UK house prices post biggest fall since October 2008 - Halifax data today Weds 7th Dec

[jimmyjammy001]

Just a quick note for anyone looking to buy, in particular first time buyers who run the extreme risk of running into negative equity if buying with a low deposit

UK house prices post biggest fall since October 2008

Also its important to note that "Property prices are up more than £12,000 compared to this time last year, and well above pre-pandemic levels (+£46,403 vs March 2020). "

I suspect there will be bigger falls yet still to come as well

@C4tastrophe
Watching this all unravel will be a welcome distraction from the cold As I sit in my humble abode with my indoor hat and my hot water bottle.
Or maybe the government will just prop it all up again?

“our Great Masters”… oh dear, @DeadHouseBounce has totally lost the plot 🤣

Funny how even when some of us post saying 'yes, we do understand economics, yes we do know house prices rise and fall, and yes, we're still glad that we're in the housing market for all the numerous non-financial advantages, not to mention the fact that over time, being a homeowner is also a good financial investment.... @DeadHouseBounce still comes back with 'oh no, you can't possibly mean what you're writing. I know that really you're gutted that your house will only be worth 3 x what you bought it at even if there's a 30% drop in value, really you want it to be worth 10 x what you bought it at....'

I am really glad to be a homeowner. Really glad. Clearly that disappoints DHB hugely, but then envy is a sad thing...

In 2021 15% of all House Purchasers in the UK were completed by institutional investors.

I have absolutely no doubt whatsoever that the market recess is being engineered for the swoop on property as an asset. But not for the general public. This is the next taxi drivers v’s Uber. It suits nobody for you to pay your mortgage off.

You will own nothing and be happy.

I agree that those with the power to do so will be inclined to engineer things to their advantage, but still there are factors not in their control.... the best laid plans gang aft astray

Ooh they're all out in force now! Hopefully they'll bore off to their other forums soon

Of course, but there’s plenty of strings they can pull, including reducing in relative terms housing benefits which can remove the overleveraged to Landlord’s from the pot, unfortunate Cannon fodder will be some of the general public. They won’t care about that, though they never do.
This is nothing to do with the tin heart brigade. It is a fact that the corporate investors are losing money on commercial Real Estate. They looking for somewhere else to put their investments.
@freyamay74 why do you feel that you have more right to post on a public forum than anybody else?

I don't; it's the blatant telling other people what they think that's a tad tiresome.
I'm happy to be a homeowner. So are plenty of other people. It doesn't mean we're thick, or don't understand economics, or aren't really happy, we'd rather be paying someone else's mortgage in rent....
DHB et al have trouble processing that.

Im not doing that, I’ve given you some facts, what you choose to do with them are entirely up to you.

perhaps you could highlight the parts of my post where I offer of any kind of advice or even opinion ?

And yet, apparently you’d like me to Bore off ?

It’s you that just keeps shouting I’m happy I’m happy I’m happy, maybe some people are bored of reading that ?

I have to admit it is pretty boring reading the same thing again and again. Most of us have grasped that @freyamay74 is happy with her choice to buy a house already.
People should be able to give their opinions (unless deliberately offensive) without being bullied.

We all have an equal right to post on this forum. DHB likes to go on all the property threads scaring recent homeowners with their doom & gloom predictions but they never suggest a good alternative.
DHB laughs at any hint of interest/mortgage rate rises and loves to speculate about homeowners losing their homes. Their glee at people’s potential misfortune can be pretty offensive.
It is their right to give their opinion, but equally we have the right to react & give our opinion too.

It's pretty spiteful to react with delight at the prospect of people's houses being worth less than they paid if they've bought recently (though at least as people will have paid hefty deposits, prices will have to drop a heck of a way to be in negative equity.)
Having said that, if these are FTB they may have been desperate to escape the insecurity of renting so that's a silver lining..

I don't agree with DHBs view but I would say there is plenty of glee from people who have seen their house shoot up in value & want to maintain this status quo. Obviously there is a balance & I don't wish for myself to be in negative equity nor anyone else but I also don't want my house to keep going up as it just makes it harder for my dc.

Strikes me weve now had the full range of opinions so over and out.

Glee turned to desperation some time ago I would say.

No one will lose their homes, they will just pay their mortgage debt for a very long time, much longer than they anticipated.

DHB, some potential buyers may not have a problem with that! After all, they may reason they would otherwise be paying rent. Also for many people my age, they may be expecting inheritances which would pay down the mortgage for them in 30 years time. In fact, the demographic of the people buying now means that this is true for most of them. I know very few people in my social circle who have bought in the last few years who do not have a significant inheritance in the pipeline. The children of poor parents have not been able to buy in expensive areas even if they had good earnings...

Yes, they were smart enough to know that you have to milk the cow before the cow dies, but too dumb to see the Bull lurking down at the end of the field, many will be trampled and tossed into the dung heap.

Pay rent forever or pay a mortgage for a long time? I know which I'd prefer.

Also for many people my age, they may be expecting inheritances which would pay down the mortgage for them in 30 years time.

with the way the NHS & social care us going & the ageing population good luck with that!

Potential buyers wont have that problem because they wont be allowed to borrow that much (if they are really thick and have cash they can throw some on the fire if they want, LOL) and their "Inheritance" which is no doubt a roof and some bricks will be losing value as borrowing gets more expensive. People who bought in the last few years will be losing money on their main home and their inheritance and paying more interest for the privilege of being popped on the bank`s Borrower Forever scheme.

When we come to remortgage the biggest issue I'm going to have is accepting that I will be spending thousands more pounds just servicing debt. That's a huge mindset shift & it will certainly impact how I view borrowing.

Yes, you have a mortgage, we know.

they may be expecting inheritances which would pay down the mortgage
sadly the care home managers have got first dibs on the inheritance😕