HPC: Prices now back at peak levels

StiflersMom

I never thought I'd see the day, but HPC posters are now admitting that whole swathes of the UK are now seeing prices back at their September 2007 peak levels:
http://www.housepricecrash.co.uk/forum/index.php?showtopic=132335

What magnificent news ! Glad I got into the market in 2009

:T

boomerangs

Do you really expect to get a bite from a bear with poor bait like this? :rotfl:

StiflersMom

boomerangs wrote: »

Do you really expect to get a bite from a bear with poor bait like this? :rotfl:

I just did!

:T

HAMISH_MCTAVISH

I like this post a lot......

Why would he bother posting anymore? Anyone with a modicum of balance has been driven from the board by those that are unwilling to accept that in fact the market did turn and on low volumes prices have risen. Furthermore the actions the Government have taken has protected the housing market effectively and there is no reason to think that politicians of any colour are likely to sacrifice the votes attached to the owners of property. Banks are still lending at above 3.75 joint and people participating in the market earn more than average. Bank of Mum and Dad is providing money where bears would prefer they didn't.

I believe there's a huge irony in bears calling "bull trap" and pointing to the stages of a bubble graph. "Denial" and "Fear" seem far more appropriate to the hpc bears than to the populace at large. I see no significant evidence that a correction of any size is in the offing. Those pinning their hopes on IR rises I believe are clinging to a false hope. IR were what 4-5% when people were borrowing as much as they possibly could and the reposession rate was low. Why would a move to 2-3% provoke catastrophe? My view is that people are not moving because they can't get mortgages that match their current deals. This will constrain property coming to the market and without supply there can be no crash.

In Berkshire especially in the towns around Reading we're within about 5-6% of peak. We'll be beyond peak in 4 months

http://www.housepricecrash.co.uk/forum/index.php?showtopic=134776&st=15

Very true.....

And this one is particularly telling.

He's probably not coming back, thanks to the "cult mentality" of HPC i.e. "your opinion is different, I hate you, no I don't want to have a normal discussion lalalalala u r troll!" that peaked around Q1 2009.

Even reasonable posts like the one above tended to get flamed by the more moronic bears on this site earlier this year (generally the ones that lack the economic knowledge necessary to reply with a logic-based post).

I always found it amusing that many members of HPC labelled singing pig and other sites as "moron bulls living in lala land, shouting down any bear opinion even if it's well-thought out and accurate", without realising that HPC was slowly turning into a bearish version of singing pig.

Ah well, better late than never.

Shame so many of those "moronic bears" have ended up over here instead.

abaxas

Great news.

The faster we get back to insovent banks the better.

stueyhants

I think you mean asking prices in some areas are back to the same levels as sold prices.
We all know selling prices are below asking so we haven't gone back to peak yet.

Just because prices will go past the peak at some point in the future it doesn't mean prices didn't crash. I wish the bulls would just accept they were wrong when they were predicted prices wouldn't crash, just the same as I wish the bears would admit there has been a revival over the last year.

HAMISH_MCTAVISH

stueyhants wrote: »

I think you mean asking prices in some areas are back to the same levels as sold prices.
We all know selling prices are below asking so we haven't gone back to peak yet.
.

No, actual sold prices are already back to peak in some areas, in fact, above previous peak in some areas, and near as makes no difference in many more.

Sadly this is not yet the case everywhere, according to the FT Acadametrics "poll of polls" of the various indices, the average house is still down 7.6% from peak across the UK as a whole.

Degenerate

abaxas wrote: »

Great news.

The faster we get back to insovent banks the better.

Bank solvency recovers with house prices.

StiflersMom

abaxas wrote: »

Great news.

The faster we get back to insovent banks the better.

... but the banks solvency positions are improving, by the day. Just like the housing market

:beer:

StiflersMom

stueyhants wrote: »

I think you mean asking prices in some areas are back to the same levels as sold prices.
We all know selling prices are below asking so we haven't gone back to peak yet.

Just because prices will go past the peak at some point in the future it doesn't mean prices didn't crash. I wish the bulls would just accept they were wrong when they were predicted prices wouldn't crash, just the same as I wish the bears would admit there has been a revival over the last year.

Fair point stuey. I don't think anyone said that prices would never crash. They will crash again one day - but not for a long time to come.

brit1234

asking prices have been down 3-4 months now, I would worry the hpi rally is clearly ending now, just supprised us it went on that long.