Guest surburberella Posted June 11, 2008 Share Posted June 11, 2008 The Guardian is predicting huge housing market drop over next 4 years. Traders predict house prices will fall by 50% in four years | Business | The Guardian Though I know we shouldn't be feeling in any way happy about the demise of the UK economy those going back can feel a little cheerful about getting back on the ladder... I remember my parents were on the other end of this back in the 1990's when they saw their property tumble 40% so anything I can claw back next year will be a bonus. What goes around comes around. Link to comment Share on other sites More sharing options...
Guest kenpom Posted June 11, 2008 Share Posted June 11, 2008 I dont think this will be limited to the UK and will be far more widespread. Link to comment Share on other sites More sharing options...
Guest surburberella Posted June 11, 2008 Share Posted June 11, 2008 I dont think this will be limited to the UK and will be far more widespread. Aus tipped to stay steady over next year but we're still selling up here asap and renting for the remainder of our time here just in case! Link to comment Share on other sites More sharing options...
Jo&Rich Posted June 11, 2008 Share Posted June 11, 2008 Interesting reading. Will help people like my sister who currently can't get on the property ladder, but at the detriment of others who need to sell, so as you say, swings and roundabouts. Jo x Link to comment Share on other sites More sharing options...
Guest Durathor Posted June 11, 2008 Share Posted June 11, 2008 It won't drop 50%. The UK is having a crisis of confidence and sensational headlines follow. The next 2 or 3 years will be tough, then there will be a recovery. If you want to see a housing crash, hang around in Oz. It's going to be carnage once the global recession starts and the commodity bubble bursts. Prices here are beyond laughable. They make London look a bargain. If you don't believe me, explain how a big town like Melbourne can sustain 400% price rises in a few years to have a property market value comparable to the largest single financial services centre on earth in a super city like London? Australia is booming off the back of a single industry reliant on China. That sounds secure. Link to comment Share on other sites More sharing options...
Guest scottee Posted June 11, 2008 Share Posted June 11, 2008 we tend to forget its just the uk that suffers from housing crisis.what is the outlook for australia in the near future.i know in my area in scotland just now the work is starting to dry up on the construction side some companies have only sold a handful of new houses,harder to get a loan and a lot of doubt about the work climate.i persume its the same in australia. Link to comment Share on other sites More sharing options...
Guest surburberella Posted June 11, 2008 Share Posted June 11, 2008 It won't drop 50%. The UK is having a crisis of confidence and sensational headlines follow. The next 2 or 3 years will be tough, then there will be a recovery. If you want to see a housing crash, hang around in Oz. It's going to be carnage once the global recession starts and the commodity bubble bursts. Prices here are beyond laughable. They make London look a bargain. If you don't believe me, explain how a big town like Melbourne can sustain 400% price rises in a few years to have a property market value comparable to the largest single financial services centre on earth in a super city like London? Australia is booming off the back of a single industry reliant on China. That sounds secure. Hmm not sure if I agree with the first paragraph-we sold our London flat after 3 weeks on the market for 370k last August. Now 10 months on upstairs flat same size is on the market for 310K (having been reduced from 330k since went on at a couple of months ago). A friend's house in another popular area of London went on last september at 575K. She reduced to 550K, accepted an offer of 525K. The buyer has now pulled out as similar houses now going on at 499K. Similarly a rellie in Surrey-house valued last year at 550K-no takers & now being advised to drop to below 500K. The reason prices will drop is that they increased very steeply in a very short space of time preceding all of this. The flat we sold at 370K we bought 18 months earlier for only 245K:shocked: Link to comment Share on other sites More sharing options...
the hutchies Posted June 11, 2008 Share Posted June 11, 2008 we tend to forget its just the uk that suffers from housing crisis.what is the outlook for australia in the near future.i know in my area in scotland just now the work is starting to dry up on the construction side some companies have only sold a handful of new houses,harder to get a loan and a lot of doubt about the work climate.i persume its the same in australia. i think the problem is worldwide... i have a friend just gone back home to Texas and they have the same problem...a friend of hers is in real estate and they are commission paid only they aren,t selling there either and she is really struggling to meet ends meet. so i would imagine the problem is the same is Oz.. it's something we have to sit and ride through:dull: Lisax Link to comment Share on other sites More sharing options...
Guest Durathor Posted June 11, 2008 Share Posted June 11, 2008 we tend to forget its just the uk that suffers from housing crisis.what is the outlook for australia in the near future.i know in my area in scotland just now the work is starting to dry up on the construction side some companies have only sold a handful of new houses,harder to get a loan and a lot of doubt about the work climate.i persume its the same in australia. The market here is beginning to soften considerably. Urban areas continue to sell at a premium, but outlying areas are dropping. They appear to be a small cycle behind the UK. As the effects of the situation in the US and Europe impact on China, then Australia may face some very difficult times as demand for it's exports drop significantly. Link to comment Share on other sites More sharing options...
