20 reasons to cheer falling house prices

Thousands of pounds may be wiped off the value of your home as you read this, but property market crashes are not all bad.  Here are 20 reasons not to be too downhearted about the downturn...

1. First-time buyers benefit. Falling prices make housing more affordable for first-time buyers, as long as they can save up a deposit.

2. First-time buyers benefit II. Falling prices make housing more affordable for first-time buyers, as long as rich buy-to-let investors do not get there first.

3. We can return to sanity. No more misguided beliefs that property is the sole route to fortune, that houses are like bank accounts and that as long as we have a couple of buy-to-lets and a three-bed in a good location, we won't need a pension or savings account. Time to invest elsewhere.

4. No more fear of the unknown. When prices were rising, we were plagued by niggling feelings that it all looked too good to be true and that the market must be due for a fall. Now the fall is happening, we are at last free from this paranoia... until prices start to rise again.

5. Divorce rates could go down. Property market experts say that declining prices mean harried couples are more inclined to stay together. Lucian Cook, of Savills Research, said: “As house prices rise, home-owners feel wealthier and our supposition is that they also feel able to afford to get divorced,” he said. “We forecast that the falls in property prices, unwelcome for the majority, will result in fewer divorces.”

6. It's easier to add value. Instead of feeling constant pressure to upgrade to a new house, you can concentrate on adding to your existing one. Turn your attention to building an extra room, re-fitting the kitchen or landscaping the garden. Then sit back and enjoy the fruits of your labours.

7. More bargaining power for buyers. If you do want to buy, you have more bargaining power. Use it to push sellers to reduce the price, but steer clear of gazundering - it's bad manners.

8. Survival of the fittest - and nicest. Only the best and strongest estate agents and mortgage brokers will survive. "This will sort out the wheat from the chaff" said one industry insider "all those outfits that jump on the bandwagon when the going is good won't survive, leaving only the good quality guys," which is some reassurance.

9. House price falls are not actually that bad in some areas. For instance, prices have been falling month on month everywhere, but annual house price measures show that property in Greater London or the Isle of Man has still not fallen below what it was worth one year ago. Some experts say that even homeowners in areas that have suffered the biggest declines, such as the East Midlands, should not fret, because they are unlikely to fall much further and could be the first areas to stage a recovery. Everthing is relative.

10. Fewer annoying adverts. You will see fewer advertisements featuring annoying perma-tanned property moguls selling "how to become a millionaire overnight, like me" seminars.

11. A lower tax burden. If a fall in your property price brings the value of your estate to below £312,000, you could escape Inheritance Tax. Even if it is still above the threshold, a fall in value could still reduce your overall liability.

12. Less of Jose Luis Hernandez. You will see fewer advertisements by Polaris World.

13. You can move up the ladder for less. Is now the time to snare a bigger pad?

14.You might pay less stamp duty. If you are buying a property that has fallen in value to below the current stamp duty holiday limit of £175,000, then you won't have to pay the dreaded tax.

15. Less confusion in the mortgage market. There was once a time when the average mortgage borrower had about 5,000 deals to choose from. That figure is in the hundreds now. While still daunting, it does make life easier.

16. Less inappropriate lending. Those 125 per cent loans seemed like such a good idea at the time, but now of course, we are all thankful that temptation has been taken from us and we have to go back to good old-fashioned deposit saving. 

17. Less chance of future boom and bust. No more over-stretching means no more credit crunches. Hopefully.

18. Less development on the green belt. Housebuilders like Barratts will have to stop buying up huge chunks of land and constructing massive developments on them. There may be a housing shortage, but countryside lovers will surely raise a cheer to this temporary respite for the Green belt.

19. The end of annoying one-issue websites. The harbingers of doom at websites such as www.housepricecrash.co.uk and www.propertysnake.co.uk will have nothing left to warn us about. House price crash? Been there, done that.

20. First-time buyers benefit III. Did we mention that it will make housing more affordable for first-time buyers?

More from Money Central:

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The 10 worst property investments ever

The top ten university towns to buy property

Ten tips to negoiate a 10 per cent pay rise

The 10 most decadent dictators ever

County by county: completion prices vs asking prices

The 10 home improvements that will add the most value

50 great things you can get free

50 tips to beat a recession

The 10 most infamous heists ever

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The 10 craziest parking tickets ever

The 10 most ridiculous fines of all time

Ten tips to survive a property downturn

The 10 biggest stock market crashes of all time

Comments

[Brian]

Council tax bands are based the property’s value on April 1, 1991. Unless there has been some change in the space-time continuum that I am not aware of, prices falling now won't retrospectively affect the value in 1991.

