Housing price crash

[Eucalyptusbee]

It's happening!

AIBU to be excited

Think Zeus44 should chat with Kim Jong-Un about those ideas.

I'm not ignoring your points I just don't agree with them

Which bit do you not agree with?

that it's harder to get on the ladder nowadays? That prices vs salaries are completely out of kilter? That many people can't do it without family help? That inheritance perpetuates inequality?

Im far from morally superior but after all what we have worked for I don't want to benefit in that way .

But you're happy to benefit from equity gains....

@Annabelle69 you are assuming that everyone I know is living a lovely life in a owned property. I don't and they are not.
Your problem is rent prices and a crash would not help that where I live.
Developers would just buy the property and change rent that is double what the mortgage would be.
The houses on my street that are owned by developers are £700 to £850 a month.
I have never paid more than £350 in a mortgage payment.
They didn't cost more than my house. They just exploit renters and a crash here would not help that

But you're in the "I'm alright Jack" camp... You've said you are mortgage free and aren't looking to move. Negative equity or increased interest rates aren't going to effect whether you have a roof over your head.
The gleefully tone of the original post glosses over the huge impact this will have an a lot of people.

Landlords are likely to be the only winners if there is a price crash.

Oh dear OP. I don't think much of your husband's economics degree 😂

More schemes for key workers with price caps on houses. Can’t sell for a profit ever, has to sell to another key worker.

We do need more housing for key workers though as teachers, nurses, police etc are vital for local infrastructure. I don't think this is a crazy idea but then I don't believe in right to buy either. I actually think the mayor is introducing something like this.

If you think that houses popping up left right and centre for less then that what you would expect to pay wouldn't give you and inkling of someone that's fallen on hard times you are crazy

That's not how it works though. One of my neighbours sold at the beginning of the pandemic for 100k less than the usual prices. He wanted to relocate & wasn't fussed as he had 800k equity. Another recent new neighbour completely overplayed & now 6 months on some people who want quick sales are selling for much less than that new neighbour paid. Again it's irrelevant as they bought years ago.

Equity gains that will pay for our later life / end of life care ?

Equity gains that will pay for our later life / end of life care ?

Is that not a benefit?

And if you have dc they won't inherit anything from the property?

So screw everyone who’s recently bought a house and struggling to survive? You seriously don’t care they will loose their homes in a major crash?

No it's not , our children won't benefit any equity because we have fuck all pensions . And your calling me judgemental ??? You know fuck all about me

Everything going up and up where we live !

No it's not , our children won't benefit any equity because we have fuck all pensions . And your calling me judgemental ??? You know fuck all about me

Where did I claim I did? You just keep misunderstanding! My point is you are not morally superior to the OP because you need your equity for pensions & end of life care. Perhaps the OP wants that too.

And it's absolutely guaranteed to keep going up forever!

So screw everyone who’s recently bought a house and struggling to survive? You seriously don’t care they will loose their homes in a major crash?

They could rent?

The OP apparently owns a house with no mortgage, seems like she’ll be just fine!

she's probs trolling. However people need to stop treating homes like investments & if you want to treat it as such you have to accept that it can go up & down.

Maybe she does , who wouldn't ? I don't like the way she wants to get it off the back of some others bad luck . I'm working 3 jobs right now to get us to where we need to be . I'd rather to of not of done all this just to maximise on some other poor sods misfortune... I'm certainly not superior to anyone , i spend parts of my day cleaning peoples toilets and if in my later life I get to benefit from my own hard work 🧐🧐. Then fuck me I must be a right tosser

And even worse as this is a bullshit thread ... why are we even debating

You’re mid 30s and mortgage free. Your kids will be fine.

I can tell you from experience of 2 crashes, 1990s and 2008, contrary to what people think, when an asset is crashing in price, investors do not pile in and buy. Property was a dirty word, and avoided. Problem is, no one knows where the bottom is? Purchasers hang back waiting for better value, and so the price continues to drop. No one wants to pile into a declining asset / catch a falling knife.

BTL Landlords and investors hit the wall first as they're usually over endebted, working on fine profit margins, paying higher rates than most residential loans, and the banks call in their loans a lot quicker than residential, as they have less duty to protect them.

Houses don't dissappear when BTL no longer rent them, and convert to residential instead. Giving those previous renters a chance at home ownership.

I'm in my 50's and I can tell you that property in my are was bought by BTL landlords in both them crashes.@Annabelle69 .
Houses around here are not yet out of the reach of people but with the cost of living crisis they soon will be.
The system is just screwed from all sides.

Maybe she does , who wouldn't ? I don't like the way she wants to get it off the back of some others bad luck

But I have 500k of equity because of good luck. Somebody who wants prices to return to a more manageable level are not motivated by others misfortune, they just want the same opportunities. I can't judge that. And plenty on the ladder would also benefit by falling prices.

I'm certainly not superior to anyone

And yet you keep mentioning how hard you work as if it somehow makes you more deserving....

What I'm saying is it's achievable to many if they focus on it . I didn't think it was until we lost our home two years ago because our landlord put the house on the market . So we've done what we had to . What's so wrong with telling people that ????

I think we can both broadly agree that BTL, holiday homes, 2nd homes, and property being used as investments rather than family homes, is where it all went wrong from the late 90s onwards . Its caused a lot of misery for a lot of people.