If you didn’t vote Tory, I feel very sorry for you.
If you did – you’re about to be introduced to the face eating leopard. Enjoy.
Housing crash is an interesting one for me. It’s seen as a negative thing for homeowners, but say at the moment I’m playing with selling at £500k vs buying at around £525-£550k.
If there was a crash – e.g. now I’m selling at £400k and buying at £425-£450k, I’m still better off right? I wouldn’t be in negative equity until it’s under £300k so that isn’t an issue
I really hope that prices drop like a stone, they have been artificially inflated for far too long.
If i was running things I would make buy to let mortgages illegal and deport James Corden, not related to this but still important.
Because we’re worse than China. No real excess of natural resources to sell, all the wealth locked in the concrete/brick gold. This crashes, the entire Nation will crash.
The housing crash will help first time buyers.
Assuming they have a job still….
Assuming they can get a mortgage even with a job….
Actually a housing crash is good for the GOOD OLD RICH TORIES who will scoop up your repossessed house for cash…
I bought my first home a year ago. Will I get fucked over by a housing price crash? Quite possibly. Do I think it’s necessary? Absolutely.
There is a significant shortage of affordable housing in this country.
House crash means banks pull mortgages. The rich can afford the negative effects of their assets going down but people lower down the scale are forced to sell. Only buyers on the market are cash buyers who also can dodge tax thanks to Tory tax cuts and bingo – the rich get richer
Are there actual houses to buy atm? We were promised shovels in ground, but I think Boris kept the key
Actually i think it would be good if poor people could own houses.
Why does a housing crash scare Britain? Because the country decided that building a business and a large % of the economy on something as essential as housing was a good idea.
The 2008 housing crash was because one of world big 5 American banks collapsed Lehman brothers and lot other smaller one which caused a chain reaction. We need a either major pension fund or big world bank to see a major collapse in world economy but this time every bank is cash rich
Either housing just keeps going up forever or it crashes!
I’m amazed at how the Tory government will reduce house prices with a potential crash, yet it will still only benefit the rich, and F over the poor and first time buyers
We all overpaid for our houses and don’t want them to reset and be in negative equity and unable to sell.
Britains pretty scared of everything right now, Fuel prices, cost of living increase, energy prices and now a housing crash.
Look, house prices are going to go down, but so is the availability and price of mortgages. If you are hoping for a 20% drop meaning you can afford, you likely won’t be able to because mortgages are going to be at least 20% more expensive.
This sub is so much more mature compared to /r/UKpolitics, i spent half of yesterday arguing with morons about why a housing crash isn’t some great thing.
Scares who? Landlords? Most of us can’t afford to buy a house at all.
Why on earth have we allowed our economy to become enthralled to a system where people feel entitled to invest in an asset with no risk? Something has to change – either the government stops intervening and lets house prices rise and fall as they will, or we stop looking at homes as an investment and control the price. You can’t have your cake and eat it.
Cant wait for there next article. “Why people don’t live underwater”
Just like Australia, Britain is about to learn the hard way what happens when you allow Conservative governments with their reputation for economic mismanagement to turn housing into one giant ponzi scheme.
Poor diddums.
Those who didn’t vote Tory, my sympathies as you try to survive day-to-day.
Those who did vote Tory, enjoy a triple serving of the shit sandwich you voted for.
Those who couldn’t even be bothered to vote, you deserve everything that’s coming your way.
I just moved over here with my wife. We’ve been advised that the best time to buy a house will be in 6 months to a year when the defaulted houses go on the market. Assuming that private capital doesn’t snap them up.
Something I’ve pondered…. When we had QE after 2008, we were told government isn’t just “printing money” that would devalue the pound, the new money was backed up by assets.
My suspicion is a lot of those assets were actually government policies artificially inflating the housing market to balance the books after QE.
So if my suspicion is correct, if there was an actual free capitalistic housing market, prices would have crashed. But if house prices crashed, that would destroy the value of the pound, so we are now seriously stuck.
So in effect, after 2008, those on the housing ladder got gifted many thousands (even hundreds of thousands) of pounds that keeps on exponentially increasing, while those not on the ladder got seriously screwed.
I know a few good caves near me, nice and quiet, plenty of space for belongings, excellent insulation to the point of a constant temperature year-round, starting to look like a viable option at this point. Would rather not though as I don’t want to disturb the bats. No, I’m not saying where.