[Simon]

Major flaws with reasons 1&2...Most buy-to-letters are better heeled and more averse to risk than first time buyers....they'll win every time. As for investing else where, its ingrained in british culture that you cannot lose with brick and mortar...a two/three year blip...thats all it is!

[Jeremy]

I like the snide comment about housepricecrash.co.uk

How did it feel to be so far off the pace?

[Andrew]

Re No.13, you cannot reduce your council tax by re-banding unless you have significantly altered the property (e.g. demolished half of it!). Bandings are based on a property's value in 1991 - even it was built in 2008 (!) Falling propery values on their own don't make any difference whatsover.

[T Miller]

Rebecca O'Connor, how wonderfully refreshing to read about the good side of lower house (HOME) prices. One main reason for high HOME prices was lenders would lend more than 3.5 earnings. The price for doing so is now very clear. I fail to see why people get so excited by rising prices in their home. Do parents really want to have to help their children out with large deposits? Do people really want to downsize on retiring and buy something cheaper for a mere 300K or maybe 400K. Madness, total madness. We all only get one life, why spend it paying for a massive mortgage when if governed correctly and with planning, it could be a small mortgage.

[Lenny]

"House price crash? Been there, done that."

What?

Hmmm, the housing crash has only just started and your trying to talk up the market already. How ignorant.

[Jon Cooper]

Housepricecrash.co.uk has moved way beyond house prices, as they had predicted it accurately about 2 years ago. Now it is a fund of information about how much mess we are in with the debt bubble in general, as opposed to the simple house price one.

Harbingers of doom? Harbingers of good news according to your article headline! They are generally very accurate indeed.

And sorry, but who EVER thought 125% loans were a good idea?! Only a fool.

Point 9 contradicts the whole article by the way "It's good because it's not that much in some places"? Hmmmm how about "wage restraint is good, because some people are getting large pay rises?". Equivalently daft statement.

Still at The Times I suppose I should be grateful you haven't wheeled out Anne Ashworth again to claim that house prices aren't really falling and that it's all gong to be fine.

How is Rosie Millard doing? LOL

You missed out

21: BTLers go bankrupt in droves. Brilliant - I feel like a tricoteuse in 1789 :-)

[carl]

missed one of the most obvious - house prices are relative, upgrading becomes cheaper 100k home wants 200k home; then becomes 75k hose 150k so 75k difference etc

[Neil Miller]

"19. The end of annoying one-issue websites...such as www.housepricecrash.co.uk ..."

So we were right then?
(supporter of housepricecrash for the past year)

[Michael]

I think you'll find that Housepricecrash.co.uk far more informative than merely predicting a slump in property prices...in the past year or so of using the site I have witnessed numerous knowledgable posters forseeing almost every major financial event coming,i.e the credit crunch - while lazy journalists were spouting "The economic problems in the US will never affect the UK due to the strong underlying fundamentals...etc" HPC had correctly noted the downfall of Northern Rock, the rise of Gold and Oil and even the US government "bailout" was flagged up wayyy back in March 2008.... Been nowhere, seen nothing yet!

[Tim]

Re: Point 17)

If you believe this then you obviously have no understanding of fractional reserve banking or Government FIAT.

Re: point 19)

1) Propertysnake, is by its very nature a one subject site.
So our point is?

2) Housepricecrash.co.uk has been spot on. It is far from a one issue website. There were threads on there discussing the ludicrous leverage and impending financial crisis in the money markets months if not years before you would hear the term 'credit crunch' being discussed on GMTV. The information distributed there about the fallacy of Gordon’s miracle stopped many thousands of people tying themselves to the toxic debt that you may have noticed none of the banks now want to touch.
And we are only at the beginning. There are more chapters to be written yet, and with Hazel Blears and the rest of Gordo's gang desperately trying to prop the miracle up by encouraging first time buyers to catch falling knives with gimmicks such as cutting stamp duty, there will still be a place for Housepricecrash.co.uk for the foreseeable future...

3) I also see no mention of the demise of property 'ramping' TV programmes as something to cheer…

[Lara K]

You were doing well till Number 9. 'House price falls are not actually that bad in some areas.'

