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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think a House Price crash is coming

90 replies

HoneyIgrewthekids · 01/07/2019 17:53

I dont know when or where but im starting to notice more and more homes not selling and this is in a previously hot area of London. AIBU to expect a 20-40% crash in the near future.

OP posts:
LaurieFairyCake · 01/07/2019 17:55

I think maybe a correction of 10-15 but not 40%

ProteinshakesandAntonsbum · 01/07/2019 17:56

Not 40% no.

I have noticed a huge problem with people genuinely believing their houses are worth more than they actually are lately.

Trafalger · 01/07/2019 17:58

I am noticing flats round here are not shifting like they used to. Houses are still being snapped up as there just aren't enough of them and they are going for silly money. We are in a flat and were going to look to sell next year but may have to hold on now.

tttigress · 01/07/2019 17:58

No. Can't understand how people can afford houses especially in the South East.

£40-50k is a decent salary in SE, yet a family house may cost £400-500k for something that is not even that special.

Something has to give eventually.

Tawdrylocalbrouhaha · 01/07/2019 17:59

Ah, if I had a penny for every thread with this title over the last 5 years. In every case the OP can prove that a crash is about to happen...and in every case it has not. The market slows, and eventually picks up worse than ever.

I fully agree that prices are inflated and a 40% crash would be perfectly reasonable. I wish I thought that would happen actually (selfishly). But no, I don't think so.

Tallgreenbottle · 01/07/2019 17:59

Locally maybe, but it's London so might seem bigger than it is. The rest of the country is pretty static and prices are barely back to where they were 13yrs ago. The banks wont let it happen. They will relax mortgage approvals for a while to increase the buyers on the market as and when they need them.

Redshoeblueshoe · 01/07/2019 18:00

I live in Manchester and they are going up a lot

Littlehouse156 · 01/07/2019 18:00

If interest rates stay low which is the long term prediction then there won’t be any major crash.

dudsville · 01/07/2019 18:01

I'm noticing how many businesses are downsizing, closing shops, or closing altogether. It would make sense if this happened to house prices as well.

Bunnyfuller · 01/07/2019 18:01

The house we sold in Bedfordshire for £397k in 2017 has sat on the market since last September. £369,950 is what it’s down to. Not unusual seeing a total drop over time of 100k. It’s already happening.

AltasCloud · 01/07/2019 18:01

No chance.

Sales might slow but the prices won't decrease more than 5%.

MrsTerryPratchett · 01/07/2019 18:02

Ah, if I had a penny for every thread with this title over the last 5 years.

So much this.

The massive clusterfuck that is Brexit might just do it though.

nutbrownhare15 · 01/07/2019 18:03

Houses are selling less quickly here. Nice ones are still selling eventually. I'd expect a slowing or slight dip rather than a massive crash.

teyem · 01/07/2019 18:04

No. I don't see that happening.

TheQueef · 01/07/2019 18:04

Nah, fluctuations due to demand and affordability in some areas.
There is still too much profit in private renting.
I reckon until we build a lot more SH/Help to buy housing it won't fall significantly.

Chancewouldbeafinethlng · 01/07/2019 18:06

There are definitely some people who think their house is worth so much more than it is and that plays a big part. For example I know someone who lives near a desirable area in the south. They’ve put their 2 bedroomed house with no parking and no central heating on for £340 Confused

Thewheelsarefallingoff · 01/07/2019 18:11

Happening already where I live.

costacoffeecup · 01/07/2019 18:19

We sold our London flat nearly two years ago for 417k and zoopla says it's worth less than 400 now.

Unfortunately the house we bought at the top of the market has gone down by more.

Just thankful we left London when we did really, we can ride it out here for as long as we need to as it's big enough to house teenagers if needs be. We were fortunate.

BerylCrow · 01/07/2019 18:24

My local market is dead. Over-priced terraced houses, university and retail redundancies, Brexit looming, low wages - I've seen the same houses on the market on Right Move for 1-2 years now.

For most of them, the LHA wouldn't touch the sides of the BTL mortgage costs, so they're not being bought to rent out either. So yes, something's going to give. Hopefully it'll include the patience of young voters.

TonTonMacoute · 01/07/2019 18:24

I don't think there will be a big crash like there was in the late 80s, the housing market is so different now. It is more about profit and investment than about building homes for people to live in.

I think things have slowed because of Brexit uncertainty, no one wants to make big investment decisions until we have a clearer idea of what is happening.

SunsetBunny · 01/07/2019 18:24

What is the point of this thread?
Are you hoping for a crash?
Where do you get figures of 20 to 40% from?

Haworthia · 01/07/2019 18:25

Talk to the people on the Housepricecrash forums. They’ve been predicting doom for as long as I can remember...

PawsForPizza · 01/07/2019 18:29

Houses around me aren’t shifting at all, it’s a great time to buy a house

hammeringinmyhead · 01/07/2019 18:37

They aren't going to drop 40%. And if they did there'd be a hell of a lot more to worry about, economy wise. However houses jn my part of the SW peaked a year ago and are a few percent down now. People are selling for what they paid 2 years ago rather than making any money.

llangennith · 01/07/2019 18:39

£40-50k is a decent salary in SE, yet a family house may cost £400-500k for something that is not even that special

But so many people earn way more than that and commute, and that keeps house prices high.

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