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   House Price Crash!
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   Old Thread  #44 28 Jun 2020 at 3.10pm Login so you can post / reply  Register so you can join in!
In reply to Post #39
Definitely not crumbling where i live in the north. I have a friend who owns a large chain of estate agents next to me and he said on average prices have went up 1.9% on prices pre lockdown. We are only 200 yards from the northumberland coastline and due to the lockdown and people being stuck in there house in town centres it has pushed the price of houses up that are within walking distance of the coast line.
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   Old Thread  #43 26 Jun 2020 at 7.21pm Login so you can post / reply  Register so you can join in!
In reply to Post #42
I can check but I think you can do it increments of 10% of what you owe the government
TBH it's probably a non starter the house price would be probably have to take a complete nose dive to make it worthwhile?
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   Old Thread  #42 26 Jun 2020 at 5.31pm Login so you can post / reply  Register so you can join in!
In reply to Post #38
Bob she might want to check but Iím sure you Can only Pay off in full or nothing at all......
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   Old Thread  #41 26 Jun 2020 at 5.18pm Login so you can post / reply  Register so you can join in!
In reply to Post #40

does she need a valuation to pay off some of the money

I think that's what she said you pay around £100 for it. The government owns 20% of the place so if the value has gone down so will the amount she owes the government.
Not saying that's right just the way I understood it
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   Old Thread  #40 26 Jun 2020 at 3.55pm Login so you can post / reply  Register so you can join in!
In reply to Post #38
it's very much a buyers market at the minute I think.

does she need a valuation to pay off some of the money? i'd have thought that if she has some cash to do it, then she'd be able to go ahead without. If it's anything like mine it'll just depress her!

Jeff could be right - a regional thing. I'd be surprised if there aren't some people in negative equity already if they bought just before lockdown...
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   Old Thread  #39 26 Jun 2020 at 3.47pm Login so you can post / reply  Register so you can join in!
In reply to Post #33
He,s very lucky , must be down south cause its crumbling up north
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   Old Thread  #38 26 Jun 2020 at 3.44pm Login so you can post / reply  Register so you can join in!
In reply to Post #36
My daughter is on a help to buy scheme. She's thinking of getting a valuation and then paying some of the money she owes to the government.
Obviously she needs to have spare money but does that sound a good idea?
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   Old Thread  #37 26 Jun 2020 at 3.07pm Login so you can post / reply  Register so you can join in!
In reply to Post #34
House price crash will be offset by the demand for houses with gardens in the UK since coronavirus lockdown.

However! due to the negative bond rates (US 10 year note) that flashed in April 2019 and the derivatives associated with the credit mkt - I wouldn't be surprised to see a credit problem come October this year...however again.. the QE may have staved off this with the massive repo injections (overnight lending) and helicopter money.

If the helicopter money and QE doesnt get the money velocity up (the speed in which it chnages hand to create credit) then deflationary laws point down. Basically there is a higher chance of a crash but not just yet.
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   Old Thread  #36 22 Jun 2020 at 10.29pm Login so you can post / reply  Register so you can join in!
In reply to Post #35
I'm based in SW London and a neighbour recently had their property valued at £25k (circa 6%) lower than what they had purchased it for 3 years ago. Given the property prices trends over the last 3 years, a 6% reduction in the value of the property seems huge! I think for a lot of people on the Help to Buy Schemes, the deal will not end up being such a good deal either. Whilst the loan amount to be repaid is based on the sale price, buyers end up with less equity if prices fall which makes upsizing more difficult (especially if established properties...i.e. not new-builds, fair better in their prices...which is what evidence suggests). There's that small issue of over 9m workers being furloughed too. Even with some fairly basic assumptions around job losses and debt service, plus all the other compounding factors, it seems at least reasonable to think that the 'house price correction' which people have been speculating about for years, could finally happen.

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   Old Thread  #35 22 Jun 2020 at 10.34am Login so you can post / reply  Register so you can join in!
In reply to Post #32
I think you are a lucky exception to the current trend there...

Just had a valuation for a remortgage and it's come back a LOT lower than my previous valuation. That's three years of natural house price growth since my last remortgage completely wiped out and a valuation that is £7500 less than 3 years back.

Not a good time ahead for the house sellers I think.

Big clanger, if you can get me £10000 more for mine I'll happily give you 10 % commission on that extra!
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   Old Thread  #34 22 Jun 2020 at 9.09am Login so you can post / reply  Register so you can join in!
In reply to Post #31
All depends where you live. Some go up some go down. Its all about location. The rental market is crazy these days. When my last tennant moved out the new one was waiting outside in the street for the keys so they could move straight in. There was also about 10 other people who wanted to rent it.
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   Old Thread  #33 22 Jun 2020 at 3.32am Login so you can post / reply  Register so you can join in!
In reply to Post #31
And your response to bigclanger is.....


