House Prices Now At 2004 Levels
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The apparent 'shortage' is just talked up by Estate Agents and Mortgage Lenders. I don't think the situation is anywhere near as they make out.
Either way, even if there was a big shortage, it isnt going to prevent the big falls in prices which have almost certainly started.
Either way, even if there was a big shortage, it isnt going to prevent the big falls in prices which have almost certainly started.
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From: Scoobynet
This said that economic modelling of the consequences of its proposals "did project significant falls in house prices from the reduction in lending".
"In addition, the impact of a drop in lending on house prices was also modelled using the Oxford Economic Forecasting model, another model of the global macroeconomy," the FSA document said.
Source:- http://www.bbc.co.uk/news/business-11390764
"In addition, the impact of a drop in lending on house prices was also modelled using the Oxford Economic Forecasting model, another model of the global macroeconomy," the FSA document said.
Source:- http://www.bbc.co.uk/news/business-11390764
- never thought I'd read that on the BBC website! 
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From: Old Codgers Home
Talking to an Agent yesterday, he says it is now very nearly as bad as it was in 2008 in terms of footfall through the Agencies doors.
I think, in normal language, he was saying that there are no buyers ... none at all. So, if there is a shortage of housing, people desperate to buy, this Agent certainly isn't seeing them.
I think, in normal language, he was saying that there are no buyers ... none at all. So, if there is a shortage of housing, people desperate to buy, this Agent certainly isn't seeing them.
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From: Somewhere in Kent, sniffing some V-Power
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Lets change" Tack" here a bit fellas .
Mortgages are becoming hard to get .
People are therefore not buying .
Great opportunity for all the landlords to snap up all these cheap houses because the Rental Sector can only go one way .!!! Up Up Up .!!!!!!
Its the way forward .
Lets hope it does not lead to another Housing Boom eh .!!!
Mortgages are becoming hard to get .
People are therefore not buying .
Great opportunity for all the landlords to snap up all these cheap houses because the Rental Sector can only go one way .!!! Up Up Up .!!!!!!
Its the way forward .
Lets hope it does not lead to another Housing Boom eh .!!!
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I have my eye on a property which was placed on the market at an asking price of £349,950 in July 2008.
It is now on at £209,950 .... and has been for about 5 weeks now, not sold - another agent has now been employed in a desperate attempt to sell it ... probate sale.
just 6 months ago it would have been snapped up at £209,950 if not more - it shows the sign of the times that it sits there, empty. It is generating interest as it is nicely situated in an expensive part of the UK .... but, it will only sell if a low offer is accepted.
nike air ninja
foot loocker ninja
It is now on at £209,950 .... and has been for about 5 weeks now, not sold - another agent has now been employed in a desperate attempt to sell it ... probate sale.
just 6 months ago it would have been snapped up at £209,950 if not more - it shows the sign of the times that it sits there, empty. It is generating interest as it is nicely situated in an expensive part of the UK .... but, it will only sell if a low offer is accepted.
nike air ninja
foot loocker ninja
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I have my eye on a property which was placed on the market at an asking price of £349,950 in July 2008.
It is now on at £209,950 .... and has been for about 5 weeks now, not sold - another agent has now been employed in a desperate attempt to sell it ... probate sale.
just 6 months ago it would have been snapped up at £209,950 if not more - it shows the sign of the times that it sits there, empty. It is generating interest as it is nicely situated in an expensive part of the UK .... but, it will only sell if a low offer is accepted.
nike air ninja
foot loocker ninja
It is now on at £209,950 .... and has been for about 5 weeks now, not sold - another agent has now been employed in a desperate attempt to sell it ... probate sale.
just 6 months ago it would have been snapped up at £209,950 if not more - it shows the sign of the times that it sits there, empty. It is generating interest as it is nicely situated in an expensive part of the UK .... but, it will only sell if a low offer is accepted.
nike air ninja
foot loocker ninja
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From: Somewhere in Kent, sniffing some V-Power
I have my eye on a property which was placed on the market at an asking price of £349,950 in July 2008.
It is now on at £209,950 .... and has been for about 5 weeks now, not sold - another agent has now been employed in a desperate attempt to sell it ... probate sale.
just 6 months ago it would have been snapped up at £209,950 if not more - it shows the sign of the times that it sits there, empty. It is generating interest as it is nicely situated in an expensive part of the UK .... but, it will only sell if a low offer is accepted.
nike air ninja
foot loocker ninja
It is now on at £209,950 .... and has been for about 5 weeks now, not sold - another agent has now been employed in a desperate attempt to sell it ... probate sale.
just 6 months ago it would have been snapped up at £209,950 if not more - it shows the sign of the times that it sits there, empty. It is generating interest as it is nicely situated in an expensive part of the UK .... but, it will only sell if a low offer is accepted.
nike air ninja
foot loocker ninja
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From: Old Codgers Home
I have my eye on a property which was placed on the market at an asking price of £349,950 in July 2008.
