OECD warns property is still 140% of it's historical average.

carolt

Conrad wrote: »

phallet - prices are down a minimum 20%. If you claim otherwise - I'll do the usual and call E/A's in your area.

The report ignores the fact the pure interest only mortgage now accounts for a significant proportion so in effect people feel they can afford to pay more for a property (note many lenders file figures that indicate thier interest only mortgages are covered by an ISA - It's an illusion - of course people tick the ISA box as they want the mortgage to go through)

That's really scary.

Isn't there supposed to be regulation to stop this sort of nonsense happening again?

What happened to it? Don't brokers get done for mis-selling if they haven't checked a repayment vehicle is actually in place?

StevieJ

Conrad wrote: »

phallet - prices are down a minimum 20%. If you claim otherwise - I'll do the usual and call E/A's in your area.

The report ignores the fact the pure interest only mortgage now accounts for a significant proportion so in effect people feel they can afford to pay more for a property (note many lenders file figures that indicate thier interest only mortgages are covered by an ISA - It's an illusion - of course people tick the ISA box as they want the mortgage to go through)

Conrad, are you having a bad day

FoxtonsRIP

ess0two wrote: »

Yawn.......dont worry the sockmaster will be along soon,to add you to his team.

ANOTHER ONE OUTED,is the phrase.

I see that your name is on the list of sockpuppets :rolleyes: If there was a list of Trolls, you'd be on that list too. I did a search of your posts, every one is antagonistic and abusive.

ess0two

FoxtonsRIP wrote: »

I see that your name is on the list of sockpuppets :rolleyes: If there was a list of Trolls, you'd be on that list too. I did a search of your posts, every one is antagonistic and abusive.

Bully for you,rather sad though to search my posts,or are you an admirer.

mewbie_2

Thanks ad9898, keep 'em coming. I was going to say it's a pity the bulls get nasty very quickly, but actually of course it's a pleasure because the anger and desperation are starting to show. They'll never let you win the argument, but it's a small victory to see the difference between the species. Relaxed, casual bears and bitter, angry bulls.

chucky

mewbie wrote: »

Thanks ad9898, keep 'em coming. I was going to say it's a pity the bulls get nasty very quickly, but actually of course it's a pleasure because the anger and desperation are starting to show. They'll never let you win the argument, but it's a small victory to see the difference between the species. Relaxed, casual bears and bitter, angry bulls.

easy there Mewbs - that's a lot of spin you're putting in that post as well as loads of innacuracies

Dan:_4

mewbie wrote: »

Thanks ad9898, keep 'em coming. I was going to say it's a pity the bulls get nasty very quickly, but actually of course it's a pleasure because the anger and desperation are starting to show. They'll never let you win the argument, but it's a small victory to see the difference between the species. Relaxed, casual bears and bitter, angry bulls.

Wait till tomorrow when the Nationwide shows a small rise to see who the angry and nasty posters are.

mp2

Dan: wrote: »

Wait till tomorrow when the Nationwide shows a small rise to see who the angry and nasty posters are.

youre looking far too closely at the day to day activities of the market and ignoring the fundamentals.

for every argument that you make about an increase in buyer activity or mortgage applications, ultimately the fundamentals of the mortgage market dictate the price.

if i told you hypothetically that there used to be £1trillion available in the mortgage market and now there is only half that amount, prices must fall accordingly.

no amount of increase in demand or flurry of activity can change the fact that there isnt enough money to go round to sustain prices anywhere near current levels. its not possible.

mitchaa

Where does the myth that there is no money to go around come from as i frankly do not understand it??

If i walked into a Nationwide branch and asked for a mortgage and they said ''Sorry Mr Smith, there are no funds left in our account, im afraid we cannot lend to you'' i would walk across the road and into a Halifax branch, if they said the same thing, i'd walk a little further down the street and go into a C&G branch and so on and on and im 100% sure i'd obtain some sort of funding.

It's all fictional money passed round the systems anyway, i do not believe for 1 minute that there is no money out there to be lent to me. Not just me but anyone that wants a mortgage.

I think some of you over analyse and go too far away from reality

Dan:_4

mp2 wrote: »

youre looking far too closely at the day to day activities of the market and ignoring the fundamentals.

for every argument that you make about an increase in buyer activity or mortgage applications, ultimately the fundamentals of the mortgage market dictate the price.

if i told you hypothetically that there used to be £1trillion available in the mortgage market and now there is only half that amount, prices must fall accordingly.

no amount of increase in demand or flurry of activity can change the fact that there isnt enough money to go round to sustain prices anywhere near current levels. its not possible.

It was supposed to be a joke, if I had to put money on it, I would bet on a fall of around 0.5% - 1%.

You seem to think that I reckon we will shortly be back to the days of massive HPI, which is not the case - I'll stand by my prediction that prices will bottom by the end of this year, (this will not be the case for all regions). and I do not expect to see a recovery for years.

You mention that it's the fundamentals of the mortgage market that dictate the price, and I agree with this 100% - which is why when I see yet another increase in Mortgage approvals (not applications as you stated) this strengthens my prediction that the bottom is not as far away as some would hope.