Guest jchrisj Posted June 16, 2008 Share Posted June 16, 2008 For those that dont remember, its a 10 year cycle. Did the same in the 90's and 80's and hey man...................70's as well. its a financial clearing of the deadwood. Last year by business was valued at 240000, now valued at 130000. Am i worried, Not a bit. I'll wait till it starts to clime again. He ho lifes a merry go round Chris x x x x Link to comment Share on other sites More sharing options...
Guest earlswood Posted June 16, 2008 Share Posted June 16, 2008 The Guardian is predicting huge housing market drop over next 4 years. Traders predict house prices will fall by 50% in four years | Business | The Guardian Though I know we shouldn't be feeling in any way happy about the demise of the UK economy those going back can feel a little cheerful about getting back on the ladder... I remember my parents were on the other end of this back in the 1990's when they saw their property tumble 40% so anything I can claw back next year will be a bonus. What goes around comes around. It's not a demise, it's just a correction of years of overflated house prices....the UK economy will remain strong against most of the world economies. Link to comment Share on other sites More sharing options...
Guest mandisfam Posted June 16, 2008 Share Posted June 16, 2008 Hi there, I have notice that no-one has mentioned the fact there is a shortage of housing in the UK. This is expected to rise in the foreseeable future due to population increases. Personally, I believe there has to be small slump in the market because house prices were just going plain crazy. But I do think it effects certain parts of the UK the South East in particular more so than other areas. Plus it depends on what type of property you are selling. Unfortunately, until the banks start offering first time buyers a decent deal then we will continue to have problems with selling property. Majority of people are only reducing their price to generate interest in their property because they want to sell asap. If the banks were offering decent deals I doubt you would be seeing such big drops in house prices. So, whilst this might be sounding good for those wanting to come back from oz, and get back on the UK property ladder, you have expect to be hit with crap interest rates and very high bank charges for lending you the money. If only we had a crystal ball........... Mandisfam Link to comment Share on other sites More sharing options...
Guest surburberella Posted June 16, 2008 Share Posted June 16, 2008 Hi there, I have notice that no-one has mentioned the fact there is a shortage of housing in the UK. This is expected to rise in the foreseeable future due to population increases. Personally, I believe there has to be small slump in the market because house prices were just going plain crazy. But I do think it effects certain parts of the UK the South East in particular more so than other areas. Plus it depends on what type of property you are selling. Unfortunately, until the banks start offering first time buyers a decent deal then we will continue to have problems with selling property. Majority of people are only reducing their price to generate interest in their property because they want to sell asap. If the banks were offering decent deals I doubt you would be seeing such big drops in house prices. So, whilst this might be sounding good for those wanting to come back from oz, and get back on the UK property ladder, you have expect to be hit with crap interest rates and very high bank charges for lending you the money. If only we had a crystal ball........... Mandisfam I'm paying 9.6% interest on my Australian mortgage :arghh: so I doubt it will be worse than that in UK.. Link to comment Share on other sites More sharing options...
Phoenix Posted June 16, 2008 Share Posted June 16, 2008 The Guardian is obviously on drugs, but that's nothing new for the Guardian, its normally smoking something! rising population and limited land will mean housing prices will always rise in the long term, the trick is to ride out the slumps. Its my guess that this slump will only last a year, ie this years housing market is dead, come next year we will see the buyers who have sat on their butts this year decide that they need to get on with life and start buying again. The trouble is that everyone remembers the last crash, but have forgotten that there was a lot more going on, gazumping was stupidly out of control, the years beforehand, which rocketed prices out of control, and then we were hit with an enormous recession. This time round is completely different, the biggest problem we have is a sensationalist press wo love nothing better than some doom and gloom Link to comment Share on other sites More sharing options...
Guest jonni Posted June 18, 2008 Share Posted June 18, 2008 The Guardian is obviously on drugs, but that's nothing new for the Guardian, its normally smoking something! rising population and limited land will mean housing prices will always rise in the long term, the trick is to ride out the slumps. Its my guess that this slump will only last a year, ie this years housing market is dead, come next year we will see the buyers who have sat on their butts this year decide that they need to get on with life and start buying again. The trouble is that everyone remembers the last crash, but have forgotten that there was a lot more going on, gazumping was stupidly out of control, the years beforehand, which rocketed prices out of control, and then we were hit with an enormous recession. This time round is completely different, the biggest problem we have is a sensationalist press wo love nothing better than some doom and gloom Couldn't agree more. :notworthy: Announcement on news last night that there will be fewer houses built in the UK this year than at anytime since the war and the waiting list for council houses is growing by an enormous rate per day. Major construction companies are laying off staff all over the country, but it's still not as bad as the 90's. Link to comment Share on other sites More sharing options...
