MSE News: Nationwide: House prices creep up 0.7% in March

PhylPho

"Creep up 0.7%"

ROFL.

When something as statistically insignificant as that becomes the stuff of headlines, you know the housing boat is holed and sinking fast.

Of course prices will drop.

Around 43% of all existing mortgages are interest only. When interest rates go up, as they inevitably will, there'll also be a wave of walk-aways and repossessions the like of which we saw in the early 90s recession but haven't seen this time around because of the delusional feeling of goodwill engendered by Government borrowing.

It's doubtful the day will ever come when we get back to the sanity of house prices being geared to a x3 multiple of household income, but the present average multiple will be unsustainable in the near future.

Both the UK private purse and the UK public purse are empty. A vested interest like the Nationwide prattling on about house price increases is crying at a moon no longer in orbit.

nembot

Well said PhylPho, think exactly the same myself. However such straight talking will get you nowhere on here as 90% of the bullish are servicing huge mortgages and therefore need, pray and hope prices will rise.

That said, it's a little unfair to berate those people alone, as others who want prices to drop also have an agenda - as I do myself, so I guess I'm just as bad.

Ultimately, we're all waiting for the election as things may change dramatically if the so called cuts do bite.

Worth sticking around though, lots of laughs to be had as the bullish claim the crash is over, yet they fail to realise a crash historically lasts for 5/6 years. So in 2013 they can accurately define the bottom, until then the "crash over quoters" just make me smile.

The quote about not learning from mistakes of the past, is lost on many apparently.

Thrugelmir

nembot wrote: »

Well said PhylPho, think exactly the same myself. However such straight talking will get you nowhere on here as 90% of the bullish are servicing huge mortgages and therefore need, pray and hope prices will rise.

That said, it's a little unfair to berate those people alone, as others who want prices to drop also have an agenda - as I do myself, so I guess I'm just as bad.

Ultimately, we're all waiting for the election as things may change dramatically if the so called cuts do bite.

Worth sticking around though, lots of laughs to be had as the bullish claim the crash is over, yet they fail to realise a crash historically lasts for 5/6 years. So in 2013 they can accurately define the bottom, until then the "crash over quoters" just make me smile.

The quote about not learning from mistakes of the past, is lost on many apparently.

Agree with your sentiments. Its going to take a while for the past decade of decadence to unwind. plenty of booby traps are yet to catch out the unwary.

The bullish posts increasingly sound like sailors clinging to a life raft in a desperate attempt to convince each other that it is a ship they can see on the horizon, not a mirage.

HAMISH_MCTAVISH

Thrugelmir wrote: »

The bullish posts increasingly sound like sailors clinging to a life raft in a desperate attempt to convince each other that it is a ship they can see on the horizon, not a mirage.

Whereas the bearish posts increasingly sound like desperate rats drowning in the middle of the ocean, but trying to convince themselves that the SS HPC will be along shortly to save them.

Newsflash: Your ship sank. There is nobody coming to save you from your poor decisions. It's over, give up.

HAMISH_MCTAVISH

nembot wrote: »

yet they fail to realise a crash historically lasts for 5/6 years. .

You need to relearn your history.......

Two of the last 3 crashes have lasted for less than 3 years.;)

Cleaver

Thrugelmir wrote: »

The bullish posts increasingly sound like sailors clinging to a life raft in a desperate attempt to convince each other that it is a ship they can see on the horizon, not a mirage.

HAMISH_MCTAVISH wrote: »

Whereas the bearish posts increasingly sound like desperate rats drowning in the middle of the ocean, but trying to convince themselves that the SS HPC will be along shortly to save them.

I'm a normal person who isn't a bear or a bull and can change my mind based on the circumstances in front of me. I'm feeling slightly left out as I don't have an aquatic-based metaphor. Anyone?

F*ck me, all the endless bear and bull rubbish on here really, really gets on my nerves...

Thrugelmir

Cleaver wrote: »

I'm a normal person who isn't a bear or a bull and can change my mind based on the circumstances in front of me. I'm feeling slightly left out as I don't have an aquatic-based metaphor. Anyone?

F*ck me, all the endless bear and bull rubbish on here really, really gets on my nerves...

I can recommend regular 2 week vacations preferably on a yacht away from MSE. As when you come back on here nothing has changed.

Sooner the election is here the better. As has been very stale on MSE for some months now.

ukcarper

Cleaver wrote: »

I'm a normal person who isn't a bear or a bull and can change my mind based on the circumstances in front of me. I'm feeling slightly left out as I don't have an aquatic-based metaphor. Anyone?

F*ck me, all the endless bear and bull rubbish on here really, really gets on my nerves...

I must admit I find it hard to understand how the opposing ends can be so entrenched in their views, as I haven’t got a clue what is going to happen.

Graham_Devon

HAMISH_MCTAVISH wrote: »

There is nobody coming to save you from your poor decisions. It's over, give up.

Grrr. It's not poor decisions. Hardly anyone "makes a decision" to not be able to afford stupidly high prices.

I think you need to get past the decision bit. We haven't all sat here thinking "oh, I won't buy a house this month". A lot, especially those without parental or other help, have been priced out, simple as that, thats not a decision they have made.

HAMISH_MCTAVISH

Thrugelmir wrote: »

Sooner the election is here the better. As has been very stale on MSE for some months now.

And when after the election you still don't get your crash, will you please, for the love of god, face facts?

Or is it always going to be "just wait til next year" with you lot.....