No areas buck the trend in a house price crash - sooner or later all prices revert to a lower level.

[Neil Hargreaves]

Rebecca, are Anne Ashworth, Anatole Kaletsky or David Smith aware you are writing bearish stuff like this.
You are going in the face of their deepest and most cherished beliefs - you should prepare yourself for a severe chastising or worse if caught by one of them on your own by the water cooler in the Times offices.

[Roger S.]

I discovered Housepricecrash.co.uk over 4 years ago. I find it informative, revealing, thought-provoking, exceedingly witty at times and through it, I have educated myself in the nuances of finance and investing in general, not only the housing market. Having frequented that site, I haved made major changes in protecting and diversifying my assets, and am far better positioned today than I might have been. Until the economic scenario turns around to such an extent that the site feels the need to rename itself 'bottomfishing.com or greenshoots.com' I will continue to frequent it and learn and keep one step ahead in the game.

[Np]

"There may be a housing shortage"
No there isn't. There's 830,000 empty houses in the UK according to aproperty program on the telly recently. There's also a stack of rental property sitting on the shelves according to Rightmove and agency sites.
This shortage thing is an urban myth, along with "crowded island". Only 11% is actually built on.
These urban myths are put out so the big builders can continue to hold us to ransome.

[Paul]

You forgot to mention that those who wish to trade up will also benefit when house prices return to sensible levels.

[Bob]

You forgot to mention the benefit to second time home buyers. Sure, the price you get for your old home will have gone down - but so will the price of your new home - and if the new home is a more expensive home then it's likeley to have come down by a greater amount. In other words - the cost of upgrading to a better home is now cheaper!

[Davie P]

You forgot that families who NEED more space will be able to trade up much more easily.
Also that we will have to earn money through genuine economic activity instead of rejoicing over imaginary bubble wealth

[billyb]

You left off the most important

Watching Kirsty Allsopp eat her hat.

Be a love and post it on youtube Kirsty dear, I have a feeling it will be very popular

[Michael Bate]

Point 6 is just plain wrong! The best time to upgrade - for instance, to sell your three-bedroom house and buy a four-bedroom one - is when house prices are low. This is because low prices minimise the differential between the price of houses. Conversely, the best time to downgrade is when house prices are high.

[James Darcy]

Re: HPC and co.

By "annoying", presumably you mean "annoying because we should have listened, but didn't, and then acted surprised when everything collapsed in a global fiscal disaster just as they said it would"?

If so, I appreciate the brevity. Very considerate.

[Larry]

Written by a bird without a clue.

[Steve Simmons]

Why do you persist with the negative language in point 19 about the house price crash being a doom situation when you've just listed 19 reasons to be cheerful????? Millions of people have been waiting for prices to crash for years. The people who rightly predicted that this situation would happen should be put in charge of the financial institutions as they clearly have greater levels of insight than the short-termist, money grabbing banks and the herds of sheep that indulged them by taking out ever-sillier mortgages. We were right. You were wrong. Live with it.

[jonathan]

Falling house prices will not reduce council tax because the bandings are based on 2001 values.
Current values are irrelevant.

[Tim Brooks]

There's another benefit that hasn't been mentioned in this article. A general fall in house prices means that it should become cheaper to trade up.

The differential between the value of your home and the one you wish to buy should become less in nominal terms assuming all prices fall at the same rate.

[Riccardo Tonelli]

I personally find really annoying that Rebecca O'Connor needs to remind us that she is annoyed about websites that provided a good source of information for the public, such as HPC.co.uk and "the snake".

May I just remind you that she was the one who was suggesting First-time buyers to get on the ladder in Jan 08...

[Fred]

Item 18 is a misrepresentation. Land only gets developed if it is allocated for development in the Local Plan (now the LDF). The plan is put together by the local authority following public consultation. You can only get from that process what you put into it. If you ignore it, quit moaning.
The government wants more people in the country and people need housing. Everyone wants to live in a decent environment. They don't want to live in grubby post-industrial cities with sink schools bunked up with the chavs, criminals and junkies. Thus human nature drives development of rural and greenfield sites.

[Dan]

There is nothing wrong at all with houspricecrash.co.uk, we discuss many many different aspects to the economy and quite frankly, that website saved me from making the biggest mistake of my life. I won't be indebted up to my eyeballs just so I can have 'a place called home' which for a lot of people who believed house prices only ever went up and that credit will go on and on forever will scramble to keep a hold of their homes as mortgage's become harder to aquire and more expensive.

