London Has Peaked

buglawton

Well the scenario looked like financially simple minded folk being conned out of their property. The viper-faced estate agent was urging the owner to sell. Now I wonder why that might have been?

Crashy_Time

buglawton wrote: »

Chanel 4 Monday (yesterday) evening.

The British Property Boom
http://www.channel4.com/programmes/dispatches

Noted that the pros who've done well out of London are now feeling it's past its prime and feel the need to take the search to the Midlands and the North.

The guy who was "worth" 6 million (on paper) and the woman who was hanging on his every pronouncement like a cult member you mean? :rotfl: Most of these types are going to get their a*rse handed to them in tin foil when the collapse comes IMO.

Crashy_Time

buglawton wrote: »

Well the scenario looked like financially simple minded folk being conned out of their property. The viper-faced estate agent was urging the owner to sell. Now I wonder why that might have been?

He hasn`t eaten in a couple of days maybe? :rotfl: The programme was a great example of the "not enough credit" simplistic pap that is sometimes lapped up on here I`m afraid.

Libber

buglawton wrote: »

Well the scenario looked like financially simple minded folk being conned out of their property. The viper-faced estate agent was urging the owner to sell. Now I wonder why that might have been?

Because the owner was in deep financial trouble and behind on her mortgage payments but stood to gain a six figure windfall by selling quickly?

Bubble_and_Squeak

surprise wasn't enough- i had to resort to astonishment
no real props in the budget yesterday
i suppose there will be a mini rush to "save" money on stamp duty now that bomads have an extra few grand of their parents money to outbid each other with

Mallotum_X

Bubble_and_Squeak wrote: »

surprise wasn't enough- i had to resort to astonishment
no real props in the budget yesterday
i suppose there will be a mini rush to "save" money on stamp duty now that bomads have an extra few grand of their parents money to outbid each other with

So if that happens will prices go up or down, new peak coming?

wotsthat

Bubble_and_Squeak wrote: »

surprise wasn't enough- i had to resort to astonishment
no real props in the budget yesterday
i suppose there will be a mini rush to "save" money on stamp duty now that bomads have an extra few grand of their parents money to outbid each other with

...and, according to Halifax, the average UK house is now up over 5% since London 'peaked' in April.

http://www.lloydsbankinggroup.com/media/economic-insight/halifax-house-price-index/

If you work on the premise that people spend as much as they can afford on a house then according to the link below the average London buyer has an extra £4,900 to hand to a vendor instead of HMRC. That's just shy of 1% on the London home. I doubt there will be a mini rush though - I've never paid as much as I can afford on a house but, then again, I've lived my life like a good little bear.

http://www.bbc.co.uk/news/business-30325762

mayonnaise

wotsthat wrote: »

...and, according to Halifax, the average UK house is now up over 5% since London 'peaked' in April.

This April 'peak' looks like another '50% off by Christmas' event. :rotfl:
They never learn, do they...

Bubble_and_Squeak

consider that since mmr lenders will be cherry picking the safest borrowers to lend to and these will tend to be the ones with the higher incomes so its not really surprising that in the face of collapsing demand the their indices are still suggesting rising prices.

wotsthat

Bubble_and_Squeak wrote: »

consider that since mmr lenders will be cherry picking the safest borrowers to lend to and these will tend to be the ones with the higher incomes so its not really surprising that in the face of collapsing demand the their indices are still suggesting rising prices.

If the indices are suggesting rising prices then that suggests... errr... rising prices.

It wasn't many moons ago you were saying MMR would lead to lower prices but now you're saying MMR has led to higher prices instead. Is the argument now only the houses selling are increasing in price whilst those not on sale are falling in value?

Let me know if you need a hand looking for the plot.