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House price crash update
Comments
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Guy_Montag wrote:Apologies to whoever said:
"8% yoy growth is not a soft landing; it's stil a boom"
T'was I.
I hail from the much derided bust-follows-boom school of thought whereby all human greed eventually gets punished.
I was told by "experts" such as "bestthingsinlifearefree" last year that I should buy, but not to expect "significant appreciation" as we had safely achieved a soft landing.
Pah! Rubbish. No such thing.
In hindsight now we can see that two things happened in the Summer of 2005, just as the market was about to turn negative.
1) The bank of England lost their nerve and cut interest rates.
2) Banks abandoned traditional lending criteria and moved to "affordability".
The second of these is much more significant than the first.
Banks must lend and lend and lend, or go out of business. Only they can stop the madness. But there's a lot more lunacy to come yet.
Expect us to "go Irish" until 2010 when the boomers start dying and there's no one left to pay their mega house prices.
All other predictions of a crash until then will be premature.0 -
F_T_Buyer wrote:Since when were Surveyors Accountants? I think you've made a boo boo.
Oh, and when else do RICS say any news that isn't bullish? Just like they said they predicted the market correctly in 2005 of +3%, yet their own survey showed prices falling for every month apart from December.
RICS are spin merchants with a vested interest like all the others!
On the road to recession, there is a sign at every turn saying "soft landing"!
Ooops, three of my friends are chartered accountants so its stuck in my head!0 -
A pop over to the credit card board shows banks are now changing there minds about lend lend lend and since the goverment isnt going to bail them out for the IVA`s increase they will just get tighter with there borrowing, fair enough it hasnt hit the mortgages yet but it WILL impact all borrowing.If it doesnt pay rent sell it.
Mortgage - £2,000
Updated - November 20120 -
mystic_trev wrote:Just how many "soft landings" are we going to have predicted?
About 1% of all the "House Price Crash" predictions that we have by the looks of things.....
M0
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