Future house prices

[Vince Green]

11 hours ago, Lloyd90 said:

Yes... if my house goes into negative equity then I just won’t sell it until it goes up again 

 

 

 

Right answer

[Vince Green]

12 hours ago, AVB said:

 

Three months until the Banks go bang.  

Airlines will be first,  Governments have a massive motivation to shield the banks by creative accounting. Italy's banks have been bust for many years but they have been kept afloat with smoke and mirrors.

Whats going to happen now? Can Italy still maintain the pretence?

If Italy goes down the EU banking system will go with it, not straight away but like a mud slide 

[Wb123]

I’m glad im only a couple of months into a five year fix on my mortgage, it would however be nice to be able to move in 5-6 years when my next career move is likely to be due. The interest rate is so low however that I will try and save the money rather than pay more off. 

[Lloyd90]

3 minutes ago, Wb123 said:

I’m glad im only a couple of months into a five year fix on my mortgage, it would however be nice to be able to move in 5-6 years when my next career move is likely to be due. The interest rate is so low however that I will try and save the money rather than pay more off. 

Similar position.

We wanted to sell up in the city in 5 years and move somewhere a bit more rural with a big garden ... we'll see what happens now. 😞 Be gad to keep our jobs and the house. 

[AVB]

1 hour ago, Vince Green said:

Right answer

Which is what happens. Everybody does the same, then people who are desperate to sell (perhaps not in negative equity but need the cash) lower the price and then he next person does and the next. Before you you know it prices have tumbled through the floor in order to attract fewer and fewer buyers. It becomes a frantic rush to the bottom. 

[Raja Clavata]

They say it's an ill wind that blows no fortune.

Flip side is there may well be a reduction in rental properties allowing more people to get on the property ladder.

For some there will also be an opportunity for some to take a hit on their own properties but upgrade to something they would otherwise not have been able to afford.

There are always winners and loser, even in a global recession or depression and as long as it's not the bankers I'm more or less OK with that...

[al4x]

We accepted an offer on our house the day this kicked off.  Everyone seems to be trying to push the sale through though i will be amazed if it goes through if it does we will bank the money and have an annexe at the outlaws to stay in while we find another.  The more this goes on the more it is looking like a good plan.  

[henry d]

13 hours ago, AVB said:

Mine was how to deal with randy woodpecker

A porn star?

🤣

[Lloyd90]

38 minutes ago, AVB said:

Which is what happens. Everybody does the same, then people who are desperate to sell (perhaps not in negative equity but need the cash) lower the price and then he next person does and the next. Before you you know it prices have tumbled through the floor in order to attract fewer and fewer buyers. It becomes a frantic rush to the bottom. 

 

Considering that the entire generation from age 18-35 is named 'generation rent' ... I really don't think there will be a shortage of buyers. Shockingly I have already seen big numbers of my peers rubbing their hands with glee at the prospect of any dip in the market, for the thought that they would be able to buy their first property. 

 

So far they have said that the number of people dying, is not far off what would have died anyway this year. It's just all coming at once rather than being spread out. 

Obviously if half the country loses their jobs then they won't be able to buy ... but it's the young and healthy who are mostly likely to get over the virus... and also the most likely to buy houses.

The most likely to die are the old and sick. A large proportion who live in care homes, are in hospital or in sheltered housing. 

 

I guess its all hinged on how long this goes on for and how bad the job market is hit. China and Italy are starting to lift their restrictions now aren't they? 

[washerboy]

2 hours ago, Vince Green said:

Right answer

My first house was negative equity.. 

£37 😂.. 

 

[oldypigeonpopper]

19 minutes ago, Lloyd90 said:

 

Considering that the entire generation from age 18-35 is named 'generation rent' ... I really don't think there will be a shortage of buyers. Shockingly I have already seen big numbers of my peers rubbing their hands with glee at the prospect of any dip in the market, for the thought that they would be able to buy their first property. 

 

So far they have said that the number of people dying, is not far off what would have died anyway this year. It's just all coming at once rather than being spread out. 

Obviously if half the country loses their jobs then they won't be able to buy ... but it's the young and healthy who are mostly likely to get over the virus... and also the most likely to buy houses.

The most likely to die are the old and sick. A large proportion who live in care homes, are in hospital or in sheltered housing. 

 

I guess its all hinged on how long this goes on for and how bad the job market is hit. China and Italy are starting to lift their restrictions now aren't they? 

hello, i think its a shame that if your18 to 35 all they have got to look forward to is a rent noose around your neck as no chance to of getting a property let alone a mortgage, they cannot sit in their back gardens after 25/30 years and say we have done it, and with little money to save for a pension when they retire at 67 still have that noose now even tighter.

[Mice!]

