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Original poster

House prices fall 2.5% this month now 4.4% cheaper than last year FANTASTIC

64 replies

sarkin · 29/05/2008 15:56

Brilliant fantastic got up this morning to find out that house prices dropped by 2.5% in one month and have now fallen every month for the last 7.

This is brilliant yes,yes,yes.

They only need to fall another 32.5% to be in line with average wages.

looks like there is going to be a reccession and I will lose my job, but not my house.

click here for full report

For those that overpaid sorry but thats life

OP posts:
Original poster
sarkin · 29/05/2008 15:58

sorry forgot to add

"At seven months, this is also the longest consecutive period of monthly falls since 1992".

OP posts:
NomDePlume · 29/05/2008 16:02

I don't really understand what you are saying with "For those that overpaid sorry but thats life". What do you mean by that statement ?

Why are you so pleased with the news if you are already a homeowner ?

V odd post

sagacious · 29/05/2008 16:04

That's life, that's what all the people say.
You're riding high in April,
Shot down in May
But I know I'm gonna change that tune,
When I'm back on top, back on top in June.

Thats Life (well Frank Sinatra's life)

sagacious · 29/05/2008 16:05

Though he IS dead

But not for poor Frank

nell12 · 29/05/2008 16:07

I do understand what you mean... DH and I are paid very well by national standards, but still can't afford a house... if things keep going the way they have been, maybe in 2010 we will be able to afford something

NomDePlume · 29/05/2008 16:08

But it reads as though sarkin already has a house

hanaflower · 29/05/2008 16:08

This reply has been deleted

Message withdrawn at poster's request.

Hulababy · 29/05/2008 16:10

Over time housing will still rise. Just a problemif trying to sell right now, or looking for a mortgag. If sitting tight, should be ok.

NomDePlume · 29/05/2008 16:10

I'm not pleased. People will lose their homes. I'm not talking rich people, I'm talking families, people with normal average jobs, normal average people.

sagacious · 29/05/2008 16:10

"I will lose my job but not my house."

Yes it does

If Sarkin loses her job and has to sell her house them surely as house prices are dropping she will get less for it and that is not a Good thing

Original poster
sarkin · 29/05/2008 16:20

Im a he not a her and I have waited in rented for this day to come. People will only loose there house if they have no income protection, ASU policy.

I think a lot will walk and dump the keys. I mean Excutive living in a 2 bed flat with the kitchen in the living room.

OP posts:
Original poster
sarkin · 29/05/2008 16:21

you cant loose what you dont have i,e the house

OP posts:
jellybeans · 29/05/2008 16:22

It's fab news. How many people are happy if food prices or petrol suddenly increase ridiculously? A home is just as important. I hope they drop 50%.

NomDePlume · 29/05/2008 16:22

You sound very bitter, sarkin.

Touch of the old green eyed monster....

twinsetandpearls · 29/05/2008 16:23

I am trying to sell mine atm, we bought ours about four years ago for 124,500 and it is un the market for 137 and I think we may need to go down to about 130. I am very very nervous that we may end up getting less than we paid for it. We have also borrowed 9 grand against the house to fund my SAHM and some medical treatment. Fortunately we paid 25 grand deposit so will still have equity but may face taking out less than we put in.

But we are buying again so maybe it will all work out.

NomDePlume · 29/05/2008 16:25

still, at least sarkin is happy, eh twinset ?

twinsetandpearls · 29/05/2008 16:26

Of course if the NHS and the CSA had been of more use we may not have been in this situation. But you reap what you sew!

twinsetandpearls · 29/05/2008 16:26

or sow!

twinsetandpearls · 29/05/2008 16:27

It does not preoccupy my mind tbh, if we had not of borrowed money we would have been OK but we needed to and we now have to deal with the consequences.

I do see however that beyond my problems prices do need to drop.

DaddyCool · 29/05/2008 16:29

I just don't think it's going to be that much of crash. % adjustment and then they'll start crawling up again is what methinks. whos knows. can't see people dumping and keys and walking on a wide scale and all that malarky.

Original poster
sarkin · 29/05/2008 16:30

green eyed monster no. I am a mortgage broker I have been telling people for the last 4 years this market is broken. Now you can see what I can see.

Dont mind selling shovels in a gold rush just did not want to dig for it myself.

Anyway see you all at the bottom for the first rule of investment buy low sell high.

Any other renters out the who are deleriously happy as me.

OP posts:
twinsetandpearls · 29/05/2008 16:31

I am not sure people seem really nervous, my mum thinks we are mad to be moving when we are but I won;t put my life on hold

I do think people have got greedy with their property and are just asking too much so they are not shifting.

twinsetandpearls · 29/05/2008 16:31

I am not sure people seem really nervous, my mum thinks we are mad to be moving when we are but I won;t put my life on hold

I do think people have got greedy with their property and are just asking too much so they are not shifting.

mrsmalumbas · 29/05/2008 16:31

I tend to agree although mainly because I don't own a house yet and am waiting for prices to fall. We are also renting. House prices coming down won't mean people losing their homes although it is true if there is a general recession people might lose their jobs but I am not sure Sarkin is saying that is a good thing?

In past years there has been a massive explosion in the amount of cheap credit available, I know of people who got 110% mortgages, self certified mortgages and all sorts that far outstrip their ability to pay - that situation cannot be healthy. If house prices fall they will be more affordable and this will increase mobility in the housing market and make it easier for people to move. That is good for the economy. I agree that it is odd that inflation in any other area of life (food, fuel etc) is considered a "bad" thing but we just love house price inflation in this country. As if somehow owning a more valuable house gives us more status or value in society - at the end of the day until the mortgage is paid off the houses don't belong to us anyway, but to the mortgage lender!

twinsetandpearls · 29/05/2008 16:31

You see I am so nervous I have started double posting.