Mortgage Lending Rising Again

Rota

Bubble_and_Squeak wrote: »

hahaha quoting mark carney!

Better that quoting you. How much control do you have of the economy?

Bubble_and_Squeak

Rota wrote: »

How much have they fallen in the last year?

just done a quick E17 search on righmove for houses
last 24 hours
unfortunately i can't post links as i'm a new user
but i found the following price cuts:

Price changed: from '£450,000' to '£425,500'
after 3 weeks

£55k off after 8 weeks

£30k off after 2 weeks

£25k off after 5 weeks

Jason74

Rota wrote: »

Wasnt Walthamstow the hottest property spot in London for the last 18 months?

A 12% drop since April is a return to sanity of asking prices.

This is probably the long and short of it. I live in / near another one of London's more surprising hotspots, and in my neck of the woods, prices are up 40% or so in little over a year. There has been a definite and dramatic cooling in the last couple of Months though, and there can be little doubt that it's not just s seasonal fluctuation.

People are still listing at silly prices, but in terms of anything actually selling, I'd say prices haven't moved since late April / early May, and if anything they're drifting down slightly. Certainly, there have been cases of properties going under offer, coming back on, and having price reductions from the previous "sold" prices.

But none of this means a crash is underway / imminent. It's probably simply a case of froth coming off what has been an insanely hot market. It could be the start of something bigger, but playing the odds, imho it probably isn't. That said, there's no longer any rush for any buyer to rush into a purchase imho, as I can't see prices increasing much round my way over the next 12-18mths (this is of course with the caveat that nobody knows what will happen, and everyone has to be responsible for their own decisions).

Bubble_and_Squeak

Rota wrote: »

Better that quoting you. How much control do you have of the economy?

come on!
mark carney!
of course hes going to say the economy is doing really well
hes not going to stand on the rooftops of threadneedle street singing "real wages are falling and productivity hasn't increased since the great financial crisis" is he?!

Bubble_and_Squeak

Jason74 wrote: »

This is probably the long and short of it. I live in / near another one of London's more surprising hotspots, and in my neck of the woods, prices are up 40% or so in little over a year. There has been a definite and dramatic cooling in the last couple of Months though, and there can be little doubt that it's not just s seasonal fluctuation.

People are still listing at silly prices, but in terms of anything actually selling, I'd say prices haven't moved since late April / early May, and if anything they're drifting down slightly. Certainly, there have been cases of properties going under offer, coming back on, and having price reductions from the previous "sold" prices.

But none of this means a crash is underway / imminent. It's probably simply a case of froth coming off what has been an insanely hot market. It could be the start of something bigger, but playing the odds, imho it probably isn't. That said, there's no longer any rush for any buyer to rush into a purchase imho, as I can't see prices increasing much round my way over the next 12-18mths (this is of course with the caveat that nobody knows what will happen, and everyone has to be responsible for their own decisions).

where are you?
i agree, a crash is unlikely unless the economic fundamentals change. i really feel sentiment has changed now and we'll see significant and sustained falls at least until april

Rota

Bubble_and_Squeak wrote: »

come on!
mark carney!
of course hes going to say the economy is doing really well
hes not going to stand on the rooftops of threadneedle street singing "real wages are falling and productivity hasn't increased since the great financial crisis" is he?!

If you think it feels like 2008 out there you must be living under a rock. Try hiring scaffolding right now, see how many cranes are up over London. All the signs are there. In 12 months time you will crying into your corn flakes remembering what you are reading now.

P.S - I have had a 5% payrise for the last 3 years running, plus 50% of salary bonus. Its not uncommon in my sector.

AndyGuil

Bubble_and_Squeak wrote: »

ah, the old supply outstrips demand in london gambit
if this is such a truism why are prices actually falling?

They aren't falling. Land registry.

wotsthat

Bubble_and_Squeak wrote: »

i'm not the sharpest tool and consequently easily confused by numbers. am i to assume that by your second point you are suggesting banks are actually going to be increasing mortgage lending to meet the future price rises?

The answer to the same question 12 months ago turned out to be yes.

Jason74

Bubble_and_Squeak wrote: »

where are you?
i agree, a crash is unlikely unless the economic fundamentals change. i really feel sentiment has changed now and we'll see significant and sustained falls at least until april

I live in Crystal Palace,and keep an eye on what goes on there and in Penge / South Norwood. Basically the edge of South East London where it meets the Kent / Surrey border (my place has a London Postcode, but I could be in either a Kent or Surrey one within a 30 min walk / 5 min drive). Like I say, it's been mad recently, as illustrated by the fact that my place was probably worth £160k at the beginning of last year, and a couple have sold recently at £250k ish. A couple of people have tried to list higher still, but def. a case of "market says no" where that's concerned, and they've sat for Months.

Bubble_and_Squeak

AndyGuil wrote: »

They aren't falling. Land registry.

land registry is yesterdays data
look at prices TODAY