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French Red letter day
lypsey
Posts: 201 Forumite
But don't worry this will never happen here
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/03/28/cnfrance28.xml
It says " French property construction plummeted 15.1pc in February and home prices have begun to slip in the first sign that America's housing woes are spreading to Europe.
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This is the best quote of the year ""The market has turned in France, and this is the trailer for the movie we're are going to see across Europe this year," said Jean-Paul Six, chief Europe economist for Standard & Poor's"
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/03/28/cnfrance28.xml
It says " French property construction plummeted 15.1pc in February and home prices have begun to slip in the first sign that America's housing woes are spreading to Europe.
advertisement
This is the best quote of the year ""The market has turned in France, and this is the trailer for the movie we're are going to see across Europe this year," said Jean-Paul Six, chief Europe economist for Standard & Poor's"
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Comments
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Mmmmm, but the french have never really been that property obsessed have they? I think it's a case of the boom of all the Brits buying in France has slowed down a bit - or all those British people who went without really thinking about it are all trying to sell at the same time.
It's a completely different market to Britain0 -
So the boom is over in the US, France & Ireland. Fingers crossed it'll be here too soon."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Nifferwilko
You say "It's a completely different market to Britain."
It says "The ratio of household debt to disposable income in France is a modest 65pc, compared with 115pc in Spain, 146pc in Britain, 171pc in Holland, and 190pc in Ireland"
Therefore Britain is far worse than France
It says "French banks usually restrict lending to 75pc of the home's value."
Our muppet banks lend 125% and 7 x salary , again far worse than France
Our interest rates are higher than France
The average UK person earns 23k , the average home is now 200K plus , therefore 8.7 times salary . Do you really think France is worse than that.
Sorry but the UK is in a far , far worse position. We will have a far worse crash
When the banks start seeing house prices falling , do you really expect them to lend the multiples they are lending today... no .It is great when prices are climbing but if they see people handing keys back like they did in the 90's they will go back to the more sensible 4 times salary loans which in turns also has a big effect on the market.
My last point is that we have MORE money on credit cards than the rest of Europe ADDED together
How are you remotley serious when you say we in the UK are better off??0 -
You missed out that French employees in permanent jobs are better protected than their English counterparts against losing them.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
YAWWWWWWWWWWWN!
For all you conspiracy theorists.
http://www.google.co.uk/search?hl=en&q=the+truth+is+out+there&meta=
Might be more your sort of thing rather than lurking about on a money saving board0 -
It says "French banks usually restrict lending to 75pc of the home's value."
Far be it from me to suggest that the esteemed Telegraph might be talking ^%%$£, but French mortgages are invariably based on your ability to repay the loan, rather than any perceived 'value' of the property.
From memory, the figure is that your monthly repayments of debt (mortgage, loans et al) can't exceed 33% of your net income.0 -
Thanks Martyn
Just done a quick claculation , if they did that in the UK a lot of people would never be able to afford todays mortgages???
We would still have a crash0 -
Nifferwilko
You say "It's a completely different market to Britain."
It says "The ratio of household debt to disposable income in France is a modest 65pc, compared with 115pc in Spain, 146pc in Britain, 171pc in Holland, and 190pc in Ireland"
Therefore Britain is far worse than France
It says "French banks usually restrict lending to 75pc of the home's value."
Our muppet banks lend 125% and 7 x salary , again far worse than France
Our interest rates are higher than France
The average UK person earns 23k , the average home is now 200K plus , therefore 8.7 times salary . Do you really think France is worse than that.
Sorry but the UK is in a far , far worse position. We will have a far worse crash
When the banks start seeing house prices falling , do you really expect them to lend the multiples they are lending today... no .It is great when prices are climbing but if they see people handing keys back like they did in the 90's they will go back to the more sensible 4 times salary loans which in turns also has a big effect on the market.
My last point is that we have MORE money on credit cards than the rest of Europe ADDED together
How are you remotley serious when you say we in the UK are better off??
If you actually read what I wrote, I didn't say whether one was better than the other, or that one was worse than the other, I merely pointed out that it is a different market - as the figures you quote above show. I was just pointing out that you should compare like for like as it gives a more realistic comparison.
I never said that anyone in the UK is better off or worse off or that anyone in France is better off or worse off. I was just mentioning that one cause could be the slowdown in British people buying property in France. Please don't misquote me0
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