A Return To The Boom Years?

doire_2

Do people think the prices we saw during the boom will ever return in the near future? Are those days gone, never to return?

I'd like to hear the reasons why they might or why they wont.

HAMISH_MCTAVISH

doire wrote: »

Do people think the prices we saw during the boom will ever return in the near future? Are those days gone, never to return?

I'd like to hear the reasons why they might or why they wont.

Prices are already back to 2007 levels in many areas. In fact, they are now above 2007 levels in some areas.

So the answer has to be yes, as it's already happened.

In terms of national averages, it could still theoretically happen in 2010, as the rises in 2009 have been greater than expected, but more likely 2011.

We all know why. There is a severe shortage of housing, of the types people want, in the areas they want to live, and where the empoyment exists to support them.

1984ReturnsForReal_2

HAMISH_MCTAVISH wrote: »

Prices are already back to[STRIKE] 2007[/STRIKE] 2005 levels in [STRIKE]many[/STRIKE] most areas. In fact, they are now above 2007 levels in some areas.

Corrected it for you Hamish..

No charge...

HAMISH_MCTAVISH

1984ReturnsForReal wrote: »

No charge...

Thank goodness. I don't pay for faulty work.

Prices are back to late 2006 levels as a national average, 2007 prices in many areas, and are now above the old peak in some areas.

They're only at 2005 levels in a few areas.

Emy1501

HAMISH_MCTAVISH wrote: »

Thank goodness. I don't pay for faulty work.

Prices are back to late 2006 levels as a national average, 2007 prices in many areas, and are now above the old peak in some areas.

They're only at 2005 levels in a few areas.

Funny I know someone who has just had a flat valued by a number of agents in the South East and were told its worth between 80-85% of what it was worth in 2007. 20% less would make it late 2004 prices.

1984ReturnsForReal_2

Emy1501 wrote: »

Funny I know someone who has just had a flat valued by a number of agents in the South East and were told its worth between 80-85% of what it was worth in 2007. 20% less would make it late 2004 prices.

To be fair to Hamish two of my neighbours have had to reduce theirs to 2005 levels & they still aren't getting any bites...

One of them had an offer at 2006 prices but the mortgage valuers said it was overvalued..

brit1234

I think people are starting to realise we are about to go crashing down again. The euro region is starting to implode, rates are going up and we will have all the government cut backs after the election

Pobby

brit1234 wrote: »

I think people are starting to realise we are about to go crashing down again. The euro region is starting to implode, rates are going up and we will have all the government cut backs after the election

I guess sooner or later the UK will have to deal with the debt it`s in. I`ve given up on predicting what the future will bring. When you have leaders that can pull more tricks than Paul Daniels it would be daft to even try.

bernard_shaw

HAMISH_MCTAVISH wrote: »

That's you, that is.

Kohoutek

Pobby wrote: »

I guess sooner or later the UK will have to deal with the debt it`s in. I`ve given up on predicting what the future will bring. When you have leaders that can pull more tricks than Paul Daniels it would be daft to even try.

Take a look at Ireland, a country with a similar dependence on the financial sector for its economy and out of control public debt, for a sneak preview of the coming years in the UK.

"In a week when the Taoiseach urged short-term sacrifice to allow a return to prosperity...more than three-quarters of people say that they have no confidence in the political system to solve the economic crisis.

A Sunday Independent/ Quantum Research nationwide telephone poll also found that 62 per cent did not believe Ireland had anything to offer students who will leave the education system in the next few years.

The Sunday Independent/Quantum Research poll has found that 22 per cent now see emigration as an option for themselves, while 78 per cent, mainly older, settled people do not."

http://www.independent.ie/national-news/poll-its-no-country-for-young-men-or-women-2052054.html

"Public sector workers turn to welfare for survival
Low-income families use entitlements to pay utility, mortgage, school bills

Clerical officers and staff officers are applying in big numbers and qualifying for emergency social welfare assistance to meet their mortgage repayments and household bills.

This is not at all unusual now, in fact it's quite common, everyone in the civil service knows about it. Even staff officers with kids are getting hand-outs from the social welfare."

http://www.independent.ie/national-news/public-sector-workers-turn-to-welfare-for-survival-2052071.html

bo_drinker

No hope for 4.5million people stuck on housing waiting lists


By Fiona James 7/02/2010

New home builds at 87-year low

The number of new homes being built in England and Wales will slump this year to its lowest level since 1923.

It leaves little hope of finding an affordable home for the 4.58million people on housing waiting lists.

According to the National Housing Federation, house-builders are on course to build just 122,700 homes between April 2009 and March 2010 - 18,000 fewer than were built the previous financial year.

That's the lowest total since 1923/4, excluding the war years, when just 86,000 homes were built, said a federation spokesman. He said the building of new homes has only been propped up by housing associations, which are set to build over 45,000 homes in England by April.

They have only been able to do this with the aid of record levels of public investment and more flexible Government grants via the Home and Communities Agency.

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"This will be the highest total achieved by the affordable housing sector for a decade," said the spokesman. "A record number of people are stuck on housing waiting lists and rising unemployment and repossessions has further fuelled demand for affordable housing during the economic downturn.

"But supply has failed to keep pace with demand and the prospects of getting an affordable home are looking bleaker than ever for millions of Britons."

Federation chief executive David Orr said: "With record housing waiting lists and overcrowding reaching epidemic proportions in many places across the country, the need for more affordable housing has never been greater."

Shadow minister for housing Grant Shapps said: "We need a new way to get this country building which is why Conservatives will scrap Labour's useless top-down housing targets and instead work with communities to create the homes that this country so desperately needs."

Liberal Democrat housing spokeswoman Sarah Teather said: "The housing shortage is one of the biggest crises facing Britain today and tackling it must be a priority of any future government."