It's almost as if your main point is No. 19 because you can hear the bitterness above all the other points you've made.

[Archie Leach]

Terrible terrible journalism. Is Rebecca O'Connor on work experience because this article is poor and is letting the standards of the Times slip even more than usual.

[Ian]

"House price crash? Been there, done that."

Really? You obviously have no idea how big this crash is going to end up being.

[Charlie]

What? House price crash been there done that? It has not even started yet.

[Mark White]

"The end of annoying one-issue websites."

While newspapers like The Times were still in "house prices only ever go up" mode, Housepricecrash.co.uk saved me thousands of pounds by telling the truth about the housing market.

I don't find that annoying!

Dear oh dear.
OK, it's cheaper for first-time buyers. And we lose some annoying adverts and estate agents. But the rest?
Time to invest elsewhere - because the stock market's such a safe bet? As long as rent > mortgage, property is still good and any increases are multiplied because you gain on what is borrowed as well as what you own.
No more fear of the unknown - because what you feared has happened!
Divorce rates could go down as unhappy couples stay together. But if they split up, one becomes a first time buyer - never a better time, remember!
Adding value - cost of additions is constant, gain realised is now not worth it.
Bargaining power for buyers only helps if you're not selling, so we're back to first-time buyers only.
It's not THAT bad for SOME people. Whoopee.
A lower tax burden. Because you have less money! This isn't good news!!
Lower council tax bills - not if everyone else has fallen equally.
Less choice of mortgage, but any advisor will sort deals into order so what's the problem?
Less chance of boom and bust. Why? Is that what you said last time?
If there's a housing shortage, why does that save the greenbelt? You think the builders aren't buying for the long term?
Never heard of those sites, so they didn't annoy me. Don't visit them.
Oh look, first time buyers again.

[Sixupman]

The 'first time' buyer proplem has been exacerbated by HMG policies relative to the proliferation of student and DSS accommodation, both exploited by private landlords leading to the bidding-up for suitable properties.

In general HMG have also contributed to house price inflation by Section 106 (?) Agreements and like add-ons to development sites.

[MB]

Rich buy-to-let investors? Isn't that an oxymoron? All the smart money left buy-to-let years ago - only the naive have been investing at peak values.

More importantly, however, this column ignores the biggest benefit of all: a fall in house prices makes housing more affordable for everyone, not just first-time buyers! There are many who are in properties that are too small for their needs now and who have been prevented from upsizing due to the vast cost differential between a modest 2-bed flat and a 3 or 4-bed detached home. With falling prices the gap between all kinds of properties will narrow making it easier for people to afford a move (unless they're in negative equity and unable to sell, of course).

[Steven Martin]

www.housepricecrash.co.uk - Harbingers of doom or the only sane ones in the last 10 years?
21. Fewer second rate journalists attempting to ramp prices so that their pathetic buy-to-let empire goes up in value.
22. People can afford houses more easily and can start families at a younger age, redressing the shift towards an older population.
23. Money is invested in industry to create jobs and wealth rather than illiquid assets like property.
24. People base their spending on their earning ability rather than equity release that has led to an economy with the highest dependcy on borrowing the world has ever seen.
Thought I would help out as the author couldn't get to 20. Inspired!
Steven

[Bardington]

I actually quite like www.housepricecrash.co.uk and would say that its not just a one issue website. It actually covers a broad spectrum of economic issues and should probably have been called www.creditcrunch.com. It certainly serviced me around £30,000 so far, as I didn't buy. Thanks housepricecrash!

All the best.

[Mark]

Might I add: no more smug and irritating property shows on TV?

[Pete]

Some sort of prize in order here for the most simplistic article the Times has ever posted?

[Benzo]

I think you'll be surprised just how many people are fully aware of this already . This only seems to be news to journalists, politicians and anyone with a vested interest in inflated house prices .

[Benzo]

I think you'll be surprised just how many people are fully aware of this already . This only seems to be news to journalists, politicians and anyone with a vested interest in inflated house prices .

[Benzo]

I think you'll be surprised just how many people are fully aware of this already . This only seems to be news to journalists, politicians and anyone with a vested interest in inflated house prices .