24 comments
If you didn’t vote Tory, I feel very sorry for you.
If you did – you’re about to be introduced to the face eating leopard. Enjoy.
Housing crash is an interesting one for me. It’s seen as a negative thing for homeowners, but say at the moment I’m playing with selling at £500k vs buying at around £525-£550k.
If there was a crash – e.g. now I’m selling at £400k and buying at £425-£450k, I’m still better off right? I wouldn’t be in negative equity until it’s under £300k so that isn’t an issue
I really hope that prices drop like a stone, they have been artificially inflated for far too long.
If i was running things I would make buy to let mortgages illegal and deport James Corden, not related to this but still important.
Because we’re worse than China. No real excess of natural resources to sell, all the wealth locked in the concrete/brick gold. This crashes, the entire Nation will crash.
The housing crash will help first time buyers.
Assuming they have a job still….
Assuming they can get a mortgage even with a job….
Actually a housing crash is good for the GOOD OLD RICH TORIES who will scoop up your repossessed house for cash…
I bought my first home a year ago. Will I get fucked over by a housing price crash? Quite possibly. Do I think it’s necessary? Absolutely.
There is a significant shortage of affordable housing in this country.
House crash means banks pull mortgages. The rich can afford the negative effects of their assets going down but people lower down the scale are forced to sell. Only buyers on the market are cash buyers who also can dodge tax thanks to Tory tax cuts and bingo – the rich get richer
Are there actual houses to buy atm? We were promised shovels in ground, but I think Boris kept the key
Actually i think it would be good if poor people could own houses.
Why does a housing crash scare Britain? Because the country decided that building a business and a large % of the economy on something as essential as housing was a good idea.
The 2008 housing crash was because one of world big 5 American banks collapsed Lehman brothers and lot other smaller one which caused a chain reaction. We need a either major pension fund or big world bank to see a major collapse in world economy but this time every bank is cash rich
Either housing just keeps going up forever or it crashes!
I’m amazed at how the Tory government will reduce house prices with a potential crash, yet it will still only benefit the rich, and F over the poor and first time buyers
We all overpaid for our houses and don’t want them to reset and be in negative equity and unable to sell.
Britains pretty scared of everything right now, Fuel prices, cost of living increase, energy prices and now a housing crash.
Look, house prices are going to go down, but so is the availability and price of mortgages. If you are hoping for a 20% drop meaning you can afford, you likely won’t be able to because mortgages are going to be at least 20% more expensive.
This sub is so much more mature compared to /r/UKpolitics, i spent half of yesterday arguing with morons about why a housing crash isn’t some great thing.
Scares who? Landlords? Most of us can’t afford to buy a house at all.
Why on earth have we allowed our economy to become enthralled to a system where people feel entitled to invest in an asset with no risk? Something has to change – either the government stops intervening and lets house prices rise and fall as they will, or we stop looking at homes as an investment and control the price. You can’t have your cake and eat it.
Cant wait for there next article. “Why people don’t live underwater”
Just like Australia, Britain is about to learn the hard way what happens when you allow Conservative governments with their reputation for economic mismanagement to turn housing into one giant ponzi scheme.
Poor diddums.
Those who didn’t vote Tory, my sympathies as you try to survive day-to-day.
Those who did vote Tory, enjoy a triple serving of the shit sandwich you voted for.
Those who couldn’t even be bothered to vote, you deserve everything that’s coming your way.
I just moved over here with my wife. We’ve been advised that the best time to buy a house will be in 6 months to a year when the defaulted houses go on the market. Assuming that private capital doesn’t snap them up.
Something I’ve pondered…. When we had QE after 2008, we were told government isn’t just “printing money” that would devalue the pound, the new money was backed up by assets.
My suspicion is a lot of those assets were actually government policies artificially inflating the housing market to balance the books after QE.
So if my suspicion is correct, if there was an actual free capitalistic housing market, prices would have crashed. But if house prices crashed, that would destroy the value of the pound, so we are now seriously stuck.
So in effect, after 2008, those on the housing ladder got gifted many thousands (even hundreds of thousands) of pounds that keeps on exponentially increasing, while those not on the ladder got seriously screwed.
I know a few good caves near me, nice and quiet, plenty of space for belongings, excellent insulation to the point of a constant temperature year-round, starting to look like a viable option at this point. Would rather not though as I don’t want to disturb the bats. No, I’m not saying where.