To think saying house prices could crash if we brexit will be a plus for many

[feellikeahugefailure]

The BoE and other banks say this as if it is universally bad news. If it stops the vast amount of foreign speculation on UK property then many will see it as a good thing.

Even if you own your own home, its paper gains unless you sell it. So even homeowners might want prices to fall as otherwise their children may never own a home.

You'd almost think that the buy toilet landlords had been deliberately lured in to act as the fall guy wouldnt you!

Or at the very least they have been chosen by the powers that be to act as convenient scapegoats

Well they will run out of props soon enough. Soon there will be the political will to crash prices, as the gap between the have and have not increases.

Why will there be the political will? This is just wishful thinking. The Conservatives won't alienate their core vote by failing to at least maintain house prices and the Labour Party---- will do the same (whatever Corbyn might say or do - he won't win an election and so he'll be kicked out as soon as feasible).

Sooner or later you have to take the risk if you want to be a property owner. Prices will not crash so you have to adjust your expectations and accept you will not be able to afford what your parents could. (Sorry OP but I remember a number of your other threads).

Spot on suzanne about the worst affected.

Buy toilet landlords are just the marks for the banks.

I do think a period of stability would be good and actually that's what I see happening near home (SW London)

We never thought we could buy and felt upset about it so we did something about it!

Moved out of the south east moved up to the north west got a better job and bought a house for 80k.

It may be an extreme example perhaps but it's one of the best decisions we've made as a family.

Instead of wasting time on poorly researched threads get a plan together see what your options are instead of wishing horrible things on people so you can get on the ladder the easy way

There will be the will when the have nots are greater than the haves. Might be a decade away however. They just care about the number of voters.

Thanks little bear, I know I will never get what my parents had, boomers were an abnormality. At the moment I don't have a job, so can't do anything but I will keep on weighing up the costs and benefits. Maybe im too risk adverse as buying a house is a risk. If they did only ever go up obliviously I would buy.

I don't think OP wants to listen to advice.😞 She's just living in a Dream world where she hopes she will be right. ( ignoring that she hasn't been right for the last seven or more years)

Ignoring the tens of thousands spent on rent.

The problem started when people (prompted by ridiculous Tory policies, council house sales being the main one) viewed houses as an investment rather than a place to live. Then all folk ever talked about was the value of their homes and how to progress up the ladder. I don't think there is any quick fix solution but until the average price of a house is 2.5 times the average wage then the whole market will remain out of kilter. They could start by building more Council housing, not affordable homes as that just exacerbates the problem.

No, it would be disastrous, and the repercussions would spread well beyond house owners and those who want to buy houses.

So you don't even have a job? Sorry but you're a fantasist. A bank won't lend to you even if the house price was £20k.

Reading that crazy House Price Crash site online and wishing misery on others (which in this situation will also inflict misery on yourself) doesn't get you what you want in life. Get a job, save, move to where you can afford to buy.

Come to think of it I recall previous threads of yours.

I remember a man telling me I was crazy to buy in 2003. He was waiting for a crash. As far as I know he's still renting.

Just seen that you don't have a job.

Sometimes we have to take a calculated risk. We bought a forever home in 2008! my brother was busy pointing out that we would loose money. ( it would only have been equity from the previous houses)
Actually it worked out well, we did work on the house so it never really lost any value. Our base rate mortgage was a godsend. Lots of our friends struggled to get mortgages after 2008.

Make a plan, don't wait for doomsday.

The affordable homes thing is a big joke anyway, affordable apparently consists of homes up to the value of £450,000.... Which is affordable for whome exactly?!

Given up on the thought of ever owning a home, thankfully I'm HA and pay a social rent so I'm in a lucky position, it's all the security I need, however I do feel sorry for private renters. I think we need to move our thought processes away from this burning need to own a home as for more and more people it really is fantasy.

and also ignoring the fact that she is unemployed and so wouldn't get a mortgage anyway...

So instead just sit back and wish bad luck on those who have taken the risk and bought

If it stops the vast amount of foreign speculation on UK property then many will see it as a good thing.

In London, so much of this is from non-EU buyers (or buyers buying through a company) that Brexit is neither here nor there. You'll have seen that bits of the high-end London market (Battersea etc) are falling, given that there's lower demand from China, Malaysia etc. Even if Britain was outside the EU, anyone wanting to speculate on UK property, who had enough money to do so, could continue. If you wanted to start a more nuanced conversation, it might be, "Why doesn't the government limit home ownership to long-term UK residents, or impose a levy on foreign buyers?"

