ballaughbiker Posted July 13, 2012 Share Posted July 13, 2012 I think a lot of people will care when their property 'investment' starts to dwindle in value. I don't think acceptance of that inevitability is doom-mongering, it's just realism. Link to comment Share on other sites More sharing options...
Nom de plume Posted July 13, 2012 Share Posted July 13, 2012 It's all relative. The arse of your property investment falls out, so does the rest of the market. It's only those silly enough to have taken on 90%+ mortgages that should be in a panic - but that's like playing roulette. I think a lot of people will care when their property 'investment' starts to dwindle in value. I don't think acceptance of that inevitability is doom-mongering, it's just realism. Link to comment Share on other sites More sharing options...
GD4ELI Posted July 13, 2012 Share Posted July 13, 2012 I think a lot of people will care when their property 'investment' starts to dwindle in value. I don't think acceptance of that inevitability is doom-mongering, it's just realism. A lot of people on the rock with 500k+ homes are trying to downsize and get 200k or so out for their old age, they are finding that the buyers for these homes are thin on the ground. There's no way most of our generation (50+ onwards) can get away with so much unearned wealth, it's not going to happen. Interesting article in yesterday's Guardian: http://www.guardian....-responsibility "UK austerity set to last decades as cost of ageing population rises" Link to comment Share on other sites More sharing options...
GD4ELI Posted July 13, 2012 Share Posted July 13, 2012 The arse of your property investment falls out, so does the rest of the market. If you take some time to look at the UK and IOM's housing market over the last 30 years you'll understand just how many jobs depend on a vibrant market which, at present, is drying up. A falling market shatters confidence, people don't spend, service industries and building firms suffer. As for 90% mortgages - many people wanting to retire are finding that their major asset is not quite what it was. You're obviously new to recessions. Link to comment Share on other sites More sharing options...
Nom de plume Posted July 13, 2012 Share Posted July 13, 2012 You're telling me nothing that I don't already know, ergo ... you are bringing nothing to the party. Now, run along & rattle your cow bells. If you are coming back to the Island, do it. Don't fester like a bad ulcer ... Link to comment Share on other sites More sharing options...
YodaYessir Posted July 13, 2012 Share Posted July 13, 2012 GD4ELI dissed me, the f****r I'm here waiting for him.... Link to comment Share on other sites More sharing options...
GD4ELI Posted July 13, 2012 Share Posted July 13, 2012 I don't think Chrystals agree with me about the impending Armageddon - prices are just rocketing, far too expensive for me 745k http://www.chrystals.co.im/residential/Port-St-Mary/Bungalow/26-Perwick-Bay-Port-St-Mary-IM9-5PA-2397 Link to comment Share on other sites More sharing options...
GD4ELI Posted July 13, 2012 Share Posted July 13, 2012 GD4ELI dissed me, the f****r I'm here waiting for him.... I'll bring my evil dog to give you a good savaging... Link to comment Share on other sites More sharing options...
Cambon Posted July 13, 2012 Share Posted July 13, 2012 A lot of people on the rock with 500k+ homes are trying to downsize and get 200k or so out for their old age, they are finding that the buyers for these homes are thin on the ground. There's no way most of our generation (50+ onwards) can get away with so much unearned wealth, it's not going to happen. The thing is those £500K+ houses were never worth as much as the owners aer expecting. The prices, as always, have been hyped up by the estate agents and Dandara (heretic homes). A house is a place to live, not an investment. The only way there will be a price crash is if many, many people start to default on their mortgages. The only way that will happen is if we have mass unemployment. Now, since the crash of 2008, unemployment has doubled. That sounds terrible, but it means now there are 950 unemployed, under 3% of the working population. It would take an absolutely massive company to pull out before things got that bad that a housing crash happened. At this point, it is not looking likely. So, yes, stating that a crash is going to happen is doom mongering. In the meantime, people are working and paying down their debt in preparation for the worst. The longer it takes for a crash to happen, the less likely it will be. Link to comment Share on other sites More sharing options...
Lxxx Posted July 13, 2012 Share Posted July 13, 2012 I think a lot of people will care when their property 'investment' starts to dwindle in value. I don't think acceptance of that inevitability is doom-mongering, it's just realism. It's the lack of acceptance on the island that baffles me even in the face of all the facts we see. They still think this will blow over and then it's onwards and upwards again. Cognitive dissonance at it's finest Link to comment Share on other sites More sharing options...
GD4ELI Posted July 13, 2012 Share Posted July 13, 2012 It's the lack of acceptance on the island that baffles me even in the face of all the facts we see. They still think this will blow over and then it's onwards and upwards again. Cognitive dissonance at it's finest Same here - I just don't get it. Link to comment Share on other sites More sharing options...
Lxxx Posted July 13, 2012 Share Posted July 13, 2012 A lot of people on the rock with 500k+ homes are trying to downsize and get 200k or so out for their old age, they are finding that the buyers for these homes are thin on the ground. There's no way most of our generation (50+ onwards) can get away with so much unearned wealth, it's not going to happen. The thing is those £500K+ houses were never worth as much as the owners aer expecting. The prices, as always, have been hyped up by the estate agents and Dandara (heretic homes). A house is a place to live, not an investment. The only way there will be a price crash is if many, many people start to default on their mortgages. The only way that will happen is if we have mass unemployment. Now, since the crash of 2008, unemployment has doubled. That sounds terrible, but it means now there are 950 unemployed, under 3% of the working population. It would take an absolutely massive company to pull out before things got that bad that a housing crash happened. At this point, it is not looking likely. So, yes, stating that a crash is going to happen is doom mongering. In the meantime, people are working and paying down their debt in preparation for the worst. The longer it takes for a crash to happen, the less likely it will be. Take a look at how many houses are on the market and have a chat to an estate agent. Very little is moving. Working on the basis that a house, or anything, is only worth what someone is prepared to pay for it we can see that house prices are still being kept artifically high with no basis for it. We may not see a one-off crash, more likely a series of 'corrections' until we get to where the market should be. Link to comment Share on other sites More sharing options...
GD4ELI Posted July 13, 2012 Share Posted July 13, 2012 Take a look at how many houses are on the market and have a chat to an estate agent. Very little is moving. Working on the basis that a house, or anything, is only worth what someone is prepared to pay for it we can see that house prices are still being kept artifically high with no basis for it.We may not see a one-off crash, more likely a series of 'corrections' until we get to where the market should be. And look at how much is sold per EA. With Chrystals holding ~50% of the market it can't be long before there's a casualty amoungst the EA fraternity. Link to comment Share on other sites More sharing options...
Lxxx Posted July 13, 2012 Share Posted July 13, 2012 Take a look at how many houses are on the market and have a chat to an estate agent. Very little is moving. Working on the basis that a house, or anything, is only worth what someone is prepared to pay for it we can see that house prices are still being kept artifically high with no basis for it.We may not see a one-off crash, more likely a series of 'corrections' until we get to where the market should be. And look at how much is sold per EA. With Chrystals holding ~50% of the market it can't be long before there's a casualty amoungst the EA fraternity. Poor estate agents. My heart will go out to them. Link to comment Share on other sites More sharing options...
Tugger Posted July 13, 2012 Share Posted July 13, 2012 The estate agents give values that are too high in my view. What choice does a poor punter have but to go along with the expert advice. I hope that someone burns GD4ELI's house down if he does move over here, the gloating cunt Link to comment Share on other sites More sharing options...
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