House Prices Up 25% to £274,700 by 2013...

Datasafe_2

That report is the biggest load of crap I have read in ages.

VI's keep repeating the same old tired phrases that people stopped beliving a long time ago. The crowded island theory doen't hold true when peoples purse strings are pulled up well tight.

TDS_2

Datasafe,

People like you can't even see that this is a new paradigm.

/sighs

ultra10

TDS wrote: »

Shame on you, BBC, for publishing this sh1te. Everyday you get a bit more like the Daily Mail/Express.

Or a Tabloid version of the Guardian

IveSeenTheLight

brit1234 wrote: »

Housing was already a massive bubble at very peak of affordability through 6-8 times salary.

According to this link , UK house average mortgage to earnings ratio peaked at 5.95 x earnings in Q3 2007. South East at that time also peaked at 7.59

http://www.hbosplc.com/economy/includes/25_07_08Affordability.xls

Currently the UK average is 5.31 (0.64 drop) while the South east is 6.50 (1.09 drop)

Quite a large drop in affordability ratio for 3 quarters, and it's accelerating, probably down to house prices dropping

Conrad

Could be that property in areas that exhibit a low sub prime complexion is less affected than areas with the opposite makeup.

In the mortgage world credit scoring partly takes into account the area where the properth is situated. In a high sub prime area such as Liverpool, it is likely the proportion of people still able to access mortgage funds is far lower than that of say Wokingham.

formulaonefan

Very odd comment by David Orr. Also few weeks ago, I saw the same BBC presenter presenting some other new report that property market is on the up. Whats up with that?

David Orr on July 2006: Getting on the housing ladder will become even harder, it said, as house prices rise from eight times average salaries to 9.2 times in 2011

David Orr on July 2008: that rising demand and falling supply will push the cost of the average home in England to £274,700 in 2013

As years go by he keeps on putting up the price. Does he personally have to gain or lose one way or the other when it comes to property market?

Some may argue that media can't talk up or talk down the market but my view is: THEY CAN. How? you may ask! FTB like me have been saving up for the last few years and waiting for the right time. We are looking for the right moment and how would we know when is the right moment? TV, Papers, Generally Media are the one we look into. At the moment everyone is reporting house prices are going down. When everyone report house prices have reached bottom or it is on the up then we will look into the market. Is there any other way to know when is the property market looking up or down?

mewbie_2

IveSeenTheLight wrote: »

According to this link , UK house average mortgage to earnings ratio peaked at 5.95 x earnings in Q3 2007. South East at that time also peaked at 7.59

http://www.hbosplc.com/economy/includes/25_07_08Affordability.xls

Currently the UK average is 5.31 (0.64 drop) while the South east is 6.50 (1.09 drop)

Quite a large drop in affordability ratio for 3 quarters, and it's accelerating, probably down to house prices dropping

That's marvellous news, and I suggest you go and out buy some more.

moanymoany

I watched a BBC 'Economic Expert' telling us that Santander want to buy more ailing UK building societies because the mortgage market was on the verge of boom!

Two weeks ago!

m00m00

moanymoany wrote: »

I watched a BBC 'Economic Expert' telling us that Santander want to buy more ailing UK building societies because the mortgage market was on the verge of boom!

Two weeks ago!

they don't actually have to be on the verge of boom for such things to be viable, it all depends on the prices they pay for the 'ailing businesses' Buy at a decent enough discount and you'll see out any 'correction' quite easily.

IveSeenTheLight

mewbie wrote: »

That's marvellous news, and I suggest you go and out buy some more.

I may possibly do, but only when I have reduced my own risk to an extent I am happy with.
Only then will I consider extending that risk.
The figures have got to add up