Sellers acting with more savvy?

dolce_vita

What do reckon on this article Gen ?

Phirefly

People are missing my point.

I said whats changed tangibly

As far as my Mum in her owned-outright cottage, my friends renting their exec-pad in south Manchester, my colleague who's just bought her next-ten-years-start-a-family home, my Dad who's in the middle of selling his house, the bloke who comes round to chips-away Mr.P's car, whats actually CHANGED in real terms for them other than sentiment fuelled by the media?

And yes, I'll be honest its a slow afternoon and under usual circumstances, I'd not touch a discussion like this with yours.

Turnbull2000

Phirefly wrote: »

I hear the news, I hear about those things. But the people around me, friends, colleagues, family, are still earning the same amount or more, still have the same aspirations and those with mortgages are still spending the same on their long-term fixed rates every month.

That's because the impact of this squeeze will not be sudden. Hundreds of thousand of fixed-rates are due to expire onto a much higher deal next year, new mortgage credit availability is falling 40%.

Many people will be insulated from a slowdown, others will suffer.

Turnbull2000

Phirefly wrote: »

People are missing my point.

I said whats changed tangibly

As far as my Mum in her owned-outright cottage, my friends renting their exec-pad in south Manchester, my colleague who's just bought her next-ten-years-start-a-family home, my Dad who's in the middle of selling his house, the bloke who comes round to chips-away Mr.P's car, whats actually CHANGED in real terms for them other than sentiment fuelled by the media?

And yes, I'll be honest its a slow afternoon and under usual circumstances, I'd not touch a discussion like this with yours.

Ermm.

I suggest you read the FT or similar to gain an understanding before you post on this thread again.

(sorry to sound patronising)

Phirefly

How condescending. I remember now why I tire of this board

Phirefly

pffft your edit was too late

Turnbull2000

You have to understand Phirefly that our lives are dictated by the markets - and the majority are blissfully unaware of any changes. Like interest rates, the impact is not known until many months down the line. That's why recent events cannot be dismissed on the grounds that your cousin or workmate is still doing ok.

Phirefly

Thankyou for a more intelligent reply.

I agree with you absolutely. I'm not dismissing recent events, I'm simply observing that in real terms recent events currently are not tangibly affecting the ordinary (urgh, for want of a better term) people I know.

Turnbull2000

Phirefly wrote: »

Thankyou for a more intelligent reply.

I agree with you absolutely. I'm not dismissing recent events, I'm simply observing that in real terms recent events currently are not tangibly affecting the ordinary (urgh, for want of a better term) people I know.

Ask them these two questions;

Compared to a year ago...

1. How much is your tank of petrol?

2. How much is your weekly shopping basket?

EdInvestor

Phirefly wrote: »

I said whats changed tangibly

As far as my Mum in her owned-outright cottage, my friends renting their exec-pad in south Manchester, my colleague who's just bought her next-ten-years-start-a-family home, my Dad who's in the middle of selling his house, the bloke who comes round to chips-away Mr.P's car, whats actually CHANGED in real terms for them other than sentiment fuelled by the media?

Quite right.The vast majority of people are completely unaffected, as is always the case.The effect is only at the margins - if City bonuses go down, fewer equestrian properties in the Costwolds get sold - and perhaps the prices go down.If people on low salaries with tons of debt can;t now get a mortgage, so what? They won't be buyers for mainstream properties anyway.

Also our lenders are a lot more sophisticated than those in the US (this is after all the first time they have ever had a house price crash so you can exceuse them for being a bit naive) so we are unlikely to see the kind of widespread repos/foreclosures leading to a downward spiral in prices that they have seen over there.Been there, done that (in the 90s) and figured out a better way.

Are you on the same planet as me ed? Are you suggesting that come february all will be well again with hpi?

I've said elsewhere I expect a pause a la 2004-05, which is what the interest rate rises were supposed to deliver. There was a danger that the credit crunch could accidentally tighten monetary conditions more firmly than desired and thus cause an unwanted crash.But the Bank has now taken action to prevent that, with more easing in the pipeline to neutralise the problem, and also there are signs the banks are getting a grip on the credit crunch.

So 2008 looks on track to me to be a fairly quiet year overall, with growth resuming in 2009.