House Price Crash Discussion Thread

TT1_3

skap7309 wrote: »

Whoa! No need to shout, have i hit a nerve?
Bottom line is - people ARE struggling to get a mortage, no matter what your bullish thoughts may be. Many of my friends are desperate to buy and its the same old story of 'i cant get a mortage' despite all having good, steady jobs, myself included.

Bottom line is, you pulled me up as misleading despite my points being 100% factual and you counter this with a misleading post

If your going to quote me, don't cherry pick a part and try to look smart....after all, your the one that can't get a mortgage!

Lets see your answer to my question in that post and more importantly why you and all your friends can't get a mortgage and i can get 2!

*MF*

@ TT1 and skap7309 - we build our own experience and understanding from what happens to us, it becomes our knowledge and builds our opinions, but it is personal to us, we don't all experience things the same - and learning to appreciate that no one opinion is correct - helps us all gain a better understanding. PLUR!

*EDIT* An after thought ... TT! any chance you would be willing to PM skap7309 details of where you are finding a positive mortgage source - and we all end up happily ever after.

**********************

Two extracts from the FT today to inform the discussion

UK house prices fell 2.5 per cent in May, according to the latest Nationwide house price index, posting the largest single monthly decline in the index’s history.

May’s drop in house prices is the seventh consecutive monthly fall, the longest period of housing value decline since 1992.

The drop in house prices was not entirely unexpected, The Bank of England reported an 11 per cent drop in approvals for new home purchases in March to 64,000 – the lowest level of demand since records began in 1993.

From here:

http://www.ft.com/cms/s/0/92de1be4-2d4b-11dd-b92a-000077b07658.html?nclick_check=1

Mary_Hartnell

Mary_Hartnell wrote: »

Robert Peston, the man who broke the news at the bank of Northern Rock, has written a thoughtful explanation of what he thinks is happening to mortgage availability.
(So HBOS is relying on its rights issue to increase market share?)

Its the Saturday blog on here:

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

After thoughts: Tory governments tend to have sex scandals and Labour financial ones?
What is going to happen to Northern Rock, when it has managed to reduce itself to the "can't pay - won't pay" brigade?
http://forums.moneysavingexpert.com/showthread.html?p=11177433#post11177433

I don't want to sound like RP's fan club; in fact I find his "delivery" somewhat irritating in this next item. Perhaps because he is trying to do the "keep it clear and simple" delivery for the benefit of children & foreign listeners.
That said, I found this interesting earlier in the week but was not in a position to publish here its broadcast times. Well it is repeated today at 10:00 (& in the early hours of Monday morning:eek:) for those with a 648 medium wave reception.

Alternatively it will be available as an MP3 download - the details are here:

• DocArchive: Failure at the Central Bank
  
  For the last six decades, central bankers have run the international financial system with the aid of a powerful set of economic levers handed to them after the World War 2. Last year, these levers came off in their hands. In this two-part series Robert Peston examines how the former supermen of global financial economy became pathetic weaklings.
  Duration: 23mins | File Size: 11MB
  Download Episode

Remind me which American bank was it that managed to bail out of mortgages before the crunch? Would it have been JP Morgan, as it still had enough capital to take out Bear Stearns ?

Turnbull2000

Turnbull2000 wrote: »

Been watching this neighbouring property since last Summer.

http://www.adamsonspropertycentre.com/cms/propertyimages/2%20Grand%20Parade200308.pdf

It was listed for six months with another estate agency at a ludicrous £500,000 and then removed in December. The owners then spent January decorating and painting the property, reduced price to £450,000 and listed with this new estate agency. Evidently there was still no interest, as the price has just been reduced to £425,000.

Anybody care to guess what it will eventually go for?

Looks like this one may reach a year on the market. For sale sign remains.

Turnbull2000 wrote: »

Following a valuation of 190K last year, my sister will be selling up shortly following divorce. It's a very tastefully decorated 3 bed terrace near the sea front of Whitley Bay. I reckon the EA will go for 175K.

Two months gone - two viewers, no offers.

I'll try a capture some pictures of my street next time I have a camera. It's Percy Park, Tynemouth. The number of for sale and to let boards is getting ugly.

An anecdotal of the wider economy - a major energy supplier we've designed a largish office and facilities building for is looking to abandon the project. Thankfully we've already pocketed the fees for design, but it looks like construction is now on hold indefinitely.

MiserlyMartin

Mary_Hartnell wrote: »

Robert Peston, the man who broke the news at the bank of Northern Rock, has written a thoughtful explanation of what he thinks is happening to mortgage availability.
(So HBOS is relying on its rights issue to increase market share?)

Its the Saturday blog on here:

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

After thoughts: Tory governments tend to have sex scandals and Labour financial ones?
What is going to happen to Northern Rock, when it has managed to reduce itself to the "can't pay - won't pay" brigade?
http://forums.moneysavingexpert.com/showthread.html?p=11177433#post11177433

Robert Preston claims to have broke the news of Northern Rock? It was obvious to many people that the bank was in major trouble last Summer way before the BBc and other mainstream media woke up to it all.

I take it you don't recall the issue of Two Jags Prescott having it away with his secretary then? Must be a good day to bury bad news -- again.

Lotus-eater

Very interesting thing on my local property bee.
When I started watching 1st March, there were 233 properties, it steadily rose to 267 till a couple of days ago, when I noticed it went down a couple.
Tonight whacked back down to 237.
Thats in two days, 30 properties off the market. What happened, Nationwides figures? Its the only thing I can think of.

m00m00

or an end of the month cull of the STCs etc

Lotus-eater

m00m00 wrote: »

or an end of the month cull of the STCs etc

Nah..... wheres the conspiracy in there

Youngstar

Hey all,

I'm a first time buyer with a big enough depo to get a 85% morgage.. the big question is do i wait it out or try and get a bargain now?
thanks

JonnyBravo

Youngstar wrote: »

Hey all,

I'm a first time buyer with a big enough depo to get a 85% morgage.. the big question is do i wait it out or try and get a bargain now?
thanks

You don't sound like you "have to buy now"... so wait it out.