3 hours ago, Lloyd90 said:

Obviously if half the country loses their jobs then they won't be able to buy ... but it's the young and healthy who are mostly likely to get over the virus... and also the most likely to buy houses.

If the lockdown is say another 3 weeks then I cant see how half the country will loose their jobs, the things people had and did before this will be the same afterwards. 

If its 3 months then things are going to get messy, but the country can't afford to continue the lockdown if its going to leave it a ruin can it?

I'm sure there are people somewhere trying to figure out what is best in the long term. 

[Lloyd90]

2 hours ago, oldypigeonpopper said:

hello, i think its a shame that if your18 to 35 all they have got to look forward to is a rent noose around your neck as no chance to of getting a property let alone a mortgage, they cannot sit in their back gardens after 25/30 years and say we have done it, and with little money to save for a pension when they retire at 67 still have that noose now even tighter.

 

"having a noose around your neck" is a very emotional way to phrase it... automatically making it a negative thing to rent. 

 

There are many cities, countries and places all around the world where people will only ever rent. The emphasis is on renting, not buying. The U.K. is obsessed with home ownership, so much so that lots of people own two or more. 

How do older people in other countries manage? 

[oldypigeonpopper]

3 minutes ago, Lloyd90 said:

 

"having a noose around your neck" is a very emotional way to phrase it... automatically making it a negative thing to rent. 

 

There are many cities, countries and places all around the world where people will only ever rent. The emphasis is on renting, not buying. The U.K. is obsessed with home ownership, so much so that lots of people own two or more. 

How do older people in other countries manage? 

hello, yes i get very emotional when i see many young people will never be able to have a home that is called their home, a lot of countries look after their elderly relations in one big family unit which is very rare in UK but there is a big difference with obsessed than to deserve,

[AVB]

21 minutes ago, Lloyd90 said:

 

"having a noose around your neck" is a very emotional way to phrase it... automatically making it a negative thing to rent. 

 

There are many cities, countries and places all around the world where people will only ever rent. The emphasis is on renting, not buying. The U.K. is obsessed with home ownership, so much so that lots of people own two or more. 

How do older people in other countries manage? 

Very true and it’s a relatively recent trend. My parents rented all their life. Never any interest in buying their house despite being able to do so much on a few occasions. 

[Lloyd90]

1 minute ago, oldypigeonpopper said:

hello, yes i get very emotional when i see many young people will never be able to have a home that is called their home, a lot of countries look after their elderly relations in one big family unit which is very rare in UK but there is a big difference with obsessed than to deserve,

 

There is, but land is a finite resource and there are more and more people every year, so it has to give somewhere. 

Some argue there is more than enough land to house everyone with empty places and if wealth was distributed. 

 

 

I have to say however that whilst home ownership is undoubtedly thousands of times more difficult than it was for past generations, its not unachievable. 

We have a couple lodge with us, all they ever go on about is how they are always broke, can't afford a home of their own, everything is so expensive etc. They both smoke (alot) and both drink heavily ... they go out for meals several times a week. 

One of them doesn't drive and walks to work in the hospital a mile away as a nurse. She trained when nurses didn't have any student loans. She's on the top of her pay scale so on £28,746 ... her BF is on about £34,000 a year. He works for a company and has a van with fuel card, so they have no car bill, no insurance, no tax, no fuel to pay, no utilities.

Her take home pay after tax is about £1,900. His take home pay after tax is about £2,200. That's £4,100 a month. They pay us £600 for a room, that's all bills included etc. So £3,500 a month left over. They have lived here for about 2 years now ... and are complaining last week that they have no savings ... and their friends back home have it much easier as they live at home with their parents to save deposits. 

Then they went on about how they will never be given a handout by their parents for a deposit to buy a house. 

 

 

I've got to be honest I found it very difficult to feel sorry for them. My Mrs has several friends who's parent's have died, they have struggled in life etc, they have worked hard and honest jobs, picked up extra work when able and the odd shift here and there and tucked it away. One of them bought her own house just last month just outside Bristol. 

6 minutes ago, AVB said:

Very true and it’s a relatively recent trend. My parents rented all their life. Never any interest in buying their house despite being able to do so much on a few occasions. 

It's a bit mad ... people are very eager to own a home ... but then some people find it a burden or it ties them.

I think of some very wealthy people, who just find owning property ties them to a place which they don't like as they like to be able to move around easily for opportunities. 

Some people even living out of hotels as a life style ... Just wish I could early silly money lol ... I'd buy a nice place and stop working  

[oldypigeonpopper]

4 minutes ago, Lloyd90 said:

 

There is, but land is a finite resource and there are more and more people every year, so it has to give somewhere. 

Some argue there is more than enough land to house everyone with empty places and if wealth was distributed. 

