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Debate House Prices
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Blog on current housing situation
Comments
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So why were prices sky-rocketing prior to 2007/8? There was no shortage of houses/flats being built.
What do you mean no shortage?
And this article was published in 2002....
England will face a huge housing shortage in 20 years, according to a report by the Joseph Rowntree Foundation.
The study by the research charity suggests that the supply of houses is falling behind demand even faster than was previously thought“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: »What do you mean no shortage?
And this article was published in 2002....
In your first graph, build-completion was growing nicely just before the crash, and accelerating. It makes no mention of the number of homes under construction.
After the crash, BTL investors were going bust (presumably because they couldn't get tenants), and there was a nearly-completed development near me which was offering two for the price of one.
And my rent has not increased in the four years that I have lived here (500 metres from a London commuter station).
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
In your first graph, build-completion was growing nicely just before the crash, and accelerating. It makes no mention of the number of homes under construction.
After the crash, BTL investors were going bust (presumably because they couldn't get tenants), and there was a nearly-completed development near me which was offering two for the price of one.
And my rent has not increased in the four years that I have lived here (500 metres from a London commuter station).
TruckerT
can you provide a link to the 2 for 1 offer?0 -
can you provide a link to the 2 for 1 offer?
No. It was almost certainly more complicated than a simple 2 for 1, but that was the gist of their advertising.
The development in question is adjacent to Wolverton station in Milton Keynes. I don't live there any more!
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
grizzly1911 wrote: »Interesting you cite in your earlier post 6% of UK mortgages became bad and doubtful. I was under the impression it was below 1%.
Eh?
Did you misunderstand my post?In your first graph, build-completion was growing nicely just before the crash, and accelerating.
It was.
Rising prices led to a supply response.
However it was still short of the 250K new houses we need a year.
And the crash set us back a decade by killing off supply. Worsening the shortage.“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: »Eh?
Did you misunderstand my post?
I think he was confused about your reference to 1/16th [which is about 6%] of banks' losses being due to the UK housing market. Which, of course, in no way implies 6% of UK mortgages went wobbly. Would be mayhem if they did!0 -
HAMISH_MCTAVISH wrote: »It was.
Rising prices led to a supply response.
However it was still short of the 250K new houses we need a year.
And the crash set us back a decade by killing off supply. Worsening the shortage.
But the rising prices were only made possible by stupid lending.
If since 2007/8 we are short of, say, 1m houses, and if the average household size is, say, 2, then where are the 2 million homeless people? And where are all these immigrants gonna live?
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
HAMISH_MCTAVISH wrote: »We know.
And that's OK, as neither does Brit.
Which is why he thought prices would fall 50% by Xmas 2009.:rotfl:
Hamish if you can't see that cheap credit and irresponsible fuels housing bubbles then you are financially illiterate.
Everything was done in 2009 was done to stop house prices corect down wards, 0.5% interest rates, QE, SMI and banks told not to repossess. Then funding for lending and help to buy with a devalued £ combined with tax loopholes allowing foreign buyers to purchase most of the new housing stock. Oh did I forget to add land bank manipulation.
Critic the article Hamish or is everyone wrong apart from you?:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Hamish if you can't see that cheap credit and irresponsible fuels housing bubbles then you are financially illiterate.
Everything was done in 2009 was done to stop house prices corect down wards, 0.5% interest rates, QE, SMI and banks told not to repossess. Then funding for lending and help to buy with a devalued £ combined with tax loopholes allowing foreign buyers to purchase most of the new housing stock. Oh did I forget to add land bank manipulation.
Critic the article Hamish or is everyone wrong apart from you?
Do you really believe that.0
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