes if i do buy at say a 20% drop i do hope they continue to fall so every fucker with a job can buy a house relative to income.

Wonder if the 1990s would have been so much fun if prices didnt crash enabling people to care about more important things than the price of their house such as going out and having a good time 

Maybe the 2020s will be roaring if prices crash.

[Frank Hovis]

On 30/07/2018 at 23:26, macca said:

The young would have to be suffering from a mental illness (or have stinking rich mummy and daddy) to vote Tory..

but you know like, its like, yeah like.. init.. They are not that smart to see when the Tories are stealing from them on a daily basis..

Or Liberal or Labour; they all do the same these days.

 

I own and am fine not moving but if houses, particularly high end houses, dropped by 40-50% or even more (very possible IMO, or even bigger drops as they have a very limited market) then I would buy one of those.

That I think such falls are possible is part of the reason for my delaying my (early) retirement a few years as I would be unhappy if somewhere with six acres and a jetty dropped 60% and I wasn't in a position to take advantage of it because I hadn't worked the extra couple of years.

[Democorruptcy]

I think a distressed vendor in a recession will let me know.

[Band]

1 hour ago, Democorruptcy said:

I think a distressed vendor in a recession will let me know.

Seems theyve ended boom and bust, just print more money and create more crap service sector jobs. Of course itll end with an epic bust its when thats the problem.

[UmBongo]

On 30/07/2018 at 14:02, Banned said:

But that is one hell of a long wait, another 20 years until the first of the priced out generation start retiring.

Yeah. I'll probably be in my early 60s by the time modest sized freehold bungalows come within 4 x salary. By which time I'll be too old to take out a 15 + year term mortgage.  

Not a problem if I manage to accumulate the cash to buy outright mind. Time will tell.

[Farmergiles]

I have been watching this flat for over a year, looks like it was repossessed in February18 (Category B if I understand that correctly). It was listed at £475k when I viewed it March 2017. It was then re-listed at £405k, last listed at £365k and has now sold. I'm happy they did not accept my very low offer and I chose to rent! I will not buy in the South East now until prices return to 2010 levels at least (relative to any wage inflation) but I am considering buying elsewhere as I am not sure how long it will take and I want to get settled.

If it doesn't go through this time, I wonder what the asking price will be, already at 2013 prices? The problem they had was the petrol station next door and mortgage approvals falling through. 

Rightmove sold link

[Option5]

3 minutes ago, Farmergiles said:

I have been watching this flat for over a year, looks like it was repossessed in February18 (Category B if I understand that correctly). It was listed at £475k when I viewed it March 2017. It was then re-listed at £405k, last listed at £365k and has now sold. I'm happy they did not accept my very low offer and I chose to rent! I will not buy in the South East now until prices return to 2010 levels at least (relative to any wage inflation) but I am considering buying elsewhere as I am not sure how long it will take and I want to get settled.

If it doesn't go through this time, I wonder what the asking price will be, already at 2013 prices? The problem they had was the petrol station next door and mortgage approvals falling through. 

Rightmove sold link

Across the bridge from my place.............

Beer in the ironing board murderers pub?

[Farmergiles]

1 minute ago, Option5 said:

Across the bridge from my place.............

Beer in the ironing board murderers pub?

Haha, I wonder if he's been let off for good behaviour? 

Unfortunately I am not renting in the area, love it down there though. Nice place to live

[Wheeler]

4 hours ago, Farmergiles said:

I have been watching this flat for over a year, looks like it was repossessed in February18 (Category B if I understand that correctly). It was listed at £475k when I viewed it March 2017. It was then re-listed at £405k, last listed at £365k and has now sold. I'm happy they did not accept my very low offer and I chose to rent! I will not buy in the South East now until prices return to 2010 levels at least (relative to any wage inflation) but I am considering buying elsewhere as I am not sure how long it will take and I want to get settled.

If it doesn't go through this time, I wonder what the asking price will be, already at 2013 prices? The problem they had was the petrol station next door and mortgage approvals falling through. 

Rightmove sold link

At first glance I read the transaction history from top to bottom and thought £445k reduced to £215k. Only another £100k or so to go!

[goldbug9999]

I need for them to fall another 90% (in bitcoin), not entirely unrealistic since they have already fallen by about 80% in the last year. When houses are about 2-3 BTC Ill buy.

[Green Devil]

9 hours ago, goldbug9999 said:

I need for them to fall another 90% (in bitcoin), not entirely unrealistic since they have already fallen by about 80% in the last year. When houses are about 2-3 BTC Ill buy.

Problem now is the banksters control BTC (with futures) now. Like they are doing with gold futures. Dont expect crypto to get you onto the housing ladder, isnt gonna happen. If you dont own now your fucked.

Its throw in the towel. Time to think outside the box.