Rightmove October +2.8%, London records biggest ever indice rise at 6.5%

chucky

Wookster wrote: »

Its living in denial isn't it.

errrr no it isn't

Wookster wrote: »

I simply cannot see a return to the fast and loose days pre 2007 that almost brought the entire western financial system to collapse.

there's a big difference and a lot of growth and economic stability required to be any where close to the equivalent of 2007 days.

why would you be wanting it to get back to 2007 levels?

IveSeenTheLight

chucky wrote: »

errrr no it isn't

Yes it is.

They're in denial that house prices are rising

Cleaver

dopester wrote: »

You won't find this person, or increasing numbers in similar squeezed positions, in some big Cleaver style 'buy towards the peak of the bull-trap rush' to take a bigger mortgage to upsize. It's sucker's money afaic and it will run out.

Mix in new lending crackdown rules coming in on liar-loans, and ever more people concerned about their income, existing debt-levels and savings, bringing into focus just how crazily expensive houses are.

Apologies in advance if this post comes across as a bit irritable Dopester. If it does then it's because I respect your opinion a lot, so take it as a compliment. That said...

I don't deal in sucker's money. Or bull-trap rushes. Or liar loans. And whilst I get what you're inferring by a your phrase "a Cleaver style 'buy towards the peak of the bull-trap rush'", let me give my perspective. I would describe it as a Cleaver style 'buy a house because we're sick of living in an increasingly noisy flat, I will be working from home on a more regular basis soon and need a proper office, we can afford a house, rush'.

Put yourself in our shoes. We live in a flat that's now fully paid for and we have a chunk of money in savings. We're not as keen on living here as we used to be - it can be noisy and over the past year or so the lack of space has got to us. We want a home to live in. At this stage in life the thought of having to deal with landlords and letting agencies makes me want to eat my own face. I want a vegetable patch in the garden, we want bright stripy wallpaper in the lounge, I want to put up shelves whenever I damn please and I don't want someone calling in every 6 months to check we're behaving with the possibility of being chucked out. So renting, for us, isn't a very attractive prospect.

As a point of order, we wouldn't be taking on a bigger mortgage to upsize. We'd take on the house with about 75% equity and would probably pay off our new mortgage in 3 to 4 years. I don't want to spend the next two or three years of my life looking at graphs, debating back and forth whether houses will be a certain percentage more or less this time next year, we just want an affordable house that we really like. And one has presented itself. If we buy this place and house prices drop 15% in two years I imagine that I'd shrug my shoulders, look at my vegetable patch and smile. And maybe that makes me a 'sucker' in a 'sucker's rally', but frankly I couldn't care less. Our mortgage will nearly be paid off then and I'll have fresh herbs in my dinner.

"Buy towards the peak of the bull-trap rush". That's such a cold, harsh, unemotional phrase. People don't think along these lines, they just want a home. And, as I've mentioned before on here, most people in the real world do not have the sheer sense of self-belief and unquestioning certainty in their own judgement that the raging bulls and bears have on here. You may be completely and utterly certain that we're heading for a crash and Hamish is just as convinced that house prices are only heading one way. So congratulations to you two being so sure of your convictions. I'm sitting between the two of you, completely clueless as to whether house prices will boom, bust or stagnate over the next few years. And I'm a bit past caring really. Roll on the stripy wallpaper.

StiflersMom

That’s one of the big advantages of home ownership – that you don’t have to get someone else’s permission to alter your home, and you don’t risk getting chucked out or have your rent put up willy nilly by the landlord. What ever about short term price movements (or bull / bear traps, to the less intellectually able), property ownership trumps renting in the long tun.

nembot

HAMISH_MCTAVISH wrote: »

Rightmove October +2.8%, London records biggest ever indice rise at 6.5%

Thats huge....

And whilst it's not indicative of achieved prices, it is a good barometer of sentiment in the market.

Nah, it's just more of the same old rubbish from companies who rely on the housing market to survive, bit like Nationwide and the Halifax.

Do people not understand that businesses will say pretty much anything whether it's true or not, to make money?

HAMISH_MCTAVISH

Dan: wrote: »

I must pop over to HPC.co.uk ths afternoon, they will be crying dispair over this, and I could do with a good laugh.

They certainly are.....

It's absolutely priceless.:D

Treadmill

Asking prices don't mean anything, nor do any figures unless they are heading downwards :-)

Graham_Devon

Link us up then Hamish.

I can't see it? If it's absolutely priceless I'd like to see

Treadmill

It mentioned in the standard that because bankers are expecting record bonuses this year, the asking prices in the swanky bits of London are up 25%.

Interesting bit in there about squatters squatting a £12M mansion, so the house squatting price index is rocketing, beats squatting an old glue factory.

globalds

Could it be foreign money propping/lifting London property prices?

The prices must be attractive to any one holding Euro's or Yen .