If I remember correctly, you're the OP who started a thread about a month ago to the effect that a house price crash wouldn't be a bad thing, and had your ass handed to you by an economist. I don't see anything different here. You want house prices to be lower. You don't understand that with a house price crash comes much wider turmoil.

Why do people keep putting words in my mouth? I never said I would be able to get a mortgage as unemployed.

If I remember correctly, you're the OP who started a thread about a month ago to the effect that a house price crash wouldn't be a bad thing, and had your ass handed to you by an economist. I don't see anything different here. You want house prices to be lower. You don't understand that with a house price crash comes much wider turmoil.

Ended with two people with economics degrees disagreeing. Anyway this has ended up the same. I shouldn;t of posted.

This thread was about it not being that simple, and not a one sided thing.

Remembering the 80/90s crash interest rates still stopped first time buyers and it was the cash rich that benefited. It was awful viewing the reprocessed shells of houses while the rich just sat tight and rode the storm.

Labour presided over the crash in 2008 when the Tories were calling for more de-rgualtion in mortgage lending and banks. The Tories always blame everyone but themselves - you could not make it up!

Lets face it a house price crash is the only way forward in rebalancing the economy and increasing fairness between generations. We don't make anything anymore just sell houses and coffee to each other which is not productive.

Ok, there will be people hurt by it but they will be the over-leveraged who have taken on 90% mortgages and paid over the odds for small 1 - 2 bed new builds. All this discussion about 'will Brexit crash house prices?' it doesn't matter, that will just be the excuse the government needs as a £ crisis develops and interest rates rise causing BTL's to start to offload properties. With over 20%-50% of mortgage lending to investors they will have no emotional attachment to getting out early and accepting a lower price. The whole thing snowballs followed a few months later when the media pick up on it. Thats when the distressed selling in residential begins. The end of this year and mid-2017 will be very interesting indeed and a big shock to many homeowners who 'believe their house is worth more'. Good luck everyone.

Your opening premise was incorrect and therefore you are going to get people disagreeing with you. Most people don't want a crash (unless they're waiting in the wings with a sackful of cash)

I think there is general consensus that house prices are too high for a lovely utopian world. And yes many people worry about how their children will afford homes (hence the rise in ordinary people buying buy to lets). However most of us are realistic enough to know that the market isn't just going to massively correct itself downwards. There would be such enormous economic consequences that house prices would be the least of our problems. Most people know now that if you want your children to have their own home you're probably going to need to leave it to them/help them with a deposit or else equip them with the best possible tools to ensure that they get well paid jobs. Its far from ideal but its called real life.

I am so so so sick of people whinging and whining about not being able to get on the property ladder! Deposits are down to 5%, interest rates are low. The problem is that people think they are entitled to have it all, to still go on holiday and buy stuff. If you really want to buy your own home, you have to suck it up for a few years and SAVE!!! We bought our first house in 2007 just before the crash, we stayed there 7 years just to get it back to the value we bought it for (despite spending thousands on improvements) and had to save ANOTHER deposit while still paying mortgage to be able to move. We managed it on very average wages TWICE, so can anyone!

Milly l think OP is a he

You'll never buy OP because you're too risk adverse. No one can guarantee houses prices will keep going up but do you want a home or an asset?

We only bought 5 years ago because l was pregnant and renting in London sucks. We got very lucky, also known as took a risk.

You don't even have a job, so you're a long way off buying anyway.

Soon there will be the political will to crash prices, as the gap between the have and have not increases.

And where is this impractical, politics of envy driven, socialist utopia loving, economically illiterate, government-in-waiting that will blithely wreak financial and personal havoc upon its country and citizens?

Oh, hang on a minute ....

YABU I used my divorce settlement as a deposit and have since sold and moved increasing that equity - I plan to do it again a few times until I am mortgage free - this is down to careful planning and moving into shit houses that I have put a lot of work in to - so - in the nicest possible way - you are being unreasonable and simplistic - and I venture jealous and petty

Danger, it's mumsnet kick him off! 😄

Buy to let landlords will just increase rents when interest rates rise so I'm not sure why people think they will all sell? If you have to rent you have to rent. Increased interest rates just prevent people from buying.