to me worried that labours non Dom will crash the housing market

[medona]

Apparently even just announcing it has affected the prime London housing market. Its not just this area that is affected as it ripples down, so if they were to abolish it then it could start a housing crash for at least London if not the UK.

I hope it does. I am heartily sick of massive blocks of luxury flats going up in London, and sold at enormous cost, only for nobody to live there.

Couldn't happen soon enough, IMO.

And why would that be a bad thing? A reduction in house prices would allow people to buy property to live in, not just use as an investment.

It would not be a bad thing for the long term. House prices are ridiculous and the main people gaining from them are buy to let bastard landlords. BUT it would be horrific for people who have borrowed too much...that means I can't be too happy about the prospect of it.

Nah, loads of people will be shovelling their pension pots into buy-to-let. Don't worry, all the kids will be priced out of the housing market for generations to come.

Best news ever! We need a crash as the situation in london is un manageable. Very happy if true.

except if the housing market crashes the people who can't buy now still won't be able to buy because people won't be selling due to negative equity.

I agree it would be good.

Oh, boohoo for the oligarchs, eh? My heart bleeds.

Unfortunately it won't happen. The market didn't crash right through the recession, so it's unlikely to crash now. It's not as if people would be taxed 100% so there is still the incentive to buy and sell, there will simply be a lot of tweaking at the £1 million margin.

I hope the housing market crashes.

It's disgusting that super-rich foreign investors have been able to play monopoly in our beautiful city thus depriving current and future generations of affordable accommodation.
Yes, my house is worth a lot, yippee, and so are all the others. So what, it'll only benefit me if I want to sell up and go and move to an area that has been buggered up as a result of the false boom in London.

Did you read this in the Daily Mail, perchance, OP?

London and the south east are an unsustainable bubble. An outright crash would be bad news for a small number of people who have to sell (please note - have to, not want to) and have overstretched themselves with massive mortgages. These people might end up in negative equity - but this would be a very small proportion.

For a growing majority, a crash would be a good thing long-term. It is insane that someone in my position - early 40s, professional income (not huge but well above average) is stuck in rental accommodation - with rental prices rising too. My family and I don't want to live on Park Lane - we are being priced out of zone 6, fgs.

The massive housing bubbles promotes nothing but instability and misery for ordinary families who just want a home. It is building up huge problems for the future, as the south East to becomes a ghetto for the rich.

Get rid of the thieving, selfish, parasitical non-doms, and if it brings about a crash, so be it.

Icimoi there are signs of the market if not crashing slowing down in the area i lived. Alot of reduced prices i noticed!

It think its very mean to wish misery onto millions. People have to move for work, marriages etc so anyone in neg equ will be unable to move. This won't just affect the oligarchs it will affect anyone that has bought in recent years without a monster deposit.

Millions?
Anyone who sells at a loss will buy their next place at a much reduced amount.
It would only affect a very small number not moving up the ladder.
The whole property myth has been peddled to take advantage of people's mathematical ignorance.

Spiralling prices have a detrimental effect on many, many more people.

I really don't see it really affecting things. Lots of very rich people still want to invest in property so they have a "bolt hole" if necessary. There always seems to be more super wealthy people around.

Prices where I live are just increasing a little slower (a friend sold their near million house in a week, and quite a bit more than they spent on it two years ago).

bingo - all the fault of the landlords. As always.

like most landlords can afford to buy a huge energy-pit in the middle of London and leave it empty. Get real.

only on the TV do you get 12% return on BTL. Normal figures are 4% or less IF you don't get trouble.

the non-dom thing is a very small number of people causing a lot of financial damage, and is well overdue.

Am heartened by so many on here seeing sense.
The average BTL landlord will own one or two small properties. Obviously they will aim to have these occupied.
These non doms have been buying up whole blocks and leaving them empty. Who does that benefit???

We need a crash, although I don't share OPs optimism that one will be achieved so easily. I'm sorry for those who'd be screwed over by one, but no sorrier than I am for those who suffer due to the status quo. As spiralling house prices are effing up our economy, it's better for the first group to be the ones who suffer.

Re negative equity, there'd be repossessions. People come to remortgage, can't get a mortgage they can afford on the amount they owe, et voila.

Agree with Eddie the new pension rules for pensioners will prop the market up for now.

Oh that's good then. We have a dinner party at the weekend, for a moment I was wondering what we were all going to talk about.

Don't be silly, OP - no one's 'wishing misery on millions'. Of course negative equity isn't a good thing for those who are genuinely caught out by it. But the current market is unsustainable and hugely damaging. Something has to give.

I do agree that losing non-Dom status will probably not fuel a total crash, though.

Non-Dom status is an utter pisstake, however, and needs to go. I just hope Labour have the balls to actually enact it.