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   Old Thread  #32 21 Jun 2020 at 5.09pm Login so you can post / reply  Register so you can join in!
Just sold a 2 bed apartment £10,000 over asking only been on the market since end of May
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   Old Thread  #31 20 Jun 2020 at 10.41pm Login so you can post / reply  Register so you can join in!
In reply to Post #29
Total rubbish , mine has dropped £15,000 in the last 3 months
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   Old Thread  #30 20 Jun 2020 at 8.53pm Login so you can post / reply  Register so you can join in!
In reply to Post #29
Was that a official company statement or some bloke who hasn't made a sale in a while and wants to frighten others into buying something
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   Old Thread  #29 20 Jun 2020 at 8.50pm Login so you can post / reply  Register so you can join in!
Rightmove reckon house prices have increased by an average of 6k since covid started,I've no idea if this is true
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   Old Thread  #28 20 Jun 2020 at 4.20pm Login so you can post / reply  Register so you can join in!
In reply to Post #19
I live up north, tynemouth to be precise on the northumberland coast line and my house on average has went up around £1000 a month since i bought it 3 years ago. It all depends where abouts in the north you buy but it has not affected house prices where I am. There are some very cheap houses in the north but there further down south from me ie Middlesborough. Ive got 3 other houses two which i rent out and a holiday home in keswick in the lake district which i dont rent as we use it all the time which isnt a very good financial move as i could get in a week from it for what i get a month from each of the other houses i rent but money isnt everything. All the new tax increases that are now in for landlords makes it a lot harder to make good money from it now and you will make next to nothing if your paying top dollar for a house you want to rent out, it will only really be good as investment for when you retire. The only reason I do ok is that i don't have a mortgage on any of them so its all profit as no mortgage to pay, we just have the tax on the revenue from them and the landlord insurance.
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   Old Thread  #27 19 Jun 2020 at 9.34am Login so you can post / reply  Register so you can join in!
In reply to Post #26

Still 13% down on pre lockdown but retail sales in May up 42% from previous month.
There's bound to be some causalities but let's hope for a continued upturn
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   Old Thread  #26 19 Jun 2020 at 9.15am Login so you can post / reply  Register so you can join in!
In reply to Post #12
I agree...financial armageddon is all but certain in my eyes.

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   Old Thread  #25 18 Jun 2020 at 5.34pm Login so you can post / reply  Register so you can join in!
In reply to Post #24
Bloody capitalists.
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   Old Thread  #24 18 Jun 2020 at 1.46pm Login so you can post / reply  Register so you can join in!
In reply to Post #23
Might guess is whatever the amount you reduce the VAT the companies will put their prices up by a corresponding amount
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   Old Thread  #23 18 Jun 2020 at 12.37pm Login so you can post / reply  Register so you can join in!
Another £100bn of QE, total now of £745bn.

Is it possible that VAT could be reduced to encourage spending?
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   Old Thread  #22 14 Jun 2020 at 1.49pm Login so you can post / reply  Register so you can join in!
In reply to Post #21
Yeah I heard he saved a few people money like that, fair play to him, but he was massively wrong about house prices and there was a thread that went on for about a year or so, pretty sure he even sold his house and rented banking on the crash so that he could clean up. He was also pretty rude to a lot of people that disagreed with him on it.
Long and short of it is that heís dead right about it being a perfect storm, it the bottom line is that we are so overpopulated that I think the demand will almost certainly outstrip supply and prices will stagnate for years to come, no odds to me as Iíve got no mortgage on my house.
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   Old Thread  #21 14 Jun 2020 at 11.01am Login so you can post / reply  Register so you can join in!
Stimpy saved me a fortune, took his advice and moved mortgage to a tracker 4 months before interest rates shifted.......
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   Old Thread  #20 14 Jun 2020 at 9.44am Login so you can post / reply  Register so you can join in!
In reply to Post #1
Over 10yrs since Stimpy told us all there was gonna be the biggest house price crash ever heís back saying it again, I said it wouldnít happen last time and Iíd be very surprised if it happened this time. Hope youíre well though Stimpy👍
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   Old Thread  #19 13 Jun 2020 at 12.58pm Login so you can post / reply  Register so you can join in!
Yes we will have a reception but personally I donít think it will be half as bad as before.

Last time the banks didnít have much or any money this time they have its the government whoís lending the money.

