House Prices Drop - 14.6% in the year

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Jiglo

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A new record I believe. Doesn't look like it's slowing down much either;)

Looking on the positive side though, those soon hoping to own a house should be able to get on with it again without having to take out crippling amounts of debt to do so. Three cheers for house price crashes - hip hip hooray, hip hip hooray, hip hip hooray;)

http://www.nationwide.co.uk/hpi/historical/Oct_2008.pdf

...bit of a bummer for those caught with negative equity mind :(
 

leaky

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i feel for anyone who bought at the peak :cry: but it will no doubt come good again. a lad i know had a lucky escape. about 12 month ago he had put a £1000 deposite on a flat in a new develpment in town and decided to pull out and move to new zealand and lose his deposit :eek: at the time i thought what a waste of a grand, but if he had left it a couple more week he would have had to complete, and would now be paying for a flat that still isn't finished and worth alot less than the price he agreed to pay.
 

Mr Radish

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Movin' on up.
My house will have dropped a lot!

However, they were all badly over valued and really the market needed this drop.

Fortunately we have a lot of equity in our home so, it would have to drop a long way before we could not pay the mortgage back.


Few years, I hate to say they will be probably at silly money again!
 

Northern Star

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On Cloud 9!!!
quite lucky myself that i bought sensibly 6 yrs ago and put a bit of value on my house at the same time - i have a humble house but ill never lose on it unless it falls down or summat n then the insurance should cover tht :thumbsup: lol fingers crossed eh :p
 

leaky

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I've been predicting this crash for years Debs;)


ive been saying the same thing, i have forgot how many times ive been told that it will never happen they might level out but will never fall in price as there is too much demand :crazy: they will have to come down alot more befor i take the plunge, ive been bitten befor :mad:
 

nics

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im like herpes....never quite fcuk hoff!!!
i hope ti does come down more to be honest.....well within the next year or so anyway

bin saying for the past year im buying this flat and i still havnt:$ not my fault id rather go on holidays to exotic places is it lmao

i think when i get back in march that ill have to be all grown up an buy my flat:p
 

Sheikh Yerbouti

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Bizarrely, I was out drinking tonight with a mate who works for a big property management company in town. He was saying there's been nothing doing in the housing market for a while now, but the last couple of weeks things have slowly started to turn over again.

i know a lot of banks are re-evaluating their variable rate product lines at the minute too, so expect a raft of new mortgage deals to start becoming available over the next few weeks. that should add some impetus to the market.

how long it will last is anybody's guess. i'm hearing everything from a year to ten years at the other end of the scale. it all depends who you ask. my own view is that providing there are no more disasters on the horizon, xmas & Q1 of the new year are traditionally very quiet for the housing market, but with a bit of luck things will stabilise, and come april/may time next year the housing market will start moving again. it'll be a long time until things get back to where they were 2 years ago... if in fact they ever do, which may be no bad thing.

but for every person who welcomes the market re-adjustment, there are also those of us who are really suffering. it's not just people who bought badly who are having a hard time.
 
how long it will last is anybody's guess. i'm hearing everything from a year to ten years at the other end of the scale. it all depends who you ask. my own view is that providing there are no more disasters on the horizon, xmas & Q1 of the new year are traditionally very quiet for the housing market, but with a bit of luck things will stabilise, and come april/may time next year the housing market will start moving again. it'll be a long time until things get back to where they were 2 years ago... if in fact they ever do, which may be no bad thing.
.


I always imagine a set of scales...if it swings one way...it'll undoubtedly swing back the other way. Ive thought this house price crash was due...although i didnt realise why or what impact it would have.

Ive heard that we're slipping into recession that will be the closest thing to the one after WW2!!!!! and 09 will be a case of battening down the hatches and just riding the storm till it passes (which it will im sure) .It will be a bastard to get creddit of any kind for a long long time-n if u wanna house (nics) ull need one heck of a deposit (10% minimum). I'll be in uni for the next three years...so luckilly by that time the madness should have passed and relitive calm back in our waters...enough for me to buy my first pad n have a relitively confident grip on my finances...


fucking credit crunchy nut cuntflake!!!!!:|
 

Mr Radish

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Movin' on up.
I also was convinced there would be a big drop in prices, but not for the exact reasons we see one now. Any market that races upwards and upwards eventually becomes overvalued and vunerable to a change in the economic landscape. It does not take a genius.. . .

Despite my own situation, a drop was needed for the market as a whole to bring a realistic value to the market.

In many ways I hope that it bites some of the more greedy property "investors", as they bought up housing stock and helped fuel the dramatic rises that took the market away from the average home buyer.

However, in reality what will happen is that as the market hits it's low point a new wave of cash rich investors will re-invade the market to make a killing, just as they do on the stock market. Prices will then rise again and the status quo will probably be not far away.

Just a thought.
 
I also was convinced there would be a big drop in prices, but not for the exact reasons we see one now. Any market that races upwards and upwards eventually becomes overvalued and vunerable to a change in the economic landscape. It does not take a genius.. . .

Despite my own situation, a drop was needed for the market as a whole to bring a realistic value to the market.

In many ways I hope that it bites some of the more greedy property "investors", as they bought up housing stock and helped fuel the dramatic rises that took the market away from the average home buyer.

However, in reality what will happen is that as the market hits it's low point a new wave of cash rich investors will re-invade the market to make a killing, just as they do on the stock market. Prices will then rise again and the status quo will probably be not far away.

Just a thought.

aye agree on that , but it is a good time to buy if youve a big deposit and healthy income , theres loads of of bargains out there , im glad ive held back a few months now as weve saved over a 1% on or next mortgage now , and the interest rates prob gonna drop bit lower so early 2009 will be a really good time , just that the robbing cnuts at the banks just seem to put up the mortgage arragement fees:mad: upto £2500:eek: in some cases

also noted is that with the interest rate (for savers)falling and stocks n shares not worth a carrot , people with money will move back into property soon , to snap up repos and try n get a big return on thier cash , i recon in 12 months time it will start to level out ,

but IMO with the days of 4 - 5 times ur wages lending + 100% mortgages more or less over that will prob see some sort of cap on how high things go in future , as it 1st time buyers who are needed to keep the housing chain going ,