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Debate House Prices
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And So It Begins.....
Comments
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Hamish wants a return to the.... .
....days of sensible, historically normal and prudent lending standards that we used to have in the 60's, 70's, 80's and 90's.
Where a 5% deposit, an average credit score and a job was enough to get a mortgage at non-punitive bank margins above base.
Not the insane lending standards of today, where FTB-s are being ripped off and an entire generation excluded from housing thanks to mortgage rationing.“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 -
Graham_Devon wrote: »The majority of econmists think further QE would be the wrong route to take right now..
Source? Evidence? Proof?“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: »Source? Evidence? Proof?
Read the articles in the papers.
And I don't mean the express.0 -
HAMISH_MCTAVISH wrote: »Source? Evidence? Proof?
It was in last weeks edition of MoneyWeek0 -
HAMISH_MCTAVISH wrote: »Not the insane lending standards of today, where FTB-s are being ripped off and an entire generation excluded from housing thanks to mortgage rationing.
You didn't think that the "Boom" of 2001 - 2007 was not going to have a sting in it's tail, did you ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Of course they can afford the prices. They're paying as much in rent as they would for a mortgage. It's the deposits that stop people buying.
The same thing occurred in the last house price correction 1989 - 1995. People were paying £350 in rent and a mortgage was about the same but they could not get a mortgage and you only needed a 5% deposit.0 -
HAMISH_MCTAVISH wrote: »....days of sensible, historically normal and prudent lending standards that we used to have in the 60's, 70's, 80's and 90's.
Where a 5% deposit, an average credit score and a job was enough to get a mortgage at non-punitive bank margins above base.
Not the insane lending standards of today, where FTB-s are being ripped off and an entire generation excluded from housing thanks to mortgage rationing.
I would like to return to sensible multiples where you do not need 2 wages to buy a house.0 -
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Graham_Devon wrote: »Read the articles in the papers.
And I don't mean the express.
"In the short term, the Chancellor is expected to encourage another round of Quantitative Easing (QE). Economists and business lobby groups, including the BCC, have called for £50bn of "money printing" to start this month."
http://www.telegraph.co.uk/finance/economics/8800317/Does-George-Osborne-have-a-marvellous-medicine-for-the-economy.html
There is a growing chance the Bank of England will restart its bond buying programme as a one-in-three chance of another recession has convinced more forecasters that the bank will act to cut those odds, a Reuters poll found. The poll of 60 economists, taken over the past week, found forecasts for 2012 economic growth slashed, based on a recent run of poor data, a spiralling debt crisis in major trading partner the euro zone, and a slowdown in the United States.
http://uk.reuters.com/article/2011/09/15/uk-economy-britain-poll-idUKLNE78E00320110915
Scott Corfe, senior economist at the Centre for Economics and Business Research (CEBR), was "surprised" that Mr Posen still remained the only member voting for QE "given the parlous economic situation, the content of recent MPC speeches and the bank’s quarterly bulletin earlier in the week which appeared to pave way for more QE".
http://www.ftadviser.com/FTAdviser/Regulation/News/article/20110921/d51e9c1a-e42f-11e0-b5b2-00144f2af8e8/Market-View-QE2-set-for-November.jsp“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
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