Guest earlswood Posted June 18, 2008 Share Posted June 18, 2008 The Guardian is obviously on drugs, but that's nothing new for the Guardian, its normally smoking something! rising population and limited land will mean housing prices will always rise in the long term, the trick is to ride out the slumps. Its my guess that this slump will only last a year, ie this years housing market is dead, come next year we will see the buyers who have sat on their butts this year decide that they need to get on with life and start buying again. The trouble is that everyone remembers the last crash, but have forgotten that there was a lot more going on, gazumping was stupidly out of control, the years beforehand, which rocketed prices out of control, and then we were hit with an enormous recession. This time round is completely different, the biggest problem we have is a sensationalist press wo love nothing better than some doom and gloom The slump they are predicting will go on for at least the next 5 years.... they are predicting house prices will drop by about 30% to reach there true value....then they will rise very slowley and nowhere like as fast as they have in the last 10 years. Link to comment Share on other sites More sharing options...
Guest Pinhead Posted June 18, 2008 Share Posted June 18, 2008 It's not a demise, it's just a correction of years of overflated house prices....the UK economy will remain strong against most of the world economies. LOL! That has got to be the most entertaining post I've seen on this site for a while. The UK economy is in dire straits, 10 years of mismanagement is finally coming home to roost. Unlike most economies around the world the UK government has spent & spent & spent while the times were good and now that things are turning bad has no room to play with the public finances. Unemployment is rising, inflation is getting out of control, house prices are falling, the currency is weak & the country has no real industry (other than the city of London) to speak of. Public sector workers will soon be on strike as they see their meagure pay packets eroded by below inflation rises.The windfall of the North Sea oil reserves (which are coming to an end) has been wasted. Even the poles are leaving as the currency falls and the prospects dry up. Due to the poor state of the countries finances there is no possibility of tax cuts like we've seen in the US. The only weapon to fight the upcoming battle is interest rates and the next direction they are going is up. Without London as the finance capital of world the UK would have nothing. We make nothing in this country anymore & any company that is service based could up sticks and move elsewhere. We've already seen the start of this with Shire moving offshore to reduce it's tax bill. Continental Europe is in far better shape than the UK which can be seen reflected in the strong EUR. The UK economy isn't strong now so I don't see how you think it can 'remain strong'! House prices will fall at least 25%-30% over the next 3 years back down to long term average price and tens of thousands of people will be trapped in negative equity. The only bright spot on the horizon is the benefit that London will get from hosting the Olympics but then again that will cost at least twice what was originally budgeted and you can pretty much guaranteed it won't all be finished (or work) in time. And after it's finished we'll be lumbered with a huge stadium that won't get used and will cost us millions to maintain or it'll be flogged off to the private sector for a song who'll then turn it into a football stadium and make a mint. Yes my friends what we are seeing now is only the tip of a very large iceberg that will see the UK fall into recession for many years to come.:cry: Link to comment Share on other sites More sharing options...
Guest earlswood Posted June 29, 2008 Share Posted June 29, 2008 LOL! That has got to be the most entertaining post I've seen on this site for a while. The UK economy is in dire straits, 10 years of mismanagement is finally coming home to roost. Unlike most economies around the world the UK government has spent & spent & spent while the times were good and now that things are turning bad has no room to play with the public finances. Unemployment is rising, inflation is getting out of control, house prices are falling, the currency is weak & the country has no real industry (other than the city of London) to speak of. Public sector workers will soon be on strike as they see their meagure pay packets eroded by below inflation rises.The windfall of the North Sea oil reserves (which are coming to an end) has been wasted. Even the poles are leaving as the currency falls and the prospects dry up. Due to the poor state of the countries finances there is no possibility of tax cuts like we've seen in the US. The only weapon to fight the upcoming battle is interest rates and the next direction they are going is up. Without London as the finance capital of world the UK would have nothing. We make nothing in this country anymore & any company that is service based could up sticks and move elsewhere. We've already seen the start of this with Shire moving offshore to reduce it's tax bill. Continental Europe is in far better shape than the UK which can be seen reflected in the strong EUR. The UK economy isn't strong now so I don't see how you think it can 'remain strong'! House prices will fall at least 25%-30% over the next 3 years back down to long term average price and tens of thousands of people will be trapped in negative equity. The only bright spot on the horizon is the benefit that London will get from hosting the Olympics but then again that will cost at least twice what was originally budgeted and you can pretty much guaranteed it won't all be finished (or work) in time. And after it's finished we'll be lumbered with a huge stadium that won't get used and will cost us millions to maintain or it'll be flogged off to the private sector for a song who'll then turn it into a football stadium and make a mint. Yes my friends what we are seeing now is only the tip of a very large iceberg that will see the UK fall into recession for many years to come.:cry: Mate if you think it is bad in the UK. Australia ...THE economy is headed for recession next year, with a 50 per cent plunge in share values. Australia 'on verge of recession' | NEWS.com.au Business Link to comment Share on other sites More sharing options...
