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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think the housing market is about to collapse

152 replies

sandrabedminster · 04/07/2016 20:07

We seem to be getting almost daily story's about it on the edge, no surprise really given the ridiculous prices.

Now standard life have suspended their commercial property fund.

Is it about to go back to 2008 all again?

OP posts:
Batteriesallgone · 04/07/2016 20:09

I wish I knew, were in the middle of house sale/purchase and I really don't want to push our funds if it's all going to go to fuck and the house will fall in value

Batteriesallgone · 04/07/2016 20:09

we're*

Original poster
sandrabedminster · 04/07/2016 20:13

Same here really, if it all goes tits up the decisions I'm making now could last a lifetime

OP posts:
Margrethe · 04/07/2016 20:25

Where are you? Are you also selling a house?

Original poster
sandrabedminster · 04/07/2016 20:28

Yep selling now, in Bristol

OP posts:
Babyroobs · 04/07/2016 20:33

We are trying to sell fil's house in London, there has been no interest although I think it is overpriced ( bil insistent at it being marketed at the higher price ! ) and is going to be significantly reduced this week.

Original poster
sandrabedminster · 04/07/2016 20:37

Where abouts in London out of interest? Its very regional there with sales.

OP posts:
Pettywoman · 04/07/2016 20:39

The amount of fields that are being ploughed up around us for housing is unreal. I wonder if we're heading for a bust. Hopefully before they start on the 500 odd houses in my village.

Margrethe · 04/07/2016 20:39

I'd be more worried about the London market than anywhere else at the moment. (This is just a personal opinion. I am not a real estate professional.)

Babyroobs · 04/07/2016 20:40

South East London, Orpington just within the M25.

Mov1ngOn · 04/07/2016 20:42

Selfishly I'd welcome prices to be cheaper. Prices here for an ex housing authority house is more than 6x average income. You'd need to be a headteacher to afford a 3x salary and it's really not that kind of place!

Wed like to move up the ladder and it's not possible ad the gap is getting bigger and bigger.

I don't want anyone to be in negative equity (we were just after we bought in 2007) but the high prices aren't right either.

MooPointCowsOpinion · 04/07/2016 20:45

I bloody hope not, trying to sell and buy right now.

In a way it serves everyone right, I kinda hope there are dire consequences for the current shit storm political mess we are in... but then I'll get punished too...

Packergator · 04/07/2016 20:45

Likewise, very selfishly, I wish they would fall. House prices around here (Home Counties) are utterly ridiculous and I've pretty much written off any chance of home ownership in my lifetime if things stay as they are!

HarryLimeFoxtrot · 04/07/2016 20:46

Lots of new housing being built here (Bedfordshire). Seems to be sites being cleared for new development every month. House prices have shot up recently. Don't know whether Brexit will cool things or not.

Packergator · 04/07/2016 20:46

(Sorry! Grin)

HarryLimeFoxtrot · 04/07/2016 20:48

(I'm ambivalent regarding house prices at the moment - not moving and just remortgaged - 5 year fixed rate - as of June)

LadyStarkOfWinterfell · 04/07/2016 20:52

Nobody wants their friends, family or selves to be in negative equity of course but what on earth will happen if there isn't a crash?
Top down investment needs to stop. If prices in London crash then the rest of the south will follow. I can't see how things can carry on as they are - housing is becoming completely unreachable, whether to buy or to rent.
I suppose the people who will be fucked over with a crash most will be those who over stretched and will not be able to afford interest rate rises, those who live in too small properties and people who have more than one property on big mortgages.

Savagebeauty · 04/07/2016 20:55

Thank God I sold in London 2 months ago. I dread to think what might have been.
Where I'm looking to buy, the houses on the market have definitely slowed down. Not as many available

GhostofFrankGrimes · 04/07/2016 20:59

Brexit, the gift that keeps giving. Hmm

AddToBasket · 04/07/2016 21:03

Demand outstrips supply so there won't be a collapse. However, if you are expecting to make lots of money on your property you may want to think again as buyers will be cautious and unless it looks like a 'fair price' people will sit tight.

Hereforthebeer · 04/07/2016 21:03

All the analysis/experts pre brexit said that the stock/currency markets would be affected first, then property. I think it will still be property next. Standard Life are clearly worried. So it all points one way...

MissMargie · 04/07/2016 21:03

We moved to London area in 1990 just after prices had soared and were starting to fall back.
We came from a part of the country that had seen no house price rise.
Sellers were bleating that their property had lost x thousand, when they'd already almost doubled.
These things are cyclical.
We made in the end by moving in 2002. Of course we would have made more had we hung on til now. Swings and roundabouts.

EarthboundMisfit · 04/07/2016 21:06

My house value has just recovered after the last crash. The idea of being in negative equity again, at my age, is just horrifying to me.

BeatricePotter · 04/07/2016 21:06

I don't think it's about to collapse here (SE). However, the amount of building planned in the next 20 years is terrifying.

mangocoveredlamb · 04/07/2016 21:11

The problem with a collapse would be that many would end up in negative equity, and not be able to move. Those people would probably be at the "bottom" of the ladder, and end up keeping the supply of started homes small. So not actually that useful for people hoping to buy.
A cooling and slow down of the market would be better!