To hope there is a house price crash this year

[blondieblonde]

I really hope there is, so we can buy somewhere. What are the chances?

You are BVU to wish negative equity on people- it an cause horrible problems for existing homeowners who have done nothing g wrong other than buy a house for you.

You are not U To wish houses were more affordable however.

On a personal note I saved for 6 years to get the money for my house - so thanks for wishing away the 25k I saved so long for.

People don't want to save any more that's part of the problem. You can get everything else on credit so why not a house deposit? In truth, these days there's is not much you have to wait for in life. This is one of them though. Sure it's not as easy as it used to be, but it's not beyond the realms of possibility for most people.

Sacrifices need to be made if you want to be a homeowner.

I hope not both my dc and their respective partners have saved hard gone without and bought here in the south this year. I know it's hard; interest rates were 15% and mortgages very thin on the ground when I bought my first house hovel as a lone parent during the last massive crash so be very careful what you wish for. If it's too expensive where you are move that's what all my family have had to do.

Yanbu we've had decades of celebration s every time they went up, even though that caused misery for millions.

They should crash, but will they is another thing.they might just carry on devaluing the pound.

They should stop all this speculation, millions have a btl and this should be taxed to oblivion.

Even if they dropped 40% in london, wed just be back to 2008 where they were already overpriced and in a bubble.

There will be an event no one for sees that will bring the markets crashing sometime soon.

There was a recent house price crash? When? Prices in Edinburgh softened for a bit, then marched upwards swiftly.

Surely a crash means a huge loss of value, not just having to wait a few months to sell or having to knock ten grand of the eighty grand appreciation off your asking price.

Prices won't crash. They may go down a little.

Why are so many so confident they won't crash? Because its a rigged market with lots of forces at work?

Like the Chinese stock exchange

Instead of wishing for a crash that could affect millions, why not just take on a second job or look for a better paid one. That's what most have to do to buy something so expensive.

The amount of people who bleat they can't afford their own home yet spend a a fortune on wine, nights out, big wedding or having children before home ownership. It's always someone else's fault.

Oh sod off with the 'save harder' schtick! In large swathes of the country you'd have to be a very high earner to manage savings that kept abreast of price rises, never mind outstripping them.

I earned 17 grand in a year on my first flat. That was more than my entire take home pay for the same period.

My current flat is now 'worth' 120k more than we paid for it ten years ago. Who can save these sums, really? Nobody I know earns three figure salaries.

Take a look at salary multiples and house prices. Cutting out wine is a piss in the ocean.

Ok don't save! But don't expect to get on the housing ladder then

autumn in the nicest possible way. Get your head out of your arse. My entire... yes entire.. take home pay goes on my rent.
I don't drink and I haven't had a wedding.

Autumn

What a ridiculous POV. House prices have never been so unaffordable. Maybe people should work 24 hours a day and live in their car?

The naivety of statements like "I wish it would crash" and "It's the lack of lending" are utterly astounding.

Profligate lending led to the situation we are now in, boom and bust alike.

Yes, there probably will be a housing crash at some point and I hope that none of you currently wishing for one are new owners when it does happen. You will not believe the anguish it will cause.

In the 80s we were fortunate, we had a small mortgage on a small flat. Many of our friends, also in their 20s, took advantage of the relaxed lending laws and bought family homes, had kids, thought they were set. Then rates skyrocketed, reached 18% and worlds came to an end, keys were handed in, people walked away from their homes carrying kids and huge personal debts.

They weren't stupid or greedy people either. They were just ordinary people who had been sold the dream of being home owners. Bear in mind that this wasn't the norm in the 80s. Most WC/MC people rented. They were they first generation to be sold that dream... the dream that still seems to override common sense, in individuals and governments alike.

So no. Much as it pains some not to own their own home, I can remember how much more pain is caused by losing one. Don't hope for a crash.

If house prices crash, the BTLers who already have their ducks in a row will be first in line for the small number of properties which people have to sell. Most people will stay put.

It is second home owners and BTLers - many of whom don't live in the UK - who have driven the bubble. Round here, they built 150 ish homes in Brown belt land in a not great area. 50% of them are owned by one man - a landlord - with people paying more in rent than a mortgage would cost. Same with our immediate few streets - everything which comes up between £100-125k, round here a 2 or 3 bed ex LEA house with garden, ie FTB territory, is snapped up before its even on Rightmove by "investors"

Much as it pains some not to own their own home, I can remember how much more pain is caused by losing one. Don't hope for a crash.

You raise some good points, but I disagree with the last one. I think it will cause more problems of the bubble is kept on inflating. Its not really helping anyone long term and the more it inflates the bigger the fall when it comes back down.

Where I live the average price is about 12 times the average wage. This isn't sustainable and as much as I feel for people when they loose their house, it isn't their house until they have paid off the mortgage. When you take on a mortgage it is a gamble, you have no idea what interest rates or house prices will do and many have overstretched themselves assuming ir will never rise, they will always have a job etc.

Ah yes! Let's just round up all the people who have more money than you do, who make their living in property, and just shoot them!

You do know that LL hate makes you sound deranged, don't you?

All sorts of people own bits of property they don't live in, especially if you have a pension.

The reality is much more complicated than that!

If house prices crash, the BTLers who already have their ducks in a row will be first in line for the small number of properties which people have to sell. Most people will stay put.

Apart from if they crash the btl brigade probably won't be able to get the funding to buy them. Many won't have any option to leave if they get behind on their mortgage.

I know what you mean, Scientist. But, until you have lived through it you cannot imagine how much distress it causes.

It is all well and good to say 'make better choices' and "you don't own it til it is paid off", the reality is crushing, world destroying. You only know all of that now because of the 80s crash. Had that not happened, within living memory, then this generation would happily leaping on easy to acquire mortgages, making all of those assumptions and, probably, feeling the consequences when it a goes wrong.

You have the benefit of hindsight!

I have no idea what the solution is. But wishing life changing ill on strangers is not it!

I live in a bit of Central London (zone 1) where there is a lot of building going on. There seems to be no shortage of Russian and Chinese buyers ready to snap up the apartments.

Oh yes I agree OB, I wasn't around then.

But you just have to look at uk personal borrowing figures to know many people have their heads in the cloud and are only a few pay cheques from finincial ruin. I'm totally separating the emotional part of it to be honest. I can iminagine its also heartbreaking feeling like a failure an unable to buy a house. Either way its going to be hart times for a large number of people.

Central london zone 1 (k&c) has been crashing for over a year! Laregly due to stamp duty changes.

There is a huge amount of million pound flats being built, that far far outstrips demand.

Russians and Chinese demand is drying up as China has introduced more state controls on taking out money, also stock market crash has taken lots of wealth. In Russia the commodity collapse has sent their economy into freefall and the rublr had gone down 80% against the pound in a year.

The south east is just ridiculous at the moment. My friend just had her flat revalued and she's made 50 grand on a one bed in 2 years. She only payed about 130!
I've got another friend who's pretty much doubled the price of her 3 bed house in 6 years.
I'm not wishing for a crash as such but for prices to recede to what they were 3 years ago or so. We're saving hard and have made massive sacrifices, but now we nearly have the deposit prices are quickly rising far above what we can afford.
We are a very normal couple with an average income and we want to remain in the general area we grew up, but this is just seeming more and more impossible.