Bod Posted June 29, 2008 Share Posted June 29, 2008 LOL! That has got to be the most entertaining post I've seen on this site for a while. The UK economy is in dire straits, 10 years of mismanagement is finally coming home to roost. Unlike most economies around the world the UK government has spent & spent & spent while the times were good and now that things are turning bad has no room to play with the public finances. Unemployment is rising, inflation is getting out of control, house prices are falling, the currency is weak & the country has no real industry (other than the city of London) to speak of. Public sector workers will soon be on strike as they see their meagure pay packets eroded by below inflation rises.The windfall of the North Sea oil reserves (which are coming to an end) has been wasted. Even the poles are leaving as the currency falls and the prospects dry up. Due to the poor state of the countries finances there is no possibility of tax cuts like we've seen in the US. The only weapon to fight the upcoming battle is interest rates and the next direction they are going is up. Without London as the finance capital of world the UK would have nothing. We make nothing in this country anymore & any company that is service based could up sticks and move elsewhere. We've already seen the start of this with Shire moving offshore to reduce it's tax bill. Continental Europe is in far better shape than the UK which can be seen reflected in the strong EUR. The UK economy isn't strong now so I don't see how you think it can 'remain strong'! House prices will fall at least 25%-30% over the next 3 years back down to long term average price and tens of thousands of people will be trapped in negative equity. The only bright spot on the horizon is the benefit that London will get from hosting the Olympics but then again that will cost at least twice what was originally budgeted and you can pretty much guaranteed it won't all be finished (or work) in time. And after it's finished we'll be lumbered with a huge stadium that won't get used and will cost us millions to maintain or it'll be flogged off to the private sector for a song who'll then turn it into a football stadium and make a mint. Yes my friends what we are seeing now is only the tip of a very large iceberg that will see the UK fall into recession for many years to come.:cry: Your a cheerful sod. Mr Rudd Hear comes another one. Link to comment Share on other sites More sharing options...
Guest Brickie Posted June 29, 2008 Share Posted June 29, 2008 And no one has even mentioned oil yet....:twitcy: Link to comment Share on other sites More sharing options...
Guest brickie001 Posted June 29, 2008 Share Posted June 29, 2008 Hmmmmm 50% no chance unless every major builder goes bust the queen flushes england down the pan and i get the popes job. try like 10-20 % max over 2 years then another 2 years to play catch up. As for the oz market wont comment dont know enough As for the yanks why compare them to us they started all this Hmm was it the yanks or the greedy english banks :jimlad::jimlad: Link to comment Share on other sites More sharing options...
Guest zambezi15 Posted July 18, 2008 Share Posted July 18, 2008 its too bright Link to comment Share on other sites More sharing options...
Guest windsor Posted July 18, 2008 Share Posted July 18, 2008 Mate if you think it is bad in the UK. Australia ...THE economy is headed for recession next year, with a 50 per cent plunge in share values. Australia 'on verge of recession' | NEWS.com.au Business Shouldn't believe all you read in the press apparantly!! Link to comment Share on other sites More sharing options...
Guest zambezi15 Posted July 18, 2008 Share Posted July 18, 2008 WORLDWIDE...worst hit is USA, couldn't believe the gorgeous properties on the market, so reduced they are pratically giving them away...and no offers. Link to comment Share on other sites More sharing options...
Guest earlswood Posted July 18, 2008 Share Posted July 18, 2008 The Guardian is predicting huge housing market drop over next 4 years. Traders predict house prices will fall by 50% in four years | Business | The Guardian Though I know we shouldn't be feeling in any way happy about the demise of the UK economy those going back can feel a little cheerful about getting back on the ladder... I remember my parents were on the other end of this back in the 1990's when they saw their property tumble 40% so anything I can claw back next year will be a bonus. What goes around comes around. Great news for people returning in the next couple of years though. Link to comment Share on other sites More sharing options...
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