[Dylan]

Your list doesn't go far enough. Any homeowner who is likely to "trade up" at any point will benefit from a house price crash.

This means the majority of homeowners.

The only people who will not benefit are banks, those looking to downsize and those who fall into negative equity.

[Laura Roberts]

Of course it's a good thing.

Now, we just need to tell the mortgage holders who took an investment decision that they could not afford, who failed to carry out enough scenario planning to ensure they could afford payments if interest rates rise, or general cost of living rose, who failed to calculate their ability to pay if prices crashed - to SHUT THE HELL UP.

If you cannot afford your mortgage, sell your house and buy somewhere smaller, cheaper and SHUT UP.

If you cannot get a mortgage again to do so, rent and SHUT UP.

If just want a bigger place but he price falls mean you don't have as big a deposit, choose somewhere in a different area, or stay put in your asset and SHUT UP.

If you are trying to sell your property but have this illogical "it's not going to get what it's worth" concept blocking your brain cells, accept the fact that it's precisely worth what it will sell for. What you hoped it would sell for in your misguided mind is NOT what it's WORTH. So if you want to sell in this market, lower your price and SHUT UP. If you can't sell it's YOUR CHOICE. Any house can sell in this market at the right price. If you choose not to sell at that price, moan and whinge all you want, but it's in your hands so SHUT UP.

It's pathetic hearing mortgage holders moan and moan about "losing their home" as if it's the end of the world. Get over yourselves, stop your victim-obsessed approach to life, and adapt to the change in circumstances.

[Jo]

Sceptical answers
1. Rising prices mean youngsters to poor to save
2. Still too many rich investors
3. Rising prices - too poor to invest
4. All prices are tenuous
5. Unhappy couples trapped forever
6. No loans available for improvements
7. Can't buy if can't sell
8. Agreed
9. So why panic?
10. And?
11. its those who inherit who benefit not the house owner
12. Who?
13. Not so. Council Tax based on number of rooms, garage, garden, extensions etc.

[Laura Roberts]

Of course it's a good thing.

Now, we just need to tell the mortgage holders who took an investment decision that they could not afford, who failed to carry out enough scenario planning to ensure they could afford payments if interest rates rise, or general cost of living rose, who failed to calculate their ability to pay if prices crashed - to SHUT THE HELL UP.

If you cannot afford your mortgage, sell your house and buy somewhere smaller, cheaper and SHUT UP.

If you cannot get a mortgage again to do so, rent and SHUT UP.

If just want a bigger place but he price falls mean you don't have as big a deposit, choose somewhere in a different area, or stay put in your asset and SHUT UP.

If you are trying to sell your property but have this illogical "it's not going to get what it's worth" concept blocking your brain cells, accept the fact that it's precisely worth what it will sell for. What you hoped it would sell for in your misguided mind is NOT what it's WORTH. So if you want to sell in this market, lower your price and SHUT UP. If you can't sell it's YOUR CHOICE. Any house can sell in this market at the right price. If you choose not to sell at that price, moan and whinge all you want, but it's in your hands so SHUT UP.

It's pathetic hearing mortgage holders moan and moan about "losing their home" as if it's the end of the world. Get over yourselves, stop your victim-obsessed approach to life, and adapt to the change in circumstances.

[Matthew Minor]

You had 20 chances and you didn't manage to mention that most people are better off as long as they are moving up the ladder. e.g.

my house = 100k
new house = 200k
I need 100k more.
both fall by 50% and I only need 50k

Most people know this and are happy. Its only the media that constantly tell us its awfull and then its not too bad. Shut up - we all understand that low house prices are a GOOD THING. Equally we don't all thank god the price of cars is going through the roof because we own one.

[Jo]

Sceptical answer continued
14. Not many houses under £175K
15. Yes - but never go through brokers; just paying another fee even if hidden
16. Disagree - should go back to 2.5 to 3 times salary and no more
17. Won't happen unless regulated by gov't - don't hold breath
18. Don't you believe it - they already own the land
19. Maybe
20. You did but qualified it. Repeating it does not make it any truer.

[Jo]

I have no doubt the author will reject them!

[John]

The harbingers of doom at websites such as www.housepricecrash.co.uk and www.propertysnake.co.uk will have nothing left to warn us about.

Harbingers of doom... really? Some might say saviours of wealth and sanity amongst the masses of deluded and greedy.