 

 

I have to say however that whilst home ownership is undoubtedly thousands of times more difficult than it was for past generations, its not unachievable. 

We have a couple lodge with us, all they ever go on about is how they are always broke, can't afford a home of their own, everything is so expensive etc. They both smoke (alot) and both drink heavily ... they go out for meals several times a week. 

One of them doesn't drive and walks to work in the hospital a mile away as a nurse. She trained when nurses didn't have any student loans. She's on the top of her pay scale so on £28,746 ... her BF is on about £34,000 a year. He works for a company and has a van with fuel card, so they have no car bill, no insurance, no tax, no fuel to pay, no utilities.

Her take home pay after tax is about £1,900. His take home pay after tax is about £2,200. That's £4,100 a month. They pay us £600 for a room, that's all bills included etc. So £3,500 a month left over. They have lived here for about 2 years now ... and are complaining last week that they have no savings ... and their friends back home have it much easier as they live at home with their parents to save deposits. 

Then they went on about how they will never be given a handout by their parents for a deposit to buy a house. 

 

 

I've got to be honest I found it very difficult to feel sorry for them. My Mrs has several friends who's parent's have died, they have struggled in life etc, they have worked hard and honest jobs, picked up extra work when able and the odd shift here and there and tucked it away. One of them bought her own house just last month just outside Bristol. 

hello, i would suggest you pack their bags and send them back to mommy and daddy,

[Lloyd90]

1 minute ago, oldypigeonpopper said:

hello, i would suggest you pack their bags and send them back to mommy and daddy,

Long as they keep paying my mortgage they can sit and feel sorry for themselves. 

 

Least for the time being. 

[ditchman]

my wifes grandad liked betting on the dogs................he bet on an accumlator many many years ago ...and with the winnings he bought a row of semi 's in yarmouth for £3000 quid

 

ohhh how things have changed

[Lloyd90]

1 hour ago, ditchman said:

my wifes grandad liked betting on the dogs................he bet on an accumlator many many years ago ...and with the winnings he bought a row of semi 's in yarmouth for £3000 quid

 

ohhh how things have changed

 

How long ago was that? I doubt the median UK wage was £30k back then? 

Still plenty of people these days winning big on massive odds bets ... just look at Euromillions... 

[old'un]

3 hours ago, AVB said:

Very true and it’s a relatively recent trend. My parents rented all their life. Never any interest in buying their house despite being able to do so much on a few occasions. 

As you say buying your own house is relatively recent trend.

[ditchman]

45 minutes ago, Lloyd90 said:

 

How long ago was that? I doubt the median UK wage was £30k back then? 

Still plenty of people these days winning big on massive odds bets ... just look at Euromillions... 

back in the late 60's

[Vince Green]

3 hours ago, Lloyd90 said:

 

"having a noose around your neck" is a very emotional way to phrase it... automatically making it a negative thing to rent. 

 

There are many cities, countries and places all around the world where people will only ever rent. The emphasis is on renting, not buying. The U.K. is obsessed with home ownership, so much so that lots of people own two or more. 

How do older people in other countries manage? 

Yes but a lot of the countries around the world people can rent with security, they can't here. The pressure now for credit checks is so high that you have to have a five star rating to rent or to buy. People on contracts, self employed, poor credit history increasingly can do either

[bavarianbrit]

Had lots of tenants over the years, unbelievable how many shysters there have been, dodging paying with any number of made up stories. They cannot afford to buy? why when they can rip off honest landlords for a lifestyle and keep on cig/booze/sky living. Renting out is an education in the ways of your peers.

[Vince Green]

17 minutes ago, bavarianbrit said:

Had lots of tenants over the years, unbelievable how many shysters there have been, dodging paying with any number of made up stories. They cannot afford to buy? why when they can rip off honest landlords for a lifestyle and keep on cig/booze/sky living. Renting out is an education in the ways of your peers.

 

17 minutes ago, bavarianbrit said:

Had lots of tenants over the years, unbelievable how many shysters there have been, dodging paying with any number of made up stories. They cannot afford to buy? why when they can rip off honest landlords for a lifestyle and keep on cig/booze/sky living. Renting out is an education in the ways of your peers.

That's why more landlords insist on full credit checks and references. Some of the companies doing these checks go into every last detail but a lot of otherwise good tenants fail the checks not through any fault but just because the job market is so tough.

Let me give you an example, one of my tenants works for the NHS but he is on contract. A perfect tenant, never been a problem or had any complaints, more important, never been even a day in arrears. I know however that if he was applying now the screening company I use at present would have never passed him. A single dad working on contract with debts and ccjs from when his wife walked out. No chance, but he has rebuilt his life and he's as good as gold.

If I drop dead and he has to move out of the flat he is going to be in the poop because he will find it very hard to get another tenancy