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To think another great Depression is coming?

(327 Posts)
littleblackdress04 Fri 03-Apr-20 17:42:12

Spoke to a surveyor friend yesterday - he said they can’t value houses at the moment as they think they could lose up to 50% of their value. Also read an article about how another Great Depression is coming.

Is it the re-set we need as a world? The end of billionaires when millions have no food? What will the societal impact be?

I personally hope it’s a fairer, kinder society where everyone gets their basic needs met

EmAndes Fri 03-Apr-20 17:48:05

Message withdrawn at poster's request.

GrumpiestOldWoman Fri 03-Apr-20 17:50:50

Probably, and even very wealthy people will be impacted. However I doubt it will solve the issue of the gap between the very rich and the rest of us.

Verily1 Fri 03-Apr-20 17:53:46

If million pound houses go back to costing £500000 everyone will be a lot better off!

littleblackdress04 Fri 03-Apr-20 17:53:57

Most people have never seen a 50% drop in house prices- or the levels of unemployment that are coming- it’s scary but good could come from it

PicsInRed Fri 03-Apr-20 17:58:04

People really have no concept of the scale of what's coming.

The virus is nothing in comparison and probably neither is the Great Depression.

People have largely stopped spending. Money has stopped circulating. The level of fuckage coming really cannot be underestimated.

Namechange4nowt45 Fri 03-Apr-20 17:58:41

I said to my husband the other day I believe we will go in to recession again, I'm definitely intrigued how it will effect the housing prices and how long the effects will last? I'm hopping to try and get on the housing ladder in 2 years time sad

CroissantsAtDawn Fri 03-Apr-20 18:01:57

How could good come from a 50% drop in house prices??? That won't happen in isolation. It will be accompanied by massive unemployment, high interest rates/low savings rates. No one will be selling houses. And people won't be able to borrow to buy a house.

CroissantsAtDawn Fri 03-Apr-20 18:03:04

How would that create a society where everyone could have their needs met? Why would billionaires losing some money mean that poor people have more?

littleblackdress04 Fri 03-Apr-20 18:04:42

I think I mean more that there might need to be a universal basic income

PersonaNonGarter Fri 03-Apr-20 18:06:13

Whenever I see posts like this I think they will he people hoping millionaires feel the hit while they, the impoverished poster, somehow escapes any impact on their standard of living and is now able to buy a nice house.

It doesn’t work like that. A downturn will affect almost all of us - the rich the least, the poor the most. And no, a house price crash will not benefit those at the bottom. It will come about because those at the bottom and in the middle cannot afford mortgages.

Movinghouseatlast Fri 03-Apr-20 18:06:13

Absolutely. No good can come from a 50% drop.
It would lead to mass homelessness, mass suicides and bankruptcies. It wont be a good thing at all.

littleblackdress04 Fri 03-Apr-20 18:09:17

Eh? I own a house- I’m feeding back what my friend said. It’s all coming and it’s going to be bad- I just hope some good/ societal change can come out of it

JustInCaseCakeHappens Fri 03-Apr-20 18:09:30

It's very naive to assume the "billionaires" and super wealthy will suffer enough for them to end up in a grotty terraced in Slough...

Depression would mean the poor will be poorer, there will be an awful amount of much poorer people, the working class will suffer, the middle class will be crushed by tax because someone needs to pay!
the upper class, or the wealthy will keep quiet and enjoy their comfort, why wouldn't they.

littleblackdress04 Fri 03-Apr-20 18:10:40

Anyone who thinks it isn’t coming is deluded- my point is it might end up with a different system where people are more supported

Grasspigeons Fri 03-Apr-20 18:10:56

I'm reallly scared about whats coming. I dont know about nicely resetting things so the billionnaires share their money and everyone owning a house. I can see conditions for civil unrest and even war building up. The amount of business going under and the amount of debt. Scary times.

JustInCaseCakeHappens Fri 03-Apr-20 18:11:54

If you want people to be happy, you want a rich society! Where economy is booming, employment is high, opportunities are everywhere, there's money in the pot to fund health, education and all the basic services.

What good could a depression ever be to anyone? People will learn what being poor and hungry actually means, not sure there's anything to cheer about.

JustInCaseCakeHappens Fri 03-Apr-20 18:12:33

t might end up with a different system where people are more supported

but supported by what?
Who do you think is paying to "support" them? Where does the money come from?

littleblackdress04 Fri 03-Apr-20 18:12:52

But I’m not saying it’s anything to cheer about- I am saying it’s coming and maybe it could be a chance of a better society 🤪

nellythenarwhal Fri 03-Apr-20 18:13:06

Agree about a massive depression but the Jeff Bezos off the world will be fine and we will still buy from Amazon.
I think the housing market will grind to a halt at best. People won't have the confidence or funds to move and do up a new home and with job losses and wage cuts there will be people in negative equity

littleblackdress04 Fri 03-Apr-20 18:13:44

Well, given that the state has just had to nationalise the private sector for all intent and purposes, the state will probably have to carry on supporting people

Pishposhpashy Fri 03-Apr-20 18:14:08

No, frankly I don't. The virus will pass, the economy will bounce back and people will resume their normal lives.

Ethelfleda Fri 03-Apr-20 18:14:45

What a cheerful post.

No, I don’t agree. Houses prices are affected by many other factors such as supply and demand etc.
I don’t think we have a ‘great depression’ coming at all.

littleblackdress04 Fri 03-Apr-20 18:14:53

And actually @JustInCaseCakeHappens the state is currently printing money to support the millions or businesses it has just had to bail out- a la very ironic tory socialism

Ethelfleda Fri 03-Apr-20 18:15:12

Pishposh we agreed on something! High five smile

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