House price crash

[Neron]

Seeing a lot of comments about this, some delight in that property could be bought cheaper in a few months.
Surely those houses will only be available because the owners have lost their jobs/repossessions etc? Why would we delight in that? I could be wrong, but those who don't have to move probably won't as no one would sell for a loss unless forced

The best irony is how the same people who now gleefully wait for families to lose homes, go ballistic at landlords for making profit "of other's bad situation".

OP there are always people ready to cash in on someone else's misery.

THis is no different to how it was in the late 80s and early 90s. DH already lost one house to repo and we clawed our way back.

I think any drastic effect will be short lived - so try and manage, call in debts, borrow (rates are good), cut all outgoings etc and try and ride the wave. I think there will be correction but it may be 2 to 3 yrs before we see that with the general economic impact and the uncertainty there will be

Incredibly crass.

They should put a blanket ban on evictions of Tennant and home owners who would otherwise be repossessed. That way there will be no cheap houses for the sharks

Well supply of housing will increase once the population is reduced. I'm not too keen to celebrate though.

In the 90`s crash, there were so many properties the banks and building societies became landlords and started collecting rent.

If you already have a house and the value drops so does everyone else. Which will in the long term reduce mortgage payments.

Landlords like everyone else will have to grin and bear it. If they have mortgages on properties they will need a mortgage holiday too.

The only people who will gain are first time buyers, which we all want for the young.

The only people who will gain are first time buyers, which we all want for the young.

They won't though🤷

I remember the 190s crash - we sold to buy to "lose" flats in London at about 50% losses and our last house in 1997 at what I think we paid for it in 1990 (so after inflation a loss). It was not fun. I also remember the 1970s crash and any father had lots to say about 1929 depression etc - children at school with no shoes etc never mind the affect of world war II. Then we had the 2008 credit crunch. Prices to up and down. it is how it is.

if you can keep up your mortgage payments then you tend to be okay.

Thank you@Thinkingabout1t

ppl who think they can t meet mortgage payments should speak to their lenders. There are options like a longer payment holiday than the 3 month one being talked about or increasing the term so that payments are less. Repossession will be a last resort for them.

I hope not. I bought my flat in 2005 in the North West at the peak. Prices never recovered in the area. I needed to make a quick sale as I was moving overseas and lost 50K. It was a huge financial hit. I wouldn't wish that on anybody.

British people are crazy when it come to property ownership though. They pressed with buying houses, it’s a form of madness.

Awful to revel in it. The ones who bought this past decade or so are going to suffer as they will have paid a bucketload for their house.

I know several couples right now who are in the early stages of buying a house. I think they should pull out, as the price will almost certainly drop.

That said, I think a drop in value will be temporary. A couple near me bought a 3 bed semi for £185K in 2006-ish, and by 2011 it was valued at £167,00. They were understandably pissed off.

Last year however, they sold it for £179K, so a bit below what they paid, but not as bad as they thought.

So people should try not to get too upset or worried (yet.)

I mean £167,000 obvs, not £167.00.

British people are crazy when it come to property ownership though. They pressed with buying houses, it’s a form of madness.

Why is it crazy? Renters do not have the security of long leases seen in many European countries.

7 close family and friends have lost their jobs or had massive pay cuts this week working in the property market. It's very sad.

I know several couples right now who are in the early stages of buying a house. I think they should pull out, as the price will almost certainly drop.

We're in the early stages of both buying and selling. Fuck knows what we should be doing. At the moment we're just carrying on.

British people are crazy when it come to property ownership though. They pressed with buying houses, it’s a form of madness.

Homeownership is actually higher in many other countries. And what @Mercurial123 said

British people are crazy when it come to property ownership though. They pressed with buying houses, it’s a form of madness.

Renters in this country are treated terribly. Of course people want to buy.

Some may lose their home, which of course is a tragedy, but society in general will benefit from affordable housing.

House prices are hugely inflated in the UK and a price correction is long overdue. This should be welcomed, broadly, as with the exception of those caught in negative equity, the rest of the populous won't be tied to such huge loans.

Cheers,
MJD

British people are crazy when it come to property ownership though. They pressed with buying houses, it’s a form of madness.

Because private renting is appalling in the UK. There is little or no protection for renters here. It's far cheaper in the long run to own your home.

I certainly wouldn't want to be private renting in retirement.

Some may lose their home, which of course is a tragedy, but society in general will benefit from affordable housing.

The naivety 🙄

Ireland had a huge price crash ten years ago. It’s made buying far more difficult for first timers, rents have skyrocketed and homelessness has soared.

Be careful what you wish for.

Cheaper housing for everyone is a good thing. Hoarding homes is just as bad as hoarding anything that means people can have a decent life.

If you want people to have decent life urge your mps to do something about renter's protection and keep reminding them🤷
don't hope for a freaking economic crisis🙄 jeez