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Unread 22 Nov 2006, 17:08   #3
wakey
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Re: The housing market

Quote:
Originally Posted by Marv
While reading this article on house prices I came across the following two lines;

So according to this line of thinking, the reason for such huge inflation is house prices is that we all "think" that they will, then the powers that be put them up knowing we are all braced for it. Filling fat pockets because we are brainwashed into a line of thinking.

If this is the case, how do we combat this? He is quoted as saying that they will drop once we stop expecting them to rise. If this is so simple a solution, why do they keep going up?

As a student in my second year it's started to worry me that in 2-3 years I will be trying to get on the housing ladder, what’s the situation going to be like when I try?

Am I going to end up (say 3 years from now, so 2009) in a situation were the housing market is in such limbo it's to hard to fathom what’s going on or make stable judgement weather the house I buy is an investment or something which is going to potentially loose me money? Or are they just going to keep rising and even more out of my league so I am back with my parents unable to enter the housing market due to its continued growth and potential extortion?

I am hoping for the former.
It’s like asking “which came first the chicken or the egg”. You can say that its simple expectation that prices will rise that cause prices to rise but the expectations are there for a reason and that’s house prices do continue to rise.

And anyway we are pretty much already in a position where the markets at a point now where getting on the first rung of the housing ladder are extremely hard. There was something on the news a couple of month’s back which stated that a 1st time buyer needs to find something like £30k deposit on their first homes and that it was now common for people to not buy their first home until they are in their 30’s

There’s a good chance that we will end up with a renting culture in the UK in the next 10 years as you are going to need to have money to be able to afford to buy but even in that kind of situation house prices are still going to rise. Owning your own house after all is something we pretty much all strive for so people will still be looking to buy and a renting society still needs people to buy houses to rent out so the demand will still remain and house prices will continue to rise.
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