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Debate House Prices
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Rightmove Sept +0.7% Mom + 1.5% YoY
HAMISH_MCTAVISH
Posts: 28,592 Forumite
Supply falling.
Mortgage Rationing continues.
The relative shortage of property coming to market continues, helping to underpin prices. The improvement in new seller numbers measured in September 2010 now seems to have ebbed away, with the number recorded this September 10.3% down on last year.
Mortgage Rationing continues.
The continuing lack of attractive mortgage products with higher loan-to-value ratios is stalling a housing market recovery, as first-time buyers or existing homeowners with little or no equity are faced with years of saving to raise the necessary deposits.
“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”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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"The continuing lack of attractive mortgage products with higher loan-to-value ratios is stalling a housing market recovery, as first-time buyers or existing homeowners with little or no equity are faced with years of saving to raise the necessary deposits."
Fancy having to resort to "saving". What a terrible prospect.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Fancy having to resort to "saving". What a terrible prospect.
Since 1990, the average deposit needed to buy a house has risen more than twice as much as house prices and almost four times as much as income.
This, above all else, is the major factor preventing a generation of FTB-s from buying and forcing them to enrich their landlords instead.“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 -
Really not sure what to make of this index (its not seasonally adjusted I don't think). This index only shows a 4.5% drop from peak and its the only one that has been pretty consistently YoY positive over this year.
Anyhoo, second leg down anyone?
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HAMISH_MCTAVISH wrote: »Since 1990, the average deposit needed to buy a house has risen more than twice as much as house prices and almost four times as much as income.
This, above all else, is the major factor preventing a generation of FTB-s from buying and forcing them to enrich their landlords instead.
Oh Hamish give it up fella.
Your hypocrisy is getting frankly obsurd.
You want to tell everyone that higher lending had nothing to do with higher prices...it was all supply constraints.
Yet at the same time, you bemoan lower lending as it's preventing your beloved housing market moving on up.
Pick an argument and stick to it, instead of using a variety of overlapping arguments depending on what you want us to believe today.
As for rightmove, it's been said too many times, doesn't mean much. Indeed, sold prices fell as asking prices rose...even Miles Shipside himself from Rightmove was suggesting sellers simply need to get real.
And once again, how much of this is due to London?0 -
HAMISH_MCTAVISH wrote: »Since 1990, the average deposit needed to buy a house has risen more than twice as much as house prices and almost four times as much as income.
This, above all else, is the major factor preventing a generation of FTB-s from buying and forcing them to enrich their landlords instead.
The size of required deposit is a function of price and lending criteria.
The current lending criteria is a price we are paying for the loose lending practices a few years ago by the likes of NR, B&B etc.
Yes, I know, their loan books are in perfect condition, due to the low number of repo's etc. Well, I remember looking at the relatively wide availability of low LTV mortages (and even 125% mortgages) and thinking "we'll pay for this".
Stop moaning about the hangover Hamish, you were no doubt enjoying the booze at the party.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Where is the link for the pdf file, can't get on rightmove? :-) I send it to a friend to download for me :-)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 -
:rotfl::rotfl::rotfl:Third thread on this today. Been a bad months for the bulls I guess.0
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HAMISH_MCTAVISH wrote: »Since 1990, the average deposit needed to buy a house has risen more than twice as much as house prices and almost four times as much as income.
Would this be anything to do with price by any chance?
I'll make it simple for you Hamish. If a house costs £100,000 you'll need a £10K deposit for 10%. If the same house is £200,000 you will need a £20K deposit for 10%.
Now................think about it Hamish..................which one would be easier to save for?0 -
shortchanged wrote: »Would this be anything to do with price by any chance?
I'll make it simple for you Hamish. If a house costs £100,000 you'll need a £10K deposit for 10%. If the same house is £200,000 you will need a £20K deposit for 10%.
Now................think about it Hamish..................which one would be easier to save for?
But debt-junkies would prefer to borrow £180k than £90k.
It makes them feel richer you see.
(daft, I kow, but that's the way they think)."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
But debt-junkies would prefer to borrow £180k than £90k.
It makes them feel richer you see.
(daft, I kow, but that's the way they think).
Correction:
They would prefer YOU to borrow 180k instead of 90k. So long as you pay more, they are happy.
Look at tittish, tells everyone what a great investment BTL is and how he's got so much cash ready for the venture, but you think he's got one? Course he hasn't. Just wants others to take the plunge in the hope it helps reduce stock further.0
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