Housing gloom 'worst in 30 years'

neverdespairgirl

"Confidence in the UK housing market fell in March to its lowest point in 30 years, according to a closely watched survey of property surveyors.
The Royal Institution of Chartered Surveyors' (Rics) said that 78.5% more surveyors reported a fall than a rise in house prices in March.
This was the gloomiest reading since Rics began the survey in 1978."



http://news.bbc.co.uk/1/hi/business/7346564.stm

brit1234

Thats cool. The house price crash has barely started. I wonder what confidence would be like in 2 years.

Starz_Ceilings

Everywhere seems to be predicting doom and gloom in the housing market.

Hopefully we will not experience anything like what is happening in the USA at the moment where I have heard from a friend who lives there that in some areas the sitaution has got really bad.

Kez100

My feelings are that houses will always be worth something in this country- we just don't have an oversupply. However, they are clearly over priced by a huge margin.

I have always expected a crash (a few years ago in fact!). I now think oit has started and due to the terribly high overprices we are going to see a much quicker initial correction.

What happens after that, and whether it continues to correct for further years to come like it did in the eary 90's, is going to depend a lot on the fast moving inflation, mortgage market and BOE rates.

carolt

Sit and wait for the abusive posts to come - you dared to post the truth and so expect the bullies out in force soon.

beingjdc

Starz_Ceilings wrote: »

Everywhere seems to be predicting doom and gloom in the housing market.

Hopefully we will not experience anything like what is happening in the USA at the moment where I have heard from a friend who lives there that in some areas the sitaution has got really bad.

We've had an even bigger boom, so on the what-goes-up-must-come-down principle...

Guy_Montag

A couple of monkeys on Today calling for the BoE to buy MBS to solve this problem.

Montag says "You had it good on the way up, now bend over & take like a man on the way down"









"Squeal like a pig"

adr0ck

how much influence does anyone think that the internet has on the housing gloom etc?

adr0ck

"The falls in prices are particularly marked for flats and maisonettes"

no surprise there

Kez100

I've always said I believe that the media helped talk prices up and as soon as there was any evidence of a downturn would do exactly that. I've said it on here and my husband was bored of hearing it - but now I have gone up in his estimation! Yes, the media as a whole makes a difference. I don't know that we can blame the internet particularly.

The problem, I feel, is due mainly to the amount people could borrow - not the media. When we bought in 1994 it was hard enough raising a own home mortgage on two incomes at 3 x with 5% deposit. More recently, people have been buying multiple houses, all mainly on mortgage with deposits raised from own home equity.


The number of what appear naive posts being started (not a criticism) does imply there is a different acknowledgement of the position in the real world than there is between the posters on MSE.

oldMcDonald

Guy_Montag wrote: »

A couple of monkeys on Today calling for the BoE to buy MBS to solve this problem.

Montag says "You had it good on the way up, now bend over & take like a man on the way down"









"Squeal like a pig"

*Blink*

Well, I thanked you for this post, Guy, but the image in my mind......

(I am still traumatised by the Bruno videos and this has just bought the whole lot come flashing back....blonde wig.....NO!!!)