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Monday's Rightmove figures show 2.6% fall
Comments
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FWIW, Big Bank reckons no change in base rates this year and one cut next year.
It isn't worth anything for the simple fact that mortgage interest rates have now detached themselves from the base rate. There is less money available for banks to lend out (as per Northern Rock), the money that is available isn't being lent to bad risks (mortgage heavy companies like Northern Rock), and so they have to borrow from the central bank at a premium (like Northern Rock) - which then gets passed onto the end user - you!
Get ready for mortgage rates going up, house prices going down, unemployment, bankruptcies, repossessions, shooting through the roof, & the economy going into meltdown leading us to a depression, not a recession.
Cheers Gordon!0 -
what a cheery thought, time for bed me thinks ,will i still have a job come tomorrow...
my bark is worse than my bite!!!!!!!!0 -
terrierlady wrote: »what a cheery thought, time for bed me thinks ,will i still have a job come tomorrow...
If your a debt councillor - yes
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IMO, bubbles are unstable and one day they pop. They just do. Nothing burst the dot com bubble (it was gone well before 9/11). Nothing caused the Wall Street Crash in 1929. Nothing caused equities to start falling on the Tokyo stock exchange in the late 80s.
Exactly the same nothing will cause the UK housing boom to end. A few things will help but people wanting to pay a bit less for a house rather than a bit more will spell the end.
I guess it's kinda like sandpile theory."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
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