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Debate House Prices
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The mysterious case of the vanishing money
Comments
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I probably didn't really need a summarising of the bear/bull debate, but it was very well written Hamish.
You are right - we will have to wait. Actually we wouldn't have had to wait if IRs hadn't been slashed to defend the housing market (among other reasons). But they were cut, and the market was supported. I suspect not for much longer though, but who knows.
Not sure where you get your figures on average salary ration for mortgage borrowing, but it's not really the average that counts - it's more the people who were given 100-125% mortages that previously didn't really exist. That's what causes the pain.
Either the prices will have to be cut, or somehow the volumes have to return to normal. I don't see the latter happening under present circumstances.
Tired old arguments though...people have to decide for themselves if they are buying at the top of the market or if current prices represent fair value for money. Time, as always, will tell.0 -
HAMISH_MCTAVISH wrote: »Happens every spring....
Prices start rising, bears get nervous and feel the desperate urge to try and persuade a few people on obscure internet boards that the 50% crash they've been promising since 2001 is really, really, really going to happen this time.
50% now? I think not.
2001 now? I think not.
I'm sure this kind of stereotypical overstatement has nothing to do with desperate bullish relocation of the goalposts and scurrying for a fall back position.
Speaking of desperate urges to persuade a few people on internet boards.....7574 posts. Ouch.0 -
7574 posts. Ouch.
Says the troll with 700+ posts here alone in just the last few months....
PLUS the many thousands on HPC, CC, GHPC, etc.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »False.
It's because banks lent long and borrowed short, and the sources of funding dried up.
So the banks over lent as Pobby suggested.
The short term wholesale money markets can't support the requirements of the long term UK mortgage market.
Something which is far from rectified.0 -
the problem with his no boom or bust mentality was during the good years, he spent big rather than stashing some away for a war chest, during the bad times, he sold our gold at the worst ever time. I could go on. I wouldnt listen to brown if it was the last thing I did. Run the country like a government run department then we go bust, get some top execs in running things and we can balance the books and get out of this mess.it's the very thing brown was saying when he fought the election. you don't cut public spending in a recession / economic downturn unless you want to go deeper into recession.
Merv King has already said the last decade was a prosperous one for many, but dont expect things to be back to that level. we will earn less and spend more, purse strings will be tightened, get used to it now. Chance are that high wage inflation could just make it all worse.Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
the problem with his no boom or bust mentality was during the good years, he spent big rather than stashing some away .
i agree. but that doesn't mean saving during your bad years is right, does it? brown being wrong over spending in the good years doesn't make the condems right over saving in the bad ones. quite the opposite i would have thought.Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0 -
HAMISH_MCTAVISH wrote: »Says the troll with 700+ posts here alone in just the last few months....
Says the MSE troll with 7000+ posts in one year alone?
As to me, "Last few months". You mean 8 months right?HAMISH_MCTAVISH wrote: »PLUS the many thousands on HPC, CC, GHPC, etc.
Please clarify the "etc" Hamish. You haven't just made it up have you.
And by "many thousands on HPC" you of course mean one thousand.
In 5 years.
Which pales to insignificance next to your 2600 posts in the one year before you were escorted to the door.
All of it moot of course, as I'm not the chap who just suggested that high post rates = twitchy sphincter.
Which, incidentally, given your efforts I might be inclinded to agree with. 0
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