House prices predicted to fall by 10% in 2023

[MoHunter]

www.theguardian.com/money/2022/sep/28/uk-house-prices-predicted-fall-mortgage-interest-rate

Well that's a worry when we are close to exchange and completion on our next property!? 😭But I guess even in case of a reduction next year will likely recover again within a few years?
This will be our home for a good while, probably 10 years+ until children are grown. Sh*tting myself a bit but also desperate to move! Staying is not an option as I hate the town we live in.
Anyone else at a similar stage now worrying about this??

Right or wrong on the internet? Newsflash - the crash will happen in real time outside your window! The interest is in seeing it happen, because it is the RIGHT thing to happen, the last few years have been about enriching bankers not helping working people (although many are so thick that they think they are wealthy because their house is part of a ponzi scheme)

Copying and pasting my own opinions from other sites, maybe you are watching too many Sci Fi movies? I have no idea why the font does that, and I don`t care too much, obviously it triggers some people on here for some reason.

@DeadHouseBounce "Newsflash - the crash will happen in real time outside your window!"

What exactly is going to happen outside my window? Nothing, nothing at all. The birds will dig worms from the garden. The flowers will grow. At some point, the days will shorten, and then they'll get longer again. The seasons will come and go. That's all that will happen outside my window.

Like I've said many, many times before ... no-one can tell me what price I have to accept based on their analysis of the economy, the housing market, their personal affordability, or whatever.

If I ever chose to sell, here is what will actually happen. Of those who view and maybe make an offer, there will be someone whose bid is the highest. That amount may be higher, or lower, than prices similar houses have sold for. If it is enough to tempt me to relinquish ownership of my house, I'll accept it.

The amount that will tempt me to relinquish my ownership may be more, or less than what I myself paid for house. It may be more, or less than my outstanding mortgage balance. It may be more, or less than whatever 'valuation' the estate agent used to market it, and it may be more, or less than what some house price index algorithm thinks it 'ought' to be. What it won't be, though, is a number determined by someone else who thinks they can tell me that I have no choice over whether I accept it.

The sooner you and your HPC friends realise this, the sooner you can adjust your world view to align with the one in which the majority of other people actually live. If you ever want to buy a house, you will need to make a convincing enough offer to the current owner for them to a) sell, and b) to sell to you. That will, in all likelihood, be a higher amount than any other person is prepared to offer for that house, at that time. What makes you think that an era of potentially falling prices changes this fundamental reality? And what makes you think that you will have greater power over any owner, to compel them to accept your terms, when at no time ever has any buyer had that power before? And what makes you so sure that even if there are distressed sellers whose financial position has been weakened by disease, divorce or dismissal, that there won't be some other buyer whose assessment of a fair market value is just £500 higher than yours? I've had higher restaurant bills than that. Unless you manage to grow a pair and act decisively, you will never be successful in acquiring a* *house.

Oh, and newsflash ... every single one of the 'sheeple' living in their 'slave boxes' that you like to mock as idiots ... every single one of them has managed to successfully acquire a house. And that has actually happened, in real time, millions of times over, right outside your window.

At least DHBs insistence on using that bizarre font means that it is easy to skip their trolling messages - go back to HPC website / find another hobby and stop spamming up this forum

We bought in 2000 for 50k. In 2008 and 2014 house prices slumped, however our house is now worth 225k. House buying is certainly a long term game.

See the fact that you lie about something as basic as that - why you choose to use that ridiculous font - shows that nothing you say can be taken seriously. You’re clearly only here to try and wind people up - no longer successful because people have cottoned on to your trolling.

Really?

From the thousands of posts I’ve seen on my time on here, you are the only poster that utilises this weird C&P font crap. My previous post was tongue in cheek, not a fan of sci-fi.

You’re use of “triggers” is SO bloody lazy - it’s a word used far too often to try to shut down a conversation.

Aside from all that, would be interesting to understand your plan/strategy.

Do you already own property? Do you plan to rent forever? Are you waiting for an inheritance from your family or from the family of a DP?

You give forth your “views” a fair bit on various threads, but you never seem to say what your strategy/goal is for you, personally. Forget about the “market”, what is it that YOU want for yourself?

DeadHouseBounce apparently lives a sad and lonely life where his main hobby is spouting the same boring shite on various forums.

We all know house prices are falling, no shit!
We also know they've risen massively in the last few years Being a home owner is very wise in the U.K., far better than the alternative which is almost certainly private rental where you're paying someone else's mortgage for them, with barely any security. There is a huge shortage of housing stock and barely any social housing provision.

This is when there will be repossessions for sale again, as mortgage rates rise there will be homeowners who can't afford the mortgage, lose their jobs & end up just handing the keys to the mortgage company. My brother bought a repossession in the 1980's paid £23k for a house where others in the street were selling for £30k, ideal for first time buyers or anyone who has the time to wait for one to come on the market.

Thanks for that useful nugget of info.

When someone shows you who they are, believe them.

House prices where I live are already falling, houses that a year ago were fetching £145k are now fetching £130k at most. These are houses that are usually bought by first time buyers, ex council houses, usually are sold within a couple of weeks of going in Rightmove, now are taking at least 6 weeks. I watch the prices as I hope to buy in the next couple of years.

Great, hope you manage to buy something. Still doesn’t excuse that fact that your previous post is obviously relishing someone else losing their home.

As I said, when someone shows you who they are - believe them.

