What month will the property crash be obvious in?

[roneik]

Not doom but a question, and I would like to hear some opinions

I reckon by july

Cough

More and more people would welcome a crash.

But why would the banks foreclose if the mortgagees can keep up with the repayments? Even if the house is in negative equity, would the bank care. If the mortgagees still have a salary and can keep up repayments then why would the bank foreclose and put the house back on the market to sell at a lower price/llower repayments?

I've no idea what the employment situation is like in London though. good I imagine but that was what finished off the irish, not their negative equity, but the job losses and salary decreases. People were plodding along paying their mortgages despite being in negative equity for a long time.

It's only if a drop in house prices comes side by side with the bottom falling out of the employment market that's when you need to worry.

Do you have grown up children living at home Roneik!?

No arman , You only own a house when the last payment is made. There is no knowing how far property will fall this time. I would hazard a guess at below 3x salary. I am the sane one , I am normal . Yes cranky sense of humor ,but I never promoted making UK ltd a fa@@king madhouse where landlords in kent own a thousand properties and the tenants lives are hell.
Or shipped in millions of people to hammer down the already down trodden in the name of corporate greed

I'd quite welcome a property crash. Because anything much better than our house is totally beyond our reach. I think a lot of older people are sitting tight waiting for their house price to go up and up and up. I spoke to an older lady the other week who couldn't afford to put her central heating on because she lived in a large property. A bit mad.

Tac , no they are independent of me. Two daughters . Grandchildren

The point is it's about fairness. Nobody in the fifties felt awkward about being hard up, they all were, now it's all about those that have the opportunity exploiting those that don't. Not good ,and will be a case of what comes round goes round

Tac , If you read up thread you will see I am not convinced that employment or the economy will do well next year. this is going to be a once in a lifetime event. I do believe we are on very unsound ground .
Not only internally but externally

Yikes. Well, hold on to your jobs then folks.

As long as I can afford my mortgage, the value of the house doesn't matter. If it is worth less than it is now in 30 years time in real terms, then I will be fucked off. But I view my house as a home. Not a cash cow.

From my bunker here deep in the north we bid you goodnight

This morning on Five Live unless I heard wrong Gross domestic product of UK revised downwards from 3.5% to 0.6 %

I think the the truth is out about the Russian sanctions and the effect on our economy.
Those figures make us just a big a basket case as many European economies

Growth Less than 1 sixth of what we were led to believe

Yes 0.6!!!!!! How could they be so far out

A crash has to be on the way 2 bed ex council houses are selling for £500000 in west norwood, on roads where I can count atleast two crack dens. For anyone who doesn't know where west norwood is its the arse end of Lambeth.

Well I reckon they needed people to get out there and spend at Christmas because the stats were so bad. So they spun it to get that next step nearer to the election.

Oh gosh my prediction is now coming into phase two

I bet the venom spitting starts soon

Noddy HOW? it cant be they suddenly did the sums over again, can it?

Are they using an abacus ? or run out of fingers ?

Typo above revised downward annual down from 3% to 2.6%

Monthly revised downward to 2.6% still a worry, and deficit has got worse.
Lot's of negative comments from economists today .

New year crash test dummy mode

The wheels squeaked and groaned as they began to go over the top of the ride, the passengers not quite aware yet of what was to happen next......

Monthly revised downward to 0.6% Shame cant edit posts

See there is where I'm a bit lost, don't understand what it all really means apart from when they've been ahem over estimating by that much it's because they're busy spinning plates to try and keep confidence up...

It doesn't matter what demand for housing is, most people are priced out of the rental and buyers market so demand will collapse as multiple occupancy will become the norm. Fuel prices will only continue to rise as we're not "green" enough.

If only I could get my family to eat beans & pulses - it would save us a fortune, we're going to end up back to the point where meat is a luxury for the "working" class

GDP the more economic activity the higher the number.The stats were out for some time. More GDP, more tax intake for the government.It also seems the deficit has become larger than since records began in 1955.
I think I was right in posting that the measures to cut this will be something to behold.
I hope you can see this does not bode well for house prices or confidence.
The party is over ,some really harsh cuts next year(real cuts)

Hope people can see that since 2009 when they cut interest rates and been bringing in various loan schemes for first time buyers that all this has done has increased prices even more and allowed the clever money to exit the market. The banks have now had time to re adjust their practices, property investors have had time to shift off any risk and cash in. The next stage which will happen is interest rates will rise to protect the pound this will stagnate and collapse the majority. With people saying it won't happen due to supply and demand are right in niche areas, but the majority of the country will fail as people won't pass the mortgage criteria and simple have no chance affording any interest rate rise. Money from mum and dads will only last so long and we and now getting to periods where mums and dads need the money themselves. People don't want to admit, but we will gradually slip back in living standards with multiple occupancy in homes as the norm

The government propping up the market with the first time buyer schemes made me so what they needed to do was let the market drop to affordability.

I don't get why people are so in denial that "living standards" will drop, things have been lowering slowly for the last 10 years and nothing has happened to reverse that. People will be back to making choices, get a car at 17 or save up to leave home when they meet a long term partner.

" Money from mum and dads will only last so long and we and now getting to periods where mums and dads need the money themselves"

YYY, although we never got money from our own parents. At 40 + with no assets our own dc can forget "bank of mum and dad" too, and they don't have grandparents. We're not alone judging from the fact that new homeowners are averaging age 40.

Everything the government has done, from interest rates to tightening up the mortgage lending rules and now loosening pension rules, has been to benefit the rich over the poor.

Who wants a return to the societies of Dickens, where whole families desperately sucked up to the nearest old rich man and screamed if he married, and if you didn't have an old rich man you were stuffed? Only we're half way back there.

The USA's economy is growing at 5% and reading into the white noise from there , it looks more than probable they will start raising their interest rates. We always end up having to shadow with raising ours. It seems quite a few posting on here seem to see the bigger picture. I agree and posted the same regarding clever money getting/ got out while the going was good. We are in the denial phase and soon now that the word is out, panic mode will if not already ensue

Forgot to mention the RECOVERAAHH is in full swing, the Ministry of Plenty say's so

3000 odd jobs go at parcel delivery company city link,it's in receivership.
So all the rows of empty shops I see are replaced by the internet and delivered by parcels eh?
If they struggled at this time of year it say's a lot for peoples ability to have enough money to give presents at Christmas

No money fell out of the passengers pockets as the ride accelerated into the ......

We are now wearing welding goggles and world war 2 German helmets here in the frozen north.