[Andrew]

Poor Rebecca, did those nasty people at housepricecrash warn you of the dangers of buying that studio in streatham turn out to be correct. I've had a look at that website and it appears that they have predicted bigger falls to come and that the markets also have firther to fall.

Bad luck then eh rebecca?

[andyi]

housepricecrash.co.uk, far from "annoying", has been and still is a valuable resource.

[David]

housepricecrash.co.uk recognised a long time ago the terrible consequences of an unchecked boom in house prices. The Times cheerleaded the boom along and did nothing.

[simon]

Have you actually been to housepricecrash.co.uk? Have you just assumed from the web address that it is a single issue site?

I got some excellent advice about renting from the forum. As well as info regarding various investments.

You also don't apear to understand how council tax is calculated?

Not a good article. Is nobody there checking for quality/vague accuracy?

[Adrian]

A 'property' can become a home again.

[James W]

Populist trash. Designed to appeal to a Left-leaning student readership. Those of us who have seen many many thousands wiped off the value of our homes thanks to the ill-wishes of Socialists and media scaremongering are not at all amused.

[inbreda]

instead of deriding the HPC website as "doom mongers" you should be pointing out that they were right all along. You should have listened but you were too pig ignorant. The effects of this situation could have been lessened had more people sat up and taken note of HPC.co.uk.

Right now you should be looking at the articles and discussion on HPC and considering that perhaps there is some genuine, well considered insight to the future. Specifically today the fact that the Paulson bailout is effectively theft from the populous. Maybe the times should read those comments and employ a real journalist to write about it, rather than waiting a few years and then looking back to the comments on HPC and still referring to us as doom mongers. You are currently only highlighting how stupid you were, and how stupid you continue to be.

[inbreda]

James W @ 11:06:05...

get a life moron. It's still a home isn't it?

[LoserWatch]

What is wrong with you HPC obsessives? There is no pleasing some people. You were right but you still seem very bitter. Disturbed even.

[Richard]

Very poor article. Two examples not yet raised by others in their responses:

Reason 3: "We can return to sanity.... Time to invest elsewhere."

What are you proposing, that we should invest in stocks and shares?

Reason 6: "It's easier to add value.... sit back and enjoy the fruits of your labours."

If the author of the article had bothered to look at another Times article "The 10 home improvements that will add the most value" she will find that only decorating your house delivers a profit.

Falling house prices and how individuals (and institutions) should or are likely to manage this over the coming years deserves better treatment than is offered in this article.

[Howard Hughes]

What a pack of leftish whingers. I own a load of btl properties in London and Birmingham - guess what? I worked hard for them, and on them, I'm nowhere near bankrupt, I don't need to work in the conventional sense, and I'm a very, very happy man...

For these reasons I shall keep buying.

[Laura Roberts]

James W

What on earth is "Left-leaning" about capitalism, you misguided fool?

You've seen a fall in your property, I presume from your post. What exactly is the problem? If you bought in the past 2 years or so, you took an enormous risk. You took the decision no doubt, that the risk of a rise outweighed a risk of a fall (presuming you wished to sell later at a profit). Many of us, (who value the free market and abhor socialism incidentally), made a different risk decision based on the bloody obvious unsustainable conditions of the housing market.

If you believe in the free market as much as you claim, by your politically-bizarre post, what on earth are you complaining about? The market rises and falls. You take your risks. You've taken yours, I've taken mine. Yours hasn't paid off.

Now shut up.

[Anger Consultant]

The comment from "Laura Roberts" had me in stitches - talk about some rage issues!!

As for this article, it's the kind of article I can imagine being scrawled thoughtlessly after a boozy lunch. It's so layman and twee it makes me feel ill; what credentials does this person have to write on such a topic in an international newspaper?

[Stuart]

I'm all for looking on the bright side, but what a poor article - glad to see many pointing out its many errors.

However no-one seems to be concerned with people like my daughter who saved for a house, got a mortgage she could afford, only a few months later seeing the value falling like crazy. She can afford the mortgage but won't be able to move for many years.

Or me and my wife - looking forwards to downsizing in a couple of years for some cash, reduction in tax and home expenses, only to find now most of the capital released will be consumed by agents, solicitors, tax man, and all the other costs.

Some people are greedy, but we others pay the cost. When are the ones who profited going to be brought to account????

