Bad news: house prices are rising

Conrad

rumbaba I predicted a while back that prices in the south east would bottom out about this summer, however Ive got to tell you borrowing has got a lot harder even in the last month.

In the past most high street lenders operated a fasttrack system where income proof tended not to be sought on the majority of cases, however this has all changed now and clients are being asked at random to prove earnings after completion.

You should not imagine this will only affect the minority.

Really2

Conrad wrote: »

In the past most high street lenders operated a fasttrack system where income proof tended not to be sought on the majority of cases, however this has all changed now and clients are being asked at random to prove earnings after completion.

Pre summer 06?

All standard mortgage requires payslips before approval.

Are you saying self cert is a majority?

Wookster

Conrad wrote: »

rumbaba I predicted a while back that prices in the south east would bottom out about this summer, however Ive got to tell you borrowing has got a lot harder even in the last month.

In the past most high street lenders operated a fasttrack system where income proof tended not to be sought on the majority of cases, however this has all changed now and clients are being asked at random to prove earnings after completion.

I have to have a bit of a chuckle at your posts Conrad. Its a bit like watching a turkey vote for Christmas.

ad9898_3

Conrad wrote: »

rumbaba I predicted a while back that prices in the south east would bottom out about this summer

Can I ask you how you come to this observation ?, the first two crashes in the 70's and 80's took 3 years to bottom, the 90's crash took 6 years to bottom, how on earth is the biggest boom in history by a huge margin going to bottom out in a little over 18 months ?

And to add weight to the argument, in the last crash interest rates were coming down in the last 4 years of it, this time IR's have nowhere else to go except up at some point and that's not even taking into consideration that last time banks weren't going bust like they are now.

Dithering_Dad

Wookster wrote: »

The car is gorgeous! My first run got 57.6mpg (at 70 with cruise control on) - how good is that?

Why would anyone buy a depreciating asset? You could have bought this in 2 years time for a lot less money.

Joking aside, your MPG sounds as though it's a diesel. I was considering one until I saw this article: http://www.lovemoney.com/news/shopping/dont-waste-money-on-a-diesel-car-3176.aspx

"Research suggests it could take 28 years to recoup the cost of buying a diesel car. We tell you why this supposed greener fuel isn't always worth it..."

Certainly food for thought.

ad9898_3

Dithering_Dad wrote: »

Why would anyone buy a depreciating asset? You could have bought this in 2 years time for a lot less money.

Joking aside, your MPG sounds as though it's a diesel. I was considering one until I saw this article: http://www.lovemoney.com/news/shopping/dont-waste-money-on-a-diesel-car-3176.aspx

"Research suggests it could take 28 years to recoup the cost of buying a diesel car. We tell you why this supposed greener fuel isn't always worth it..."

Certainly food for thought.

Agree, I have a company car and it's a diesel, I chose it because I'm a bit lazy and it's has serious grunt low down, however if I was buying my own car, I wouldn't even think of having a diesel unless I was doing 40k a year.

Dithering_Dad

ad9898 wrote: »

Agree, I have a company car and it's a diesel, I chose it because I'm a bit lazy and it's has serious grunt low down, however if I was buying my own car, I wouldn't even think of having a diesel unless I was doing 40k a year.

I've been offered the choice between company car or allowance for my new job. Do you not get creamed by tax if you have a company car?

ad9898_3

Dithering_Dad wrote: »

I've been offered the choice between company car or allowance for my new job. Do you not get creamed by tax if you have a company car?

Yes, but I have I have a Vectra 150 SRi and it costs me about about £1000 a year in extra tax, so not too bad, and compared to having an allowance (which I was offered) I think it's a better deal as you don't have to worry about depreciation, servicing, faults, tyres etc..

So to me £1000 is ok.

mewbie_2

whathavewedone wrote: »

House bull.

I thanked your post by accident as I thought it was proving a bear point. I'm a bit slow today.

Entertainer

ad9898 wrote: »

Can I ask you how you come to this observation ?, the first two crashes in the 70's and 80's took 3 years to bottom, the 90's crash took 6 years to bottom, how on earth is the biggest boom in history by a huge margin going to bottom out in a little over 18 months ?

And to add weight to the argument, in the last crash interest rates were coming down in the last 4 years of it, this time IR's have nowhere else to go except up at some point and that's not even taking into consideration that last time banks weren't going bust like they are now.

No, it took 3 1/2 years to bottom out. The low point was Nov 92. It was then static for 3 years.