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Original poster

Can’t wait for the big crash

281 replies

HPcrashingdown · 26/02/2023 17:38

I can’t wait for prices to come back down. It’s absolutely ridiculous how mental prices have gone. I will be just waiting with my hefty deposit ready to buy my forever home. It will be great.

OP posts:
userxx · 26/02/2023 20:33

FormerlyPathologicallyHappy · 26/02/2023 20:16

People have being saying this since 2008.

Yep, I got fed up of waiting 🤷‍♂️

WiIson · 26/02/2023 20:33

HiddenGiraffes · 26/02/2023 20:06

I own, but you can flip this round. You want her to be paying a landlord's mortgage indefinitely and have 0 assets for life just so you aren't in negative equity?

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Or maybe the op could be a bit more classy, and not gloat about her big deposit and being poised, ready to pounce, on the back of others being unable to afford their mortgages and at risk of becoming homeless. 🤷

LaughingCat · 26/02/2023 20:34

Good lord, the bridge brigade are in full force today for us billy goats gruff.

Glad you have a healthy deposit and your life plan all worked out. Hope it comes through for you.

Definitely not hoping that we see several years of wage and house price stagnation with moderate climbs, but with cost of living increasing more rapidly, rendering your deposit less healthy by the year.

Nope. Not that petty. Not me.

Abhannmor · 26/02/2023 20:35

Hertsdad5 · 26/02/2023 17:42

I get it but it is a very individualistic POV - many people have put their life savings into homes and many could end up in negative equity. Crashes are never good for anyone - a slow recalibration over time is what we need.

I wouldn't say a crash is good for nobody. Huge funds - usually based abroad - can buy swathes of property for buttons. Then cash in later.

But negative equity is only a problem if you use your home as a credit card. Trouble is property tends to fall as the general economy worsens. Houses may be cheap and you have a deposit. But what if you get laid off?

Mark19735 · 26/02/2023 21:02

I can't wait for wages to rise. One more discontented winter with rolling strikes, blackouts, inflation running at 10% or more and the Tories will be out for a decade. Then a Labour government will continue to let inflation rip through the economy, as Boris and Liz and Rishi did before them, further deflating all the debt (and also eroding the purchasing power of all those with "hefty deposits"). It'll be great.

LumpyandBumps · 26/02/2023 21:07

Good lord, the bridge brigade are in full force today for us billy goats gruff.
Aren’t they just ? I have been hiding goady threads all afternoon/ evening

AllWorkYoPlait · 26/02/2023 21:13

I don't think there's going to be a crash of any great significance, and I say that as someone who is looking to buy and has been looking to buy since pre covid.

I think there'll be a bit of a correction in some areas, probably back to pre covid prices. If prices slump, only those who need to sell will do so. That ridiculous stamp duty holiday has a lot of answer for. It completely distorted the market.

caringcarer · 26/02/2023 21:18

It's really not going to happen OP. Prices might hold steady in short term but come end of year an inflation down house prices will be on the rise again. If you have such a hefty deposit why wait?

Spectre8 · 26/02/2023 21:24

Meanwhile your hefty deposit sitting in the bank is being eaten away by inflation.

And if your buying your forever home why so you care if you ever make money from it?

Whilst you sit and wait for this to happen any number of things could happen to you like your health etc that will throw a huge spanner in your big plans.

Treetopviews · 26/02/2023 21:47

Dymaxion · 26/02/2023 19:57

Personally I would prefer a period of stagnation to allow average wages to catch up. Stagnation means your home is still worth what you paid for it , so not negative equity, with little increases in value, not the huge jumps of 50-200 + % increases that we have seen over very short periods of time.

Um no it’s not. That’s not how money works. The value of Money changes. It’s called inflation.

100 pounds in 1980 is worth 546 pounds today, it’s the exact same value. So if your house stays at the same absolute value then in real terms it’s depreciating. Because the value of money has declined.

as inflation rises, money depreciates. Your asset should as a minimum increase with inflation, simply to maintain its value. Anything less than this means your property is depreciating.

Crapperz · 26/02/2023 21:55

I'm looking to buy at the moment and prices have fallen sharply in the last 7 days by 10%

It is what it is. I think wishing they'd "crash" is a bit OTT...

