Bring house prices down 40 %

[Little Buzz 10]

Interesting, the average ratio of income to house price in Yorkshire and Humberside from 1983 to now is 2.8, so I stand corrected for this region.

 

It is currently 4.0, but remained below 2.5 from 1992 Q4 to 2001 Q4. It peaked at 4.6 in Quarter 2 last year.

[sham71 10]

Forced sellers are not the ones buying though!!!!!!!!!!!!!!!!!

 

I agree - the only people buying are those with cash or very large deposits. They are getting houses at 40-50% off what they were 'valued' at last year.

 

The forced sellers will mostly have been repossessed (ie. it is the bank that is selling the house). It will be many years before the forced sellers will be in a financial position to buy again. Hence the predicted shortage of council housing.

[gaydad 10]

The average house has retained only 85% of its value since the peak of the market a year ago and the market isn't going to pick up for another couple of years. Assuming the market drops a further 15% each year then 85% x 85% x 85% = 61%. If inflation stays at about 5% then in real terms the value of the average house will be 80% x 80% x 80% = 51% of its peak value in real terms.

 

Your wishes are coming true. Patience!

 

think you are living in cuckoo land, its not possible to build houses at these prices

[gaydad 10]

the have nots shouldn't consist of fireman policeman and nurses and any others that contribute to society as they do.

 

everyone who works contributes to society