[Mark]

I've thought of some other articles for Rebecca:

20 reasons to cheer articles rushed out with a hangover

20 reasons to cheer being moved to another department at The Times

20 reasons to cheer gardening leave

[OMG]

@ Anger Consultant- Laura Roberts may need anger management classes but you also need help. The blog was so twee it made you "feel ill"? Really? You are either very sad, or in need of a doctor/psychiatrist?

[EasyTiger]

Some people really need to take a chill pill. It is a blog, it is supposed to be a bit of fun, maybe spark some debate....

[Realist]

Since when was looking on the bright side of anything a crime? There is a big difference between welcoming house price falls and seeing the silver lining.. come on folks.

[phil]

My God, Laura Roberts has some issues. She must be so much fun to be around - get a life, love!

by the way, wasnt HPC started by someone who sold up in 2002? what vision!!!

[Richard Lancaster]

What a great article. Loved it. Well done.

[Cedric]

How can people upgrade? If no one is buying no equity can be released. Plus their deposit also reduces as house prices go down.

Point 8) "Survival of the fittest - and nicest" The nicest are usually the first to go. It should read "Survival of the wealthiest and most cut throat" Prepare for less competition, higher admin fees and no one to bail the tax payer out.

[Tom Franklin]

Laura Roberts didn't sound angry to me, just fed up with the complaining mortgage-holding masses.

As we all are. Quite right! I too don't wish to hear any more complaints from that lot, and I certainly don't want this government giving any handouts to them, making tax concessions for them, or re-directing a single penny of taxpayer's money towards "those who find themselves in difficulty paying the mortgage, as Gordon Brown keeps describing them.

As LR said, if they can't afford it, sell and rent!

[Simon]

I don't think I've ever read anything more puerile.

The article is simplistic - are readers of The Times aged about 10?

Hooray, house prices are going down. More affordable for first time buyers.

Hooray, they're not really going down much in some areas - good for existing owners.

Hooray, we won't have another credit crunch.

What a load of drivel.

[Mr_Jafooli]

Goodness, quite a few sense of humour failures out there aren't there!!! Nice blog Rebecca, very interesting thoughts. Who'd have believed Housepricecrash.co.uk could have achieved such beloved status among the British public?! Maybe I will acheive such unabashed adulation if I launch my own site featuring my own market predictions. I was thinking of shareswillprobablycontinuetofallinthenextfewmonths.co.uk.

[Thumper the Rabbit]

More Statements of the Bleeding Obvious.

If your readers aren't bright enough to have seen how this was bound to happen, why are they readers of The Times?

[Chris]

Is this horrific harridan Laura Roberts real??? Or is some joker trying to get a reaction?

[Adam]

Again another times article written by a moron. As an avid follower of HPC.co.uk etc I have had to put up with the rubbish "you've missed the boat" comments from collegues and so called friends for years. Yet, using that website has probably saved me from having the largest ever millstone around my neck.

The so called journalists for the times and for the majority of rags in this country can be likened to the wizened old hags in the medieval days who like to be seen to be on the side of the people.

When the bubble was inflating it was the likes Miss O'Connor and Ashworth who were saying that there would never ever be a property crash. Now the shoe is on the other foot and articles like this are beginning to come out of the woodwork saying that there really is one.

I really hope you VI's have managed to dump your BTL portfolio. I would hate for you to get burnt..

www.housepricecrash.co.uk is a far far better place to get a jist on what is happening that reading this shite.

[timmyt]

Most on housepricecrash are realists, not doom-mongers, as the current market proves. After reading the clearly well informed opinions of its contributors for many years, I sold last year and began renting, and banked 250K. Thanks guys!

[Np]

Steven Martin | 25 Sep 2008 09:32:45

Some really relevant points.
Well done.

[Steve Simmons]

Why the bullying of Laura Roberts for just talking straightforward common sense? Just shows how deluded the property pornographers are, projecting their own mental health issues onto their target.

[janet]

no more kirsty allsop.

[James]

I agree Steve, the comments made against Laura are personal and vindictive ("horrific harridan", OMG, what is wrong with you?.

We can only assume she's really hit the nail on the head and the usual whinging suspects, ie. mortgage payers who quite happily reap the profit when house prices go up but expect some sort of protection when they go down, just want people like her to sit back quietly and let this government pull out all the stops to save them.

I'm with Laura. She just said outright what we all think, and has the guts to say it it. Good for her. As for whinging mortgage holders - shut up!