Agree - and it's not hard to spot him on this thread

Celebrating rampant HPI does not make one more virtuous. It locks people out of the housing market and spreads inequality. I'm a homeowner and I think the boom has been a disaster it's much better to have a calm stable market. It's also a market a gamble when you buy that prices go up and down.

I haven’t posted to celebrate rampant HPI.

''@ScrabbleRabbler · 22/12/2022 01:21
We bought in 2000 for 50k. In 2008 and 2014 house prices slumped, however our house is now worth 225k. House buying is certainly a long term game.''

But you would only gain if you downsize or move to a cheaper area.

Your house might be wort 225K but you will have to pay as much, if not more, to move to another home in the area where you live.

Absolutely. But lots of people won’t be looking to reap the benefits for themselves. They’ve got their family home and will be happy with it for the rest of their lives. They aren’t expecting to enjoy the “profit”. It’s a secure family home.

The people that will benefit are their children, via inheritance. Or, if childless/childfree, it’s a means of utilising the equity in a way that helps you in your later years as you’re not worrying about eroding said commodity - whether it be downsizing, selling for care home fees or releasing equity for cash.

You will accept the market value or you won`t sell, even if your house has some unique or sought after feature. Everything else is just the noise of you trying to justify buying decisions.

ultimateclassicrock.com/david-coverdale-house-sells/

LOL, yes there will be a lot of "Alpha predators" chewing on their bubble debt right now, wishing they hadn`t bothered to go out and hunt it, and wondering where they will get the cash to make the monthly debt interest payments to the real Alpha Predators, the banks.

Just noise....

Almost as irritating as my dog’s Christmas sprouts farts used to be 😂

Wow that has convinced me DHB.
Some “rock star” I’ve never heard of only getting 6plus million for his 4 bed house not the 9 million he wanted. Wonder what he paid for it back in the day?

Christ, your house is only worth what someone will pay for it! Who knew? Takes @DeadHouseBounce to pop in and state the bleeding obvious eh?!

He works on the assumption that every homeowner only goes into the market to make a quick buck! Total blind pig headed inability to understand that most people want to buy, indeed, many are desperate to buy because of the very many other non financial advantages of owning, particularly when set against private rental which is the only other viable option in the U.K. Plus of course in the long term property is a good financial investment anyway! Even just in the 12 months up to April 2022, average U.K. house prices increased by over 12%, so a fall of 10% doesn't even take it back to what it was at April 2021. And of course going back years rather than 12 months the increases have been way beyond that.

Not that DHB is interested in any of this; he's busy frothing on the other forums he frequents, but he'll pop back here in a couple of days to share some incredible insights like his last one. Even better, he'll back it up with a link to an article about a musician whose property is only worth a cool $6.8 million!

I think @DeadHouseBounce is making two separate mistakes.

Firstly, the HPC crowd are, in the main, not owners. They are wannabee owners, but for whatever reason they never made the leap to becoming owners. That leap takes courage. Having failed to exhibit that courage themselves, they deride those that did as 'stupid' but that is counter-productive because at some point, if they ever want to become owners themselves, they will need to summon up some courage from somewhere. But, until they do, they are not owners and they cannot empathise with those who are. Selling a house is not simply a financial transaction for most - it is marking a change and it means relinquishing ties to a place where memories - good and bad - were formed. If all you are getting in return is a pile of cash and some opportunity to make new memories somewhere else, of course it needs to be a significant sum or a significant opportunity to override the nostalgia and joy that a current home represents to most owners. They've not experienced this, so they wouldn't know.

Secondly, they are not, in the main, financially literate. They pour over economic charts but don't really know how to interpret them (perhaps this is linked to their lack of empathy). The graph showing prices of houses over thirty years makes sense from the perspective of the entire economy, because houses are indeed bought and sold every day. But from the perspective of a single house, and it's owner, it makes no sense at all. In some streets, a house might come up for sale once every five years. Many houses have only changed hands once or twice in the three decades covered by that chart. Some properties have never come up for sale at all in that time period. So when they extrapolate a chart that depicts changes in prices for any house, they imagine that it has some kind of deterministic effect on the house. You know the one ... the house that makes your heart flutter a little bit, because you can imagine yourself there with the kids in the garden. The house ... the one you want so badly because after months, years of searching, it ticks all the boxes. The house - the one you'd move mountains to make yours. Every one of us on here who has already bought knows that feeling. Every one of the wretches on HPC doesn't, because they haven't found that house yet, or been willing to make the sacrifices required to acquire it.

They are angry because they feel that they have missed their boat and been left behind - and they blame everyone who wasn't. But the reason they missed that boat is because, when it did pass close by, they didn't buy a ticket and get on board. Their failures are internal, not a failure of the system. Blaming the boats, or the boat drivers, or the ocean doesn't change that fact. Plenty of people managed to catch their boats, and them sitting on the quayside muttering "I bet you regret your choices now ..." doesn't change the fact that we're all making headway on our respective cruises ... and they aren't.

That’s utter rubbish. I bought 16 years ago.

There is no way the bank would lend me enough to buy my own home if I was starting now. I also don’t have student loans to pay back as I was on the tail end of free tuition and student grants.

It’s more than likely not courage but the year they were born that is the root cause. How can that be their fault? I don’t deserve to make all this money because of the date I bought a property just as much as they don’t deserve never to get a house in the first place.

The system is broken and has been for years.