It is now on at £209,950 .... and has been for about 5 weeks now, not sold - another agent has now been employed in a desperate attempt to sell it ... probate sale.
just 6 months ago it would have been snapped up at £209,950 if not more - it shows the sign of the times that it sits there, empty. It is generating interest as it is nicely situated in an expensive part of the UK .... but, it will only sell if a low offer is accepted.
It is now on at £209,950 .... and has been for about 5 weeks now, not sold - another agent has now been employed in a desperate attempt to sell it ... probate sale.
just 6 months ago it would have been snapped up at £209,950 if not more - it shows the sign of the times that it sits there, empty. It is generating interest as it is nicely situated in an expensive part of the UK .... but, it will only sell if a low offer is accepted.
Whack in an offer of £175,000 take it or leave it deal.
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From: Scoobynet
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There seems to be significant pessimism in yesterdays news, it's hard to find optimistic voices lately and compare that to not so long ago when we had constant optimism with pessimists dismissed as cranks.
It's probably no more rational than the optimism of a while back but that is ok; emotions move markets.
I'm definitely going to either wait to buy a house or only whack in very low ball offers.
It's probably no more rational than the optimism of a while back but that is ok; emotions move markets.
I'm definitely going to either wait to buy a house or only whack in very low ball offers.
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Cant remember now to be honest but it was yesterday when I saw it on the News .
I read that much and have so many different sources, I tend to forget who and where by the time I report the good news on here for you guys !!!
I will try and be more concise next time .Sorry .
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From: Scoobynet
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Sounds like Scoobynet week-on-week.
Last edited by tony de wonderful; Sep 24, 2010 at 02:14 PM.
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From: Scoobynet
Why would low house prices be good?! So people can actually buy a house - young couples can get somewhere and start a family, and have some stability. BTL currently receives quite favourable tax advantages which should be stopped to prevent people owning multiple properties - and I believe a clampdown on BTL is long overdue, but will come.
Anyway some more good news for you here njkmrs
http://www.arabianmoney.net/global-e...he-bubble-pops
http://www.arabianmoney.net/wp-conte...as-bubbles.jpg
Looking at the graph I'd say we're just starting the 'fear' phase.
Anyway some more good news for you here njkmrs
http://www.arabianmoney.net/global-e...he-bubble-pops
house price to income ratio is twice its long term average. For it to revert to this long term level requires either a doubling of salaries or a halving of house prices. It is not hard to see which option is the more likely in the current age of austerity.
Few younger property owners remember the 1990-3 house price crash. Corrections can and do happen even in a market where supply is as tight as in the UK housing market.......Will it be any different this time? Most likely it will be worse. In the early 90s the UK was less burdened by public debt and deficits. House prices also sold on lower income multiples and were more affordable then.
Looking at the graph I'd say we're just starting the 'fear' phase.
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The consensus seems to be that prices won't fall because peeps won't sell. FTB's just won't be able to buy (ever) and will be priced out for a generation.
Doesn't seem a very good theory to me, but otoh we aren't seeing the pressure to sell because banks are reluctant to repossess (it's politically difficult 'cos they were bailed out with taxpayers money), and unemployment is staying low thanks to the bloated public sector. Plus you have the Gov paying peoples mortgages.
Doesn't seem a very good theory to me, but otoh we aren't seeing the pressure to sell because banks are reluctant to repossess (it's politically difficult 'cos they were bailed out with taxpayers money), and unemployment is staying low thanks to the bloated public sector. Plus you have the Gov paying peoples mortgages.
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From: Runway two seven right.
Why exactly are high housing prices good news?
Tell me, if cars went up in value by 10% each year, would that be good news?
Would it be good if food went up 10% yoy?
Would it be good if clothing went up 10% yoy?
Or petrol?
Does ANYONE on this site enjoy paying their mortgage each month? Would anyone here not rather be paying 50% of what they are?
What is this fascination about ever higher housing costs?
Cap mortgages to 3x salary, or 4x joint. Save for a deposit. A big one. Buy you what you can afford. Oh wait a minute, if we did that the BTL's would scream blue murder wouldn't they, as property prices collapsed to realistic levels? As would the politicians who build property empires on the back of a boom they helped create.
F@ck 'em!
