House price crash update

Woby_Tide

lypsey wrote:

Dave you completely miss the point , nobody is going to offer MORE than the asking price are they. The asking price could of course be lower , I think currently people only offer 93% of asking price.

So this article is VERY important , it is a guide to what is happening. Providing the author of the survey always quotes selling prices or asking prices then this gives a fantastic guide to the future

As I said before - HOUSE PRICE CRASH - here we come

Nostrodamus must be spinning in his grave with this sort of competition coming up on the rails.....

jimmmyc

HI, I sold my house for more than the asking price but bought for less.
I think it depends on the area...

meanmachine_2

What I find faintly amusing - you have to laugh or you'd cry - is that observers are congratulating the BoE for successfully engineering a soft landing in the housing market.

Eh? An 8% annual rise ain't no soft landing. That's still "silly boom, too much cheap money" territory.

Sadly, two predictions of mine seem to be coming true:

the market doesn't do normal. It booms or busts.

Back in 2005 I stated prices were still 50% below where they would need to be to hit 1989 style total unaffordability. So that means we're still 42% away from that point.

By the way, avoid Stratford like the plague. There are literally dozens of cheapo concrete carbuncles being erected right now. Car park style constructions with trendy panelling pinned to the front. And all right on the railway line.

Expensive now. Ridiculous by 2012. Worthless by 2013, I'd suggest.

undercoat11

I hope that for the sake of the young people of our country we do have a crash in house prices. It won't affect me since I paid off my mortgage a long time ago and am not in a hurry to move anywhere, but I worry for my children. They will have to come out of university with a debt (if they go) and then have to borrow hundreds of thousands of pounds for a house. I think that house prices have a knock on effect for children too - their parents need to both work full time to pay the mortgage.

I know that lots of people will suffer when/if house prices fall, as they did in the early 90s, but something has to give. I know house prices haven't changed round my way for about 18 months and some houses have been for sale for well over a year, so I think the big rises must be happening in London.

PoorDave

meanmachine wrote:

What I find faintly amusing - you have to laugh or you'd cry - is that observers are congratulating the BoE for successfully engineering a soft landing in the housing market.

Eh? An 8% annual rise ain't no soft landing. That's still "silly boom, too much cheap money" territory.

Sadly, two predictions of mine seem to be coming true:

the market doesn't do normal. It booms or busts.

Back in 2005 I stated prices were still 50% below where they would need to be to hit 1989 style total unaffordability. So that means we're still 42% away from that point.

By the way, avoid Stratford like the plague. There are literally dozens of cheapo concrete carbuncles being erected right now. Car park style constructions with trendy panelling pinned to the front. And all right on the railway line.

Expensive now. Ridiculous by 2012. Worthless by 2013, I'd suggest.

If the money's cheap, why is there too much of it?!

I like the sound of a cheapo concrete carbuncle! Nice phrase

Jags_2

There's too much of it because the Govt is allowing massive increases in M4 money supply, and it's too cheap as the IR's are too low relative to real inflation, not that fiddled CPI basket figure.

This flies in the face of supply and demand - If more people want something i.e. to borrow money, it should cost more due to a fixed amount of money being available and demand increasing, however, this doesn't happen as the government print more to match demand, keeping 'prices' low. (I realise this is heavily simplified)

Woby_Tide

it's 9.30pm and still no crash, this survey disappoints me, it's almost as if there are ither factors to consider rather than a single survey. I think we the public are being misled.


(p.s. before someone trots out the line that I'm blindly thinking prices go up, don't bother, I'm just weary of the completely blinkered dithery idiots who rely on a single source for predictions of the absolutley historically likely crash at some point, hell we may as well start predicting the next property boom as it's going to happen, at some point. At least the likes of meanmachine are willing to make judged opinions over a number of years and sources, and admit when they are wrong, but also they will be right eventually so fair play)

PoorDave

Woby_Tide wrote:

it's 9.30pm and still no crash, this survey disappoints me, it's almost as if there are ither factors to consider rather than a single survey. I think we the public are being misled.


(p.s. before someone trots out the line that I'm blindly thinking prices go up, don't bother, I'm just weary of the completely blinkered dithery idiots who rely on a single source for predictions of the absolutley historically likely crash at some point, hell we may as well start predicting the next property boom as it's going to happen, at some point. At least the likes of meanmachine are willing to make judged opinions over a number of years and sources, and admit when they are wrong, but also they will be right eventually so fair play)

I want to be first to call the next crash after you called the next boom!

PS: It's 10 o'clock now, and still no sign...

Doozergirl

No, it's 10 o'clock now. You called that wrong

Plasticman

Doozergirl wrote:

No, it's 10 o'clock now. You called that wrong

sorry, I wasn't concentrating. Did the crash happen?