Sky News find 40% drops...

hethmar

Lets be fair, a news team would have spent a week or more researching what were obviously the biggest drops on house snake or other sites and then used them as the shocking examples.

chucky

hethmar wrote: »

Lets be fair, a news team would have spent a week or more researching what were obviously the biggest drops on house snake or other sites and then used them as the shocking examples.

it's not like Sky to report good news is it!?

they have to sell information to the public - what appeals to the man on the street is that property prices are at 40% less

as Carol says, we are much more information friendly now and the internet is a great tool to find out information much more accurately.

howler_2

Dithering_Dad wrote: »

Someone found a couple of houses with large reductions from outrageous initial asking prices.

Move along, nothing to see here.

A pretty apt signature for your posts - well done

mrstinchcombe

!!!!!!? wrote: »

http://news.sky.com/skynews/Home/UK-News/UK-House-Prices-Slashed-By-A-Half-As-Credit-Crunch-Continues/Article/200810215120469

Interesting times ahead.

Does this from the Sky News website take into account yesterdays news of Brown being the saviour of the world by bailing out several failing businesses with tax payers money?

Yesterdays announcement will prevent any crash, especially as lending will return to 2007 levels (although noones really sure what this means). Because a lack of mortgages is clearly the reason house prices are falling so fast.

howler_2

mrstinchcombe wrote: »

Does this from the Sky News website take into account yesterdays news of Brown being the saviour of the world by bailing out several failing businesses with tax payers money?

Yesterdays announcement will prevent any crash, especially as lending will return to 2007 levels (although noones really sure what this means). Because a lack of mortgages is clearly the reason house prices are falling so fast.

How are you defining a crash? Alot of people would argue it's a little late to be thinking about "preventing" a crash

(If your post was sarcastic, as I suspect it may have been, then :T)

WTF?_2

mrstinchcombe wrote: »

Does this from the Sky News website take into account yesterdays news of Brown being the saviour of the world by bailing out several failing businesses with tax payers money?

Yesterdays announcement will prevent any crash, especially as lending will return to 2007 levels (although noones really sure what this means). Because a lack of mortgages is clearly the reason house prices are falling so fast.

Did you watch C4 news this evening by any chance?

To be honest, although I was pretty sure that outright financial system meltdown was averted for the immediate future after the measures taken at the weekend I am less sure now.

In particular, they highlighted how the credit markets haven't responded yet and also said that the LIBOR spread has actually widened.

In any case, I don't see how Brown ordering his banks to loan more is going to work. C4 News made the point about how the 100% public owned NR has just succeeded in cutting its mortgage book down in line with instructions from Downing Street (to make progress on repaying govt loans). Doesn't really square with the government telling other banks that needed tens of billions of quid of cash injected to keep themselves afloat to loan more mortgages, does it?

StevieJ

Us Libor is expected to drop 2% according to the credit markets (ref Blomberg), Im sure UK will follow.

sabretoothtigger

Its all talk so far isnt it so until they are forced to loan it cant be seen as working or not.

NR is repaying its debt, debt the government never wanted so they are doing what they should be.
Government debt is being off loaded from their balance sheet into a free marketplace and in theory there is now the company funds to remortgage even if it is from a company half owned by HMG and with debt underwritten by HMG, its a slight improvement in theory

WTF?_2

sabretoothtigger wrote: »

Its all talk so far isnt it so until they are forced to loan it cant be seen as working or not.

NR is repaying its debt, debt the government never wanted so they are doing what they should be.
Public sector debt is being off loaded into a free marketplace, off the government balance sheet and in theory there is now the company funds to remortgage even if it is from a company half owned by HMG and with debt underwritten by HMG, its a slight improvement in theory

But the fact is that they've done it by reducing their own mortgage book. So in effect, they've put more pressure on available capital from the other lenders in the mortgage market.

Not only that but the people that they've kicked off their own book are likely their best prospects for repayment. It'll be the desperate people in low or negative equity who stayed on at SVR despite their best efforts to get them to b*****r off.

sabretoothtigger

Yes the repayers will be the best stock most likely. At the same time they reduce this debt they are attempting to jump start the free credit market, matchmaking the people looking for new loans with a market thats just been given alot of money and told to loan it properly.