[Liz]

So falling divorce rates because people feel they can't afford to do so, or at least perceive they can't afford to do so, is something to cheer about? Are we still living in the Victorian ages?

[honest_guv]

Liz - perhaps it means people will work harder at their relationships, instead of chucking the towel in, then cashing-in, as soon as the going gets tough?

[James Darcy]

James W:

"Those of us who have seen many many thousands wiped off the value of our homes thanks to the ill-wishes of Socialists and media scaremongering are not at all amused."

And I'm sure that there were thousands similarly unamused by the reduced valuations of their tulip bulbs in the 17th century.

You didn't actually lose anything real; only the opinions have changed, i.e. you can no longer expect someone to agree with you that your house is worth a ludicrous sum. And quite right, too; valuations have been way out of whack with fundamentals for at least four years.

I'm sorry that you will no longer feel confident that you can make somebody overpay and transfer unearned wealth to you. But you'll just have to deal with it.

[Anger Consultant]

I think it's fair to say this post has stimulated debate across the spectrum, so I can only assume it was written in this flimsy manner for this very purpose, if so, mission accomplished.

I personally think we'll see at least another 20 percent come off house prices (national average) once the redundancies etc start kicking in against a backdrop of continuing inflation.

On the suggested correlation between house prices and divorces, perhaps they should share the same bastardised slogan; marry/mortgage in haste, repent at leisure.

[Sebastian Llabres]

Yup, I'll join the gang.

housepricecrash.co.uk has enlightened me in numerous ways, not just in the fact it saved me from making a stupid house buying decision. It's helped educate me economically and opened my eyes to some of the realities of the capatlist world we live in.

The creators and supporters who made that site should be thanked! Hopefully in future generations to come, such sites will be given more heed and not brushed off as doom mongers and missed boaters!!

[thalia may]

I've always found Globalhousepricecrash to be far more intelligent than HPC, which is far too heavily censored and moderated (many of those who use it are unaware of the degree to which dissenting views have been suppressed there).

Having said that, I'd agree that both websites have been a forum for people who have seen the credit bubble far more clearly than the mainstream media did. The likes of Kaletsky, David Smith and the awful "Bricks Chicks" just parroted the idiotic bubble catchphrases and still don't really get it.

This crash will get worse before it gets better. The single issue websites will probably continue to be be a better source of information so long as you remember to make your own judgments on the evidence presented.

[Ad]

Fair point on housepricecrash.co.uk.

Refreshing points-of-view during the boom but sadly now full of embittered underachievers spreading class-envy, whilst arguing over financial concepts they'll never grasp.

[Tom Howard]

Hmm, HPC correctly predicted the contraction of credit, house price falls, bank collapes, Government bailouts, and the collapse of our Capitalist society as we currently know it. Things will NEVER be the same again, and many commentators in the media have said all of this was UNEXPECTED. I was reading about it YEARS BEFORE IT HAPPENED !!! (If you really want nightmares, visit HPC for the next chapter... now thats doom mongering if ever I saw it !)

[Joyce]

James, the free market is working as it should, what do socialists have to do with it?

The vested interests are beginning to look quite unstable.

[phil]

Think i'll leave the comments to the HPC cranks. Hope you find happiness in your lives while the rest of us get on with ours (and pay off our mortgages). Over and out!

[david barker]

The posters on HPC were predicting this global meltdown created by the house price bubble. Perhaps more bankers should have visited this site and we might not be in the current mess

[Howard]

Unbelievably, you have not mentioned two of the most important things. First, people wanting to buy a bigger house benefit from lower prices because the gap between the cost of the two houses is reduced and second, every penny spend on a mortgage is money that could be spend on the real economy, so lower prices in the long term benefit the economy.

[luke]

housepricecrash saved me from buying a home 2 years ago, the property is still on the market at a lower price now, housepricecrash saved me 45k so far.

[James Lofthouse]

rubbish article.. didn't take any points from it all

please don't put trash like this on your website

[PityTheFool]

@ James Loft house - rubbish comment, please don't put trash like that on this message board.

[No pity]

@Pitythefool: Who the hell do you think you are? The blog police? I suggest you leave this message board, invest in some fine Lebanese blonde (or whatever), crank up the Bob M and chill the F out. Same advice to most other posters here...

[Neil]

I think I'm in love

Laura; Will you marry me?

[SK]

I want to see programmes like property ladder and location, location filmed in this market