Nationwide goes negative YOY

WTF?_2

mitchaa wrote: »

No, the fact 3 properties in the same street have recently sold for equivelant or more, hence why i had a valuation done. I was actually expecting around a £45k figure

Wont spend it on anything, its only paper fictional money until sold, but im confident that if i did sell right now i would make a £35-45k profit and i only bought the property June 07

Depends on where you live in the country. Recent nationwide survey shows my area of the UK (Aberdeenshire) has risen 18% in the last year.

Aaaah - Oil Country.

Yep, I'd say that this part of the UK should hold out the longest thanks to the recent boom in oil prices.

kristianwilliams

Houses are long term, not like stocks and shares. If shares were falling, everyone could sell and walk away. But with houses you cant. Which is why we will see a fall, but it will be a long drawn out fall. This will be a horror story for some, who have tied up money.

Lets see if everyone who boasts about increases in house prices, are still boasting in two years? I wonder if we can keep a track of them?

mitchaa

boinging wrote: »

I'd rather have money in the bank to be honest.

But no property come retirement and always filling a landlords pocket.

Good for you

WTF?_2

mitchaa wrote: »

But no property come retirement and always filling a landlords pocket.

Good for you

Word to the wise, mitch. I'd sell your investment properties whilst the going is good (unless they're generating postive cash flow of course).

Oil is currently in a massive bull market due to speculation. Eventually the global recession will lead to that speculative bubble bursting. It'll still be a wealth generator but the fallout may well hit your part of the country hard given that the rest of the UK will be in full blown housing market crash by that stage.

lethal0r

IveSeenTheLight wrote: »

but in April they report how the Special Liquidity Scheme and interest rate cuts should restore a more orderly transition and ultimately bring about a more stable market.

mervyn king himself has said this is unlikely to change anything regarding house prices, it is just to get banks to lend to each other.

IveSeenTheLight

mitchaa wrote: »

Recent nationwide survey shows my area of the UK (Aberdeenshire) has risen 18% in the last year.

Actually it says the annual change this quarter is 18%
http://www.nationwide.co.uk/hpi/historical/q1_2008.pdf

This is if the rate in the first quarter stays true throught the year.
You can be prepared for this to drop in the coming months.

Aberdeen was showing a 36% increase last year for the first three quarters and then finished up at 23%

Still a quarterly annual growth of 18% is still very good when the average house price has been dropping.

mitchaa

kristianwilliams wrote: »

Lets see if everyone who boasts about increases in house prices, are still boasting in two years? I wonder if we can keep a track of them?

Why 2 years? Why not 10 years or a typical 25 years? You are only going to lose money if you sell. Why sell?

I dont think anyone is denying that the housing market isn't in decline, but it will ride the storm and eventually increase again to make a worthwhile investment over the longterm.

carolt

LillyJ wrote: »

carolt have you not been banned?

No, of course I haven't been banned....

I've just been busy - my kids had their 'Easter' break totally out of sync with everyone else's and only went back to school yesterday (phew, sigh of relief.... ). Added to that, we've just sold our car, bought a new car, and I'm having a bit of a work crisis, so all in all, a bit too busy to pop in.

So - did you miss me?

Of - forgot to add, I got tired of the endless personal abuse, too..... (weeping smilie - can't find it...).

Should add, actually, it was good to be away - good to see I can crack the 'addiction'! Hope you lot were keeping the side up.....

boinging_2

mitchaa wrote: »

But no property come retirement and always filling a landlords pocket.

Good for you

Yeah you are so right... 5.65% interest on a building equity, plus all the other savings that add up versus owning at this time.

I will have a property come retirement and it will have cost me so much less than people who bought in 2007.

Happy days big boy.

IveSeenTheLight

!!!!!!? wrote: »

Oil is currently in a massive bull market due to speculation. Eventually the global recession will lead to that speculative bubble bursting. It'll still be a wealth generator but the fallout may well hit your part of the country hard given that the rest of the UK will be in full blown housing market crash by that stage.

Maybe not so.
Oil in Gas in