Personally my mortgage is almost paid so Iím not really bothered but I was thinking of selling up next year and getting a bigger house maybe I could sell up and maybe buy not a house but a town up north
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   Old Thread  #18 13 Jun 2020 at 12.08pm Login so you can post / reply  Register so you can join in!
In reply to Post #16

Or it should be , but you can get away with anything if you donate to the Tory party , or if Labour get in next time they will probably be the same under Starmer !
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   Old Thread  #17 13 Jun 2020 at 11.46am Login so you can post / reply  Register so you can join in!
In reply to Post #12
- Absolutely no chance of quantitative easing.

They've already chucked £200 billion of QE into the mix, why do you think they won't do more?
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   Old Thread  #16 13 Jun 2020 at 11.30am Login so you can post / reply  Register so you can join in!
In reply to Post #14
People buying property and leaving them empty. Criminal
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   Old Thread  #15 13 Jun 2020 at 11.28am Login so you can post / reply  Register so you can join in!
In reply to Post #13

Burnley is the place , you could buy 2 instead of a new bicycle !
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   Old Thread  #14 13 Jun 2020 at 11.26am Login so you can post / reply  Register so you can join in!
In reply to Post #11

I can envisage Boris's Russian friends expanding their property portfolios shortly .
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   Old Thread  #13 13 Jun 2020 at 11.23am Login so you can post / reply  Register so you can join in!
I've always fancied myself as a property developer maybe I'll wait 6 months and buy a couple up north rather than buy a new car
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   Old Thread  #12 13 Jun 2020 at 11.16am Login so you can post / reply  Register so you can join in!
In reply to Post #9
- 1-2 million extra unemployed.

- Mass bankruptcies.

- No room to move on interest rates as occurred during the last financial crisis.

- Absolutely no chance of more quantitative easing.

- Rising VAT, income tax etc. to pay back the recent helicopter cash giveaway.

- End of furlough.

- Brexit.


Depending on your viewpoint, it's a perfect storm.
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   Old Thread  #11 13 Jun 2020 at 11.15am Login so you can post / reply  Register so you can join in!
In reply to Post #10
crikey spanker - that's a bit mercenary!

unfortunately I think both you and the OP are true. We're about to go into one hell of a recession and a lot of people on furlough are sadly on borrowed time.

I wonder which of his houses Boris will have to sell?
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   Old Thread  #10 13 Jun 2020 at 11.06am Login so you can post / reply  Register so you can join in!

My advice to anyone of thinking to buy a house now , DON'T ,wait six months ,when the furlough scheme ends there will be over 1 million to add to the unemployment figure maybe up to 3 million , a lot of people are going to loose their houses , sit tight for the moment !
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   Old Thread  #9 13 Jun 2020 at 10.38am Login so you can post / reply  Register so you can join in!
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I understand what you're getting at now Paul

Why do you think it's going to take 6 months?
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   Old Thread  #8 13 Jun 2020 at 10.32am Login so you can post / reply  Register so you can join in!
Give it 6 months and we're gonna see a crash that no-one's seen the likes of before.

Be prepared...Ö...
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   Old Thread  #7 13 Jun 2020 at 9.15am Login so you can post / reply  Register so you can join in!
No crash around here. A great time to buy if you can.

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   Old Thread  #6 13 Jun 2020 at 8.23am Login so you can post / reply  Register so you can join in!
In reply to Post #5
Not round where I live. Prices probably start to go up soon, once more people start viewing & buying. People always need some where to live us up size or down size.
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   Old Thread  #5 12 Jun 2020 at 8.21pm Login so you can post / reply  Register so you can join in!
Not heard of a crash but Iím presuming there will be a dip at minimum. Great time for 1st time buyers for sure. But itís all relative. If youíre house isnít worth as much or even negative equity then you probably wonít sell unless itís absolutely necessary. Less houses on the market and then guess what happens to the price on new builds? Doesnít drop.
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   Old Thread  #4 12 Jun 2020 at 7.59pm Login so you can post / reply  Register so you can join in!
No crash round my way!!!
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   Old Thread  #3 12 Jun 2020 at 6.59pm Login so you can post / reply  Register so you can join in!
When did this happen?? I havenít heard of any crash?
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   Old Thread  #2 12 Jun 2020 at 6.41pm Login so you can post / reply  Register so you can join in!
In reply to Post #1
If you're upsizing then I'd thought this was a great time to pick up a bargain.
Yes you'll get less for your present house then expected but your new more expensive one will be cheaper.
Also cheaper for 1st time buyers?

Just try to judge if the market is at it's lowest
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   Old Thread  #1 12 Jun 2020 at 6.17pm Login so you can post / reply  Register so you can join in!
You've either got to be incredibly rich or incredibly stupid to buy a house in the current climate......

Discuss...Ö..
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