Motnight · 26/02/2023 21:59

HiddenGiraffes · 26/02/2023 20:06

I own, but you can flip this round. You want her to be paying a landlord's mortgage indefinitely and have 0 assets for life just so you aren't in negative equity?

Show quote history

Is Op a 'her'? 🤔

MotherOfPuffling · 26/02/2023 22:01

FrostyNethers · 26/02/2023 18:02

Negative equity only affects people if they want to sell though right? Houses they want to move to will also have reduced in price?

I can’t feel sorry for people who already have the security of their own home, have been paying off their own mortgage so they have an owned outright property eventually and the comfort of their own home in their old age and something to leave to their DC while people like me have been at the mercy of landlords in insecure and substandard housing, looked down on as a tenant, having had to pay over £200k off other people’s mortgages, can’t afford to save a deposit due to ridiculous rents or buy a house despite having an household income of £80k a year now as mortgage wouldn’t be enough to cover it.

A 3 bed bog standard family home in my area is around £400k! Ex council houses too.

I’m with you OP. This situation has gone on for too long.

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Nope, one of the real issues with negative equity is the inability to get a new mortgage deal. After the last crash there were loads of people in negative equity who therefore couldn’t get a new deal when theirs ended, and ended up on their mortgage providers SVR rate for years. Choice if either lose one’s home or massively overpay on interest.

Dbank · 26/02/2023 22:29

Err why call me a troll?

Happychappy12345 · 26/02/2023 23:13

We bought our house 2 years ago and it's almost doubled in price after bit of renovation. You might benefit from using some sanity or you'll just end up very old and unable to get a mortgage waiting for that so called crash. Lol 😆

RedToothBrush · 26/02/2023 23:21

PriamFarrl · 26/02/2023 18:18

A mega crash has been talked about since the 90s.

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By fuckwits who don't understand supply and demand.

There are lots of people who need housing.

Disaster capitalism would just mean the people owning them to make money might change but because people still want housing, there won't be a 'mega crash' cos there's too much money to be made from renting.

Furries · 27/02/2023 04:30

Twat.

alwayscrashinginthesamecar1 · 27/02/2023 04:46

Yeah because the house price crash that happened in Ireland not that long ago went so well didn't it? You absolute muppet, I know people who committed suicide over that.

LetThemEatTurnips · 27/02/2023 05:53

Crapperz · 26/02/2023 21:55

I'm looking to buy at the moment and prices have fallen sharply in the last 7 days by 10%

It is what it is. I think wishing they'd "crash" is a bit OTT...

How is this visible - has everyone reduced their prices?

This seems very unlikely to happen without being news.

TerfIngOnTheBeach · 27/02/2023 06:53

Fallen 10% in 7 days? I don’t see any evidence of that.

Crikeyalmighty · 27/02/2023 07:16

@FrostyNethers I'm with you- similar situation here.

Crapperz · 27/02/2023 07:24

@LetThemEatTurnips It's visible via Rightmove "reduced today or reduced yesterday" and Zoopla under "listing history" - would you like me to show you how to use both websites? 😚

Also, just because it isn't where you are doesn't mean is isnt where I am. Weirdo! There is literally another thread in Property / DIY about someone moving to Devon and Exeter and finding the same (prices falling by 10%!)

But because you don't see it, it obviously doesn't exist 😂

WednesdaysPlaits · 27/02/2023 07:25

Come on people, the housing market is based on supply and demand and also confidence. The entire point of this thread is maximum visibility so that people start talking widely about a crash and the market loses confidence. Then the investors swoop in and make their millions buying up repossessions.

Crapperz · 27/02/2023 07:29

www.mumsnet.com/talk/property/4740598-moving-back-to-exeter

Prices falling by 10% here. Visible on Rightmove and Zoopla. Thread is very recent.

It's odd that some people don't realise that house rises and slumps are regional...

SilverGlitterBaubles · 27/02/2023 08:00

Property prices are not an exact science anyway, it is just based on what an owner/ estate agent think is the max someone might pay based on demand and recent sales in the area. Sometimes people inflate their asking a bit just to see what they will get and to allow a bit of negotiation room.