We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Debate House Prices


In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Nationwide Chief: House prices to fall through 2009 into 2010

WTF?_2
WTF?_2 Posts: 4,592 Forumite
in Debate House Prices & the Economy
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5121532.ece
Graham Beale, Nationwide's chief executive, said today that the society expected house prices to continue falling into next year and possibly 2010.


Nice to hear someone in the business talking honestly, unlike Fionnula Earley who they regularly put on the telly to put a positive spin on things.
--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
«134

Comments

  • ad44downey
    ad44downey Posts: 2,246 Forumite
    !!!!!!? wrote: »




    unlike Fionnula Earley who they regularly put on the telly to put a positive spin on things.
    would that be Fionnula "prices are still 200% higher than they were during the Blitz" Earley? :rotfl:
    Krusty & Phil Madoff, 1990 - 2007:
    "Buy now because house prices only ever go UP, UP, UP."
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Graham Beale, Nationwide's chief executive, said today that the society expected house prices to continue falling into next year

    Sounds reasonable, about springtime.
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • Paul_N_4
    Paul_N_4 Posts: 344 Forumite
    StevieJ wrote: »
    Graham Beale, Nationwide's chief executive, said today that the society expected house prices to continue falling into next year

    Sounds reasonable, about springtime.

    Yep. Just as recession tightens its grip and unemployment climbs, house prices will start going up. :confused:

    Beale said "house prices to continue falling into next year and possibly 2010". That would suggest falling house prices right up to the end of next year at least, not springtime. Still, not a bad report considering Nationwide are quite biased in the property game.
  • ad44downey
    ad44downey Posts: 2,246 Forumite
    Paul_N wrote: »
    Yep. Just as recession tightens its grip and unemployment climbs, house prices will start going up. :confused:

    .
    StevieJ just hears want he wants to hear. I'd love to know where he got his 'understanding' of economics from, probably the back of a cornflakes packet.
    Krusty & Phil Madoff, 1990 - 2007:
    "Buy now because house prices only ever go UP, UP, UP."
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    ad44downey wrote: »
    StevieJ just hears want he wants to hear. I'd love to know where he got his 'understanding' of economics from, probably the back of a cornflakes packet.

    :rotfl::rotfl::rotfl::rotfl:

    Have you read some of this persons posts, we would have interest rates of 15% ( I think he must have some money in the bank)
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • napoleon
    napoleon Posts: 611 Forumite
    ad44downey wrote: »
    StevieJ just hears want he wants to hear. I'd love to know where he got his 'understanding' of economics from, probably the back of a cornflakes packet.
    No, he acquired his extensive knowledge of Economic Science from reading the Sun! It's just not bum and tats you know
  • carolt
    carolt Posts: 8,531 Forumite
    Or the BBC's take on the same thing:

    http://news.bbc.co.uk/1/hi/business/7719158.stm

    Don't forget that this predictin is in line with its earlier predictions:

    "The prediction on prices echoes comments by chief executive Graham Beale in September when he also said prices could fall 25% from their peak which implied an estimated 2.5 million homeowners could face negative equity."

    So even the Nationwide is predicting another 10% minimum off peak prices.

    Don't buy yet!
  • HammersFan
    HammersFan Posts: 344 Forumite
    carolt wrote: »

    Don't buy yet!

    Yep, I agree. Some really fantastically low mortgage rate deals coming over the next few months. That will be the time to buy on a long-term fix under 5% (perhaps quite a long way under that). Happy days ;)
    18 May 2007 (start of Mortgage):
    Coventry Offset Mortgage £220800
    Offset Savings: £0
    Mortgage Balance: £220,800

    14 Jan 08
    Coventry Offest Mortgage: 219002
    Offset Savings: 28200
    Mortage Balance: £190802

    And still chucking every spare penny into it!
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    HammersFan wrote: »
    Yep, I agree. Some really fantastically low mortgage rate deals coming over the next few months. That will be the time to buy on a long-term fix under 5% (perhaps quite a long way under that). Happy days ;)

    Watch out or you will be accused of spreading logic.
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    :naughty:
    carolt wrote: »
    So even the Nationwide is predicting another 10% minimum off peak prices.

    Don't buy yet!

    Rememer carol,
    You should be looking at your own specific area instead of the national figures.
    If you rely on the UK average, you may well find that your own area has different results.

    Telling people not to buy because of national statistics :naughty:

    [ISTL slaps himself]Must stop imagining carolt relying on national stats on when to buy [/ISTL slaps himself];)
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture