There will not be a crash

mr.broderick

baileysbattlebus wrote: »

thanks for putting the figures up - I knew we had paid around 15% for a quite a while - I just couldn't remember how long.
And I do remember "black Wednesday", when the rates went up for a few hours, I was at work and my boss was preparing to throw himself out of the window!!!
All the talk about fixed rate mortgages that are coming to the end of their term, my daughter and fiance bought 2 years ago on a fixed rate, interest only deal with the Nationwide and it's finishing in May this year. They had a letter yesterday from the Nationwide offering a 5 year fixed rate repayment mortgage at 5.6% with no fees and no tie in after the 5 years. Apparently for existing borrowers only, if they don't reply they'll go onto the standard variable rate, I must admit I don't know what that is, mortgage interest rates have long ceased to bother me, we've been in the house since 1995.
I don't know whether it's a good deal or not, but it seems pretty reasonable.

Of course it's a good deal, like i keep saying "Don't believe the hype"

meanmachine_2

My dear god

I'm staggered there are still highly leveraged BTLers here arguing that "there won't be a crash", when we're IN THE MIDDLE of a crash and the biggest financial crisis since the 1930s.

It's hilarious.

2 years ago I was being screamed at by people on here for even daring to suggest Northern Rock's business plan was "a bit mad" and might end in tears.

Now, as house prices ARE falling, mad homeowners and BTLers are screaming at us for predicting it all in the first place.

Insane.

mr.broderick

meanmachine wrote: »

My dear god

I'm staggered there are still highly leveraged BTLers here arguing that "there won't be a crash", when we're IN THE MIDDLE of a crash and the biggest financial crisis since the 1930s.

It's hilarious.

2 years ago I was being screamed at by people on here for even daring to suggest Northern Rock's business plan was "a bit mad" and might end in tears.

Now, as house prices ARE falling, mad homeowners and BTLers are screaming at us for predicting it all in the first place.

Insane.

You bought a house yet meanmachine? I will admit 2 years ago i was one of the nutters on here having a good bit of banter with you, i think i was proven right meanmachine we continued to see good growth, you, i and anyone with 2 braincells knew it would run out of steam but you did call it wrong admit it..how are you by the way?

The_Dangerman

From the Nationwide:

The annual rate of house price inflation fell from 4.2% to 2.7%

It's news to me that rising prices can be called a crash, but what do I know?

Now it does suprise me that someone who is trying to get on the property ladder is using words that "staggered, hillarious, insane" to describe the position of those already on it :rolleyes:

dannyboycey

The_Dangerman wrote: »

From the Nationwide:

The annual rate of house price inflation fell from 4.2% to 2.7%

It's news to me that rising prices can be called a crash, but what do I know?

Now it does suprise me that someone who is trying to get on the property ladder is using words that "staggered, hillarious, insane" to describe the position of those already on it :rolleyes:

The annual rate was well into double digits a few months ago, this is why there's still a year-on-year rise as a whole despite big falls. That 2.7%+ will very soon enter minus territory and the media will have a doom and gloom field day. You can wait till then to prepare yourself, or you can sort your finances out now. Not a fan of stats anyway as they are so easily skewed by extremes at both ends of the spectrum.

It sounds like you're trying to convince yourself here. Personally, there is no doubt in my mind that prices are crashing now. I have found countless pieces of evidence to substantiate my personal view and little if no evidence to provide a feasable counter argument.

mr.broderick

dannyboycey wrote: »

The annual rate was well into double digits a few months ago, this is why there's still a year-on-year rise as a whole despite big falls. That 2.7%+ will very soon enter minus territory and the media will have a doom and gloom field day. You can wait till then to prepare yourself, or you can sort your finances out now. Not a fan of stats anyway as they are so easily skewed by extremes at both ends of the spectrum.

It sounds like you're trying to convince yourself here. Personally, there is no doubt in my mind that prices are crashing now. I have found countless pieces of evidence to substantiate my personal view and little if no evidence to provide a feasable counter argument.

All i can say danny is that if they are crashing in your mind sir they must be crashing...United for the title?

Generali

mr.broderick wrote: »

All i can say danny is that if they are crashing in your mind sir they must be crashing...United for the title?

I bl00dy well hope so. I win a tenner if Utd take the championship. And it's got to be better than seeing the Gooners walk off with it.

Paul_N_4

The_Dangerman wrote: »

From the Nationwide:

The annual rate of house price inflation fell from 4.2% to 2.7%

It's news to me that rising prices can be called a crash, but what do I know?

Now it does suprise me that someone who is trying to get on the property ladder is using words that "staggered, hillarious, insane" to describe the position of those already on it :rolleyes:

LOL. So house price inflation falling from 4.2% to 2.7% is now called rising house prices? You need to understand how year on year figures work. What nationwide is telling you here is that if you bought the average property in the UK in February 2007, it would now be worth 2.7% more, a year later. I'd rather have my money in a savings account.

The average house price is falling and has been since around October 2007. That's why the year on year HPI has dropped from about 8% to 2.7%. Because we had positive growth from February 2007 to Spetember(ish) 2007, and negative growth since. Add up all the positives and negatives and you get 2.7%. A couple more months of negative growth, or stagnation at best, and that 2.7% will be down to 0% or below.

dannyboycey

mr.broderick wrote: »

All i can say danny is that if they are crashing in your mind sir they must be crashing...United for the title?

Correct on both counts.

Now that's sorted, who's round is it?

stonethrower

you cannot compare the uk housing market to japans

when we stop living in houses over 25 years old then you can compare the uk market with the japanese

That may have been True at one time when most of Japanes houses were wooden but not any more.