Housing price crash

[Eucalyptusbee]

It's happening!

AIBU to be excited

Anymore info?

Not in our area.

Is it?

Are you sure it wasn’t just developers crashing a house to the ground to put 25 more boxes on?

Says who? It's not happening here.

Link?

Not around here it isn't, slowing, but not crashing. Also not something it is nice to be excited about as many could lose their homes if there was to be a crash (which I highly doubt).

I hope rental prices crash.
It used to be around £600pcm for a 3 bed on my street 2 years ago, now it's £850pcm. We need to move but are complete priced out and we don't have a deposit to buy. We both work full time, it's ridiculous.

Such glee is distasteful.

It is not a positive or even a neutral event in many situations.

Where? Not round here for sure.
Your (misplaced) glee is distasteful.

Is it? Sadly not by me, can't even say it's slowing 😔

This //\

OP YABU to be so excited about something that could have a major impact on many other families. 😔

YANBU if the only impact would be for more people to be able to afford to buy or move but it doesn't work like that because things don't happen in isolation.

People who bought recently won't be able to move, or won't want to sell and put themselves in debt. We bought our first house in the mid 1990s crash from a couple who had split up and their house had dropped in value by 30% in under 2 years, leaving them each with a debt equal that was more than my annual salary at the time.

You'd have to be a special kind of sicko to get excited about people suffering that sort of misery.

What is the exciting bit about a housing price crash?

www.telegraph.co.uk/business/2022/05/08/borrowed-time-bad-will-housing-crash-finally-comes/

Didn't mean to come across as gleeful. Just hoping that those left off the ladder might finally have an in after so long.

Husband (lawyer but studied economics and works closely in markets / property) said things looking very bleak, in 6m time we will long for today's prices / interest rates

It would only be good news for those who don't yet own. Lots of others would end up in negative equity or lose their homes, and that would have a knock on effect on the economy so really it wouldn't be good news for anyone apart from the very wealthy who could buy cheap properties with cash.

Exciting because buying a home might become affordable again

Yeah yeah. Your husband must be young to believe that

Didn't really think it through re people who might have overpaid and now get negative equity before started the thread! Feel bad for them

Hahaha yes true mid 30s. maybe naieve optimism!

I think YABU because while a drop in house prices would be beneficial for people who don't current own a home but would like to, there will also be many who could lose their homes through no fault of their own. I think being excited about families potentially becoming homeless isn't very cool.

I think YABVU. Those who own will struggle. It will get harder to get a mortgage for those who don’t. People will stay out and if there are houses that do come up there will still be competition. My sister was looking at houses- there were 20+ viewings on properties. Those buyers haven’t disappeared. If you think properties on for £500k now will suddenly be £350k I think you might be disappointed

No not in this area or my parents area ...houses going to sealed bids....no more viewings allowed due to how much interest

Your husband is a lawyer but you can't afford to buy a house?

It wouldn't help people get on the ladder as lending would become far tighter and so it would be more difficult to get a mortgage. Might benefit those who are cash rich and can buy several properties cheap to sell after a dip. The Telegraph are always predicting this though and have been for about the last 10 years!