House prices have fallen at the fastest rate in 12 years. Is the great housing boom finally over? And are you worried?
I house is only worth what you prepared to pay - House prices have become over inflated price wise. When there was a housing boom people became greedy when selling their homes as people were prepared to pay asking price due to areas etc. People were having mortgages five /seven times their salary and what they could afford so, together with inflation, the way the economy is going, redundancies something has to give. Years ago, you started small until eventually you were able to buy the home you always dreamed about . House Doctor/DIY programmes have a lot to answer for as people were getting rid of perfectly good furniture just to have the latest trend . Perhaps, this will be a good thing and go back to a culture of "Make do and mend" .
Was it not blindingly obvious even some years ago that houses built to sell for under a thousand pounds freehold in Pinner, Surbiton, Twickenham etc only seventy years ago could only go on being "worth" £300K if the whole crazy market was being rigged by crooks exploiting mug punters?
Why worry what will be will be ! Most people have still made a killing on house prices in the country. only losers are if you cant keep your payments up or your selling and not buying.
No,long way to go yet until average house/flat price = 3xs average wage, £24,000.or Wage must be raised to £60,000.
not a crash. The market will fall less and recover quicker than people think. The whole credit crunch has been overplayed. I can finally get on the ladder but people selling now are making a mistake. People not buying are making a mistake soon. Things will be back as they were relatively quickly.
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