House Price Crash Discussion Thread

mrsw

Lotus-eater wrote: »

Which county is that out of interest?

Not sure which county th other poster is talking about, but when I looked at Property Snake on Monday it showed 0 reductions in Berkshire.

Lotus-eater

mrsw wrote: »

Not sure which county th other poster is talking about, but when I looked at Property Snake on Monday it showed 0 reductions in Berkshire.

Your right, wonder why that is?

kingkano

I love how the headlines get talked about. People who actually looked into what the IMF said will see they also commented -

But, it adds, a lack of supply could continue to hold up UK prices. The IMF also says that the UK and other western European housing markets are in a better state than that in the US, because they have generally avoided the sub-prime mortgage industry.

merlinthehappypig

!!!!!!? wrote: »

It's absolutely amazing at how quickly the media have swung around in their reporting. They've went from "All is rosy and prices set to rise forever" to "Doom" in about 2-3 weeks.

Too bad they weren't flagging the problems months back when it was clear which way things were heading. As it is, anyone who needs to sell (mortgage costing too much, debts to be paid) is probably too late.

Totally agree. It is amazing, but this is one of those things that has a real danger of becoming a self-fulfilling prophecy, just like the problems with Northern Rock which blew out of all proportion.

The frankly silly house prices we have all been paying for the last few years are only sustainable if there is confidence in the housing market. As soon as that goes all hell will break loose, just like at the end of the 80's for those of us who lived through it.

The more the media report on problems, the more real those problems will become. The price reductions I posted about in the other thread are only being offered to me because the owner has seen the media reports and is thinking that he would rather reduce the price a bit now, rather than being forced to in the medium term.

A couple of weeks ago I was expecting a downturn in the market with a soft landing, perhaps a gradual reduction of 10-15% over a few years, but wasn't anticipating a crash. I'm not so sure now.

Running_Horse

obsessed_saver wrote: »

Right Move is majority owned by a few large estate agents..............

That does not change the fact Rightmove are not EAs, and make their money from advertising rather than sale commission. Rightmove will do well in any property price crash.

Gorgeous_George

ivegotabig1 wrote: »

http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article2681755.ece

Here is the link again...This is BAD NEWS...& whats more it is on the FRONT...FRONT...FRONT... page of the The Times..Just think how many prospective FTB's will read that & decided not to make the plunge afterall !!..Headlines like that create a momentum of there own & there are going to be a lot more like them in the coming months !!! :eek:

FTBers read the Sun so I think none.



GG

Lotus-eater

I predict a property crash expose in the sun tomorrow.

tr3mor

Gorgeous_George wrote: »

FTBers read the Sun so I think none.

This is the strangest comment I've ever read on MSE.

Are you accusing all FTBers of being celebrity obsessed, bigoted halfwits?

mystic_trev

chriseast wrote: »

Totally agree. It is amazing, but this is one of those things that has a real danger of becoming a self-fulfilling prophecy, just like the problems with Northern Rock which blew out of all proportion.

Just as sentiment has driven prices up, sentiment could send them down again. I think it will need several months of negative figures from Haliwide before the market takes a tumble. If it does it'll take more than a few IR reductions to regain confidence, and remember, the Government still need to keep inflation down.

hgllgh

obsessed_saver wrote: »

Been monitoring a particular flat price in Cambridge, and just noticed it's fallen from the asking price of £195,000 (first listed 30/08/07) to £185,000 some time in the past few days. That's slightly more than a 5% drop in the asking price.

This page has yet to be updated yet and shows the original £195,000:
http://www.cambridgepropertydatabase.co.uk/property_search/?minimum_search_price=194000&maximum_search_price=196000&agent_id=5&keywords=garage

and Right Move with the new updated price:
http://www.rightmove.co.uk/viewdetails-8999007.rsp?pa_n=1&tr_t=buy

Too bad Right Move put a stop to Property Snake. I'm sure it will paint a very interesting picture right now wrt HPC. :rolleyes: Guess this is exactly what Right Move is afraid of. Unfortunately for them, it is now inevitable.

So Rightmove banned all of their properties from propertysnake ? That's outrageous! Can they do that? That data(price reduction events) belongs to the public domain. We have a right to know about property price reductions. Surely this breaches the freedom of information act 2000. Do Rightmove have the right to censor this factual information?