The property market looks like its going to collapse and that's a good thing

[Ellreejeee]

Surely this madness is going to end soon and it will benefit the country?

Shed for sale in Somerset in someone back garden for 150k. Look at the pictures www.rightmove.co.uk/property-for-sale/property-37137567.html

London is insane, most overvalued many are saying www.bbc.co.uk/news/business-34676643

The average london house has earnt 2 pounds an hour for the last decade. And that's tax free if its your own home!

Personally I would love a property market crash- it would help me & husband manage to buy something in south London.

But to be honest, I really cannot imagine this will be the case. Maybe a small blip but definitely no crash.

I don't think a property crash will happen by itself, it will happen as a consequence of outside influences. A recession in China, EU falling apart, Putin doing something, the fact that oil is at an all time low, US base rate increase affecting stock markets. There is too much cheap money resulting in too much debt. Etc.

It's like a stack of cards waiting for a trigger for it all to come tumbling down, including a housing crash.

My main worry is that there is nothing to fight another economic crash with. Interst rates can't go lower, banks arent exactly doing well in stress tests.

So, you actively hope for untold thousands of people to be thrown into financial ruin so that you can buy a cheap house... and be the next in line for someone to wish you ill?

OK!

As I said, I was one of the lucky ones during the last crash, but plenty of young friends with larger mortgages were not. They lost a lot more than a home. I wouldn't hope for it to happen again, not even to my worst enemy.

The big difference between us and the US is that we are a small and in many areas quite crowded island. There isnt the spare land that there is in the US. So long as people want to live somewhere it doesnt matter whether they rent or buy they will still occupy land.

Until we have a government that ensure even a reasonable level of social housing is built, prices in many parts of the country will continue to rise, as will rents. That will happen even if the most objectionable tactics by estate agents and property programmes were banned.

It certainly doesn't look it's going to collapse here in the south east.

I hope prices fall because I am thinking of the future and all the millions of people who are being crippled by housing costs, and my children who may never be able to afford to buy. Sure, I will lose some of my unearned cash, but I'm not so selfish as to hope prices stay high forever!

Mintyy your last post is utterly naive as to the real consequences of a housing crash.

Yes, someething has to change, and it will. But please, hope it is NOT a crash, just another adjustment. A crash has long term, wide ranging consequences.

GnomeDePlume, not sure how accurate it is but according to this only just over 2% of England is build on.

There is something very iffy about that over-priced shed.

Look what you can get for the same money in the same town;

www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E1198&minPrice=130000&maxPrice=160000&minBedrooms=1&radius=0.5&googleAnalyticsChannel=buying

once (if) interest rates go up, house prices will start coming down.

As someone who has been lucky/unlucky enough to buy in London during the price frenzy (so paying a lot for housing compared to others who live in equivalent houses but through timing could buy earlier) I hope there isn't a crash. We're strapped as it is.

A moderation is fine but I find older posters who have paid off their mortgages wishing for a crash is very annoying.

If you want a crash in house prices try asking somebody who bought a house in the 1990s and had to put up with interest rates of 15% (thank the Tories for that) and a sudden property crash which saw average people with mortgages that were unaffordable on houses that were worth 25% less than they paid for them.

flummoxed I remember reading similar and then looking at the spaces where there are no/few houses: farmland, woodland, highlands and islands, marshy places, lakes, wild moors, mountainy bits and coasts that may or may not be eroding.

I thought the figures were about 12% of England and that it is Scotland that has about 2% urbanised areas, which, when you look at the land left, isn't all that odd!

"I find older posters who have paid off their mortgages wishing for a crash is very annoying."

Why would we be wishing for a crash? That means we lose capital. I think you'll find it's those younger posters not yet on the housing ladder that have selfishly expressed a wish for a crash, regardless of the hardship that would cause for many.

Cool shed!

Two reed diffusers in the bathroom is a little excessive.

The house prices have gone bonkers here since help to buy and the removal of higher stamp duty at 250k. You used to be able to get a house for 249,999, prior to. Now they are more nearer 300k
It's crap

I was referring to mintyy, but you're right - I guess it is mainly younger people not on the ladder. Overall though it's just shit and we shouldn't be turning in each other. Successive governments should have acted sooner or made different decisions.

What irritates me is all those who think that those who bought decades ago somehow had it easy. My parents' generation and mine, I confess absolutely beggared themselves to buy their first house. My parents had no carpets or furniture, apart from a few bits donated or bought in jumble sales, for years. They had no holidays, TVs and certainly no mobile phones (of course!). There was no heating put on, ever - couldn't afford it.

I certainly don't begrudge them living in a nice mortgage-free house now. How many people wanting to buy a house now and being unable to afford it, would be willing to give up their mobile phone/Sky package?

I don't think giving up a mobile phone package helps buy a house

There won't be a crash - too much foreign investment.

You're missing my point, Ubik.

OP, I can't see any reason why you think the market will crash?
I keep an eye out because I could do with prices dropping. I live in London. It's reached the stage where getting a bigger flat in a better area is unaffordable even though I already own. I'd need prices to go back to levels of about six years ago.

Also, then you get into the ridiculousness of "how much am I prepared to pay for extra space". I thought the market would slow because I know a number of people in that position. Technically we, I.e. Myself and those people, can "afford" to move but the amount of savings I'd have to put in puts me off.