Halifax -2.5 MoM

izzwizz_2

izzybusy23 wrote: »

Whats Gloucester considered as, South West or Midlands?

If you live in Birmingham, it's the South West. If you live in Cornwall, it's in the Midlands :rotfl:

Treadmill

I reckon all the mugs who sold in 2003 thinking a crash was just around the corner are partying too soon, there is no way house prices will ever go as low as they where in 2003, houses still cost more than they did last year even. The BOE will bail out the market by dropping the base rate to 4.75 in the next 12 months disregarding the fact that inflation will rise.

Quite why property prices are of interest to the BOE I don't know though.

m00m00

I have seen some properties in my local area listed at the same price they sold for in 2004, and not selling at that, which suggests they are actually going to sell for lower than the 2004 price when they eventually sale.


HPI is very regional, national figures are very misleading.

Treadmill

Give us some examples ?

http://www.houseprices.co.uk/

pararct

Treadmill wrote: »

I reckon all the mugs who sold in 2003 thinking a crash was just around the corner are partying too soon, there is no way house prices will ever go as low as they where in 2003, houses still cost more than they did last year even. The BOE will bail out the market by dropping the base rate to 4.75 in the next 12 months disregarding the fact that inflation will rise.

Quite why property prices are of interest to the BOE I don't know though.

Sorry and all due respect but this is horseh!t. BOE have reduced rates already and these have not been passed on to borrowers by the lenders meaning in essence they have lost control of maintaining house prices through interest rates.

The lenders have liquidity problems and are trying to reign back as much cash as they can by reducing lending (we are seeing products withdrawn from the market every day) and increasing interest rates.
There is nothing to suggest that even if BOE went a full 1% that any of it would be passed on the the borrowers. There is very little market between themselves they are more interested in survival than generating new business!!!

Treadmill

The "credit crunch" will iron itself soon enough and mortgage costs will go down in my opinion, now that lenders are getting choosier about who they lend too. You'll look at the graphs in a few years and 2008 will just be a blip.

PasturesNew

Treadmill wrote: »

The "credit crunch" will iron itself soon enough and mortgage costs will go down in my opinion, now that lenders are getting choosier about who they lend too. You'll look at the graphs in a few years and 2008 will just be a blip.

The credit crunch is a loss of confidence.
Confidence, once dented, is like an ego .... not easily repaired.

It's not a blip. This is "it". As per the usual financial cycles. We've had the blips in the last few years. Maybe "wolf" was called too often, but this time there IS a wolf.

Treadmill

If there is a crash I'll be interested to see who correctly calls the bottoming out of the market, I'll not be listening to all the people who have been saying the market has peaked since 2004 and house prices have gone up by a lot since then.

m00m00

Treadmill wrote: »

Give us some examples ?

http://www.houseprices.co.uk/

http://www.rightmove.co.uk/viewdetails-17291752.rsp?pa_n=3&tr_t=buy


18 Jun 2004 12 Hazel Meadows, Hucknall, Nottingham,Nottinghamshire NG15 6BX Semi-Detached Freehold £110,000


and no, it wasn't a new build in 2004

snoopy78

Treadmill wrote: »

The "credit crunch" will iron itself soon enough and mortgage costs will go down in my opinion, now that lenders are getting choosier about who they lend too. You'll look at the graphs in a few years and 2008 will just be a blip.

What? Even if heavy regulations don't get issued to all banks from various government agencies accross the world (which it will), do you thing anyone will be ever using the famous Northern Rock business model any more?

For a long time after the credit crunch all businesses will be very wary about lending.

Lets not play down the first run on a bank in our life time, and the government needed to take ownership of the NR to stop the tax payer losing out and confidence in British banks being lower than it already is.

The amount of money lost from the system at the moment will mean that we will be feeling the effects of the credit crunch for a few years to come, in one form or another.

By the simple fact that lenders are being choosier about who they lend to will slow housing growth, less competition means demand goes down. House prices don't go up faster than the FT means more investors will invest in shares having further effects on the house prices, etc, etc, etc.