Tell me, if cars went up in value by 10% each year, would that be good news?
Would it be good if food went up 10% yoy?
Would it be good if clothing went up 10% yoy?
Or petrol?
Does ANYONE on this site enjoy paying their mortgage each month? Would anyone here not rather be paying 50% of what they are?
What is this fascination about ever higher housing costs?
Cap mortgages to 3x salary, or 4x joint. Save for a deposit. A big one. Buy you what you can afford. Oh wait a minute, if we did that the BTL's would scream blue murder wouldn't they, as property prices collapsed to realistic levels? As would the politicians who build property empires on the back of a boom they helped create.
F@ck 'em!
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BTL currently receives quite favourable tax advantages which should be stopped to prevent people owning multiple properties - and I believe a clampdown on BTL is long overdue, but will come.
They pay their Tax like any other business ,so its a bit harsh to say these Entreprenerials should be made to look like Lepers !!!!!!(my view, of your view !!)
Do you feel the same about the local corner shop owner not paying enough tax or the self -employed builder or electrician .Or the girl who hires a chair in the hairdressers .
Have you seen how much they take in CGT !!!!!
Come on be fair .Theres many other people who need to pay SOME Tax ,for a change .!!
They pay their Tax like any other business ,so its a bit harsh to say these Entreprenerials should be made to look like Lepers !!!!!!(my view, of your view !!)
Do you feel the same about the local corner shop owner not paying enough tax or the self -employed builder or electrician .Or the girl who hires a chair in the hairdressers .
Have you seen how much they take in CGT !!!!!
Come on be fair .Theres many other people who need to pay SOME Tax ,for a change .!!
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BTL currently receives quite favourable tax advantages which should be stopped to prevent people owning multiple properties - and I believe a clampdown on BTL is long overdue, but will come.
They pay their Tax like any other business ,so its a bit harsh to say these Entreprenerials should be made to look like Lepers !!!!!!(my view, of your view !!)
Do you feel the same about the local corner shop owner not paying enough tax or the self -employed builder or electrician .Or the girl who hires a chair in the hairdressers .
Have you seen how much they take in CGT !!!!!
Come on be fair .Theres many other people who need to pay SOME Tax ,for a change .!!
They pay their Tax like any other business ,so its a bit harsh to say these Entreprenerials should be made to look like Lepers !!!!!!(my view, of your view !!)
Do you feel the same about the local corner shop owner not paying enough tax or the self -employed builder or electrician .Or the girl who hires a chair in the hairdressers .
Have you seen how much they take in CGT !!!!!
Come on be fair .Theres many other people who need to pay SOME Tax ,for a change .!!
The create/produce NOTHING, they just OWN.
They should pay the same tax as any other business.
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[QUOTE=FlightMan;9619476]Why exactly are high housing prices good news?
It matters not whether Houses are dear or cheap .I am happy for people to be able to afford a home to live in if they work for it .I have no wish to see anybody struggle with a mortgage .Prices do seem to go up as you have mentioned 10% or more year on year ,thats how it is .All part of lifes cycle ,which you or I will not alter .!!
Be a little less harsh on Proffesional BTLers though.Their only Human ,but they are regarded almost as bad as Estate Agents ffs .!!!!!
Tell me, if cars went up in value by 10% each year, would that be good news?
Would it be good if food went up 10% yoy?
Would it be good if clothing went up 10% yoy?
Or petrol?
It matters not whether Houses are dear or cheap .I am happy for people to be able to afford a home to live in if they work for it .I have no wish to see anybody struggle with a mortgage .Prices do seem to go up as you have mentioned 10% or more year on year ,thats how it is .All part of lifes cycle ,which you or I will not alter .!!
Be a little less harsh on Proffesional BTLers though.Their only Human ,but they are regarded almost as bad as Estate Agents ffs .!!!!!
Tell me, if cars went up in value by 10% each year, would that be good news?
Would it be good if food went up 10% yoy?
Would it be good if clothing went up 10% yoy?
Or petrol?
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From: Scoobynet
The UK housing market has actually followed the trend of an asset bubble surprisingly closely, and all indictions increasingly pointing to steep falls in prices.
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I am not really aware of much that has gone down in price over the years .
Therefore price rises seem to be a natural occurence ,would you not agree .
Now obviously something causes these rises and always will ,whether its someones profiteering Greed or resources Dwindling ,but on the whole prices rise as opposed to going down .
Therefore price rises seem to be a natural occurence ,would you not agree .
Now obviously something causes these rises and always will ,whether its someones profiteering Greed or resources Dwindling ,but on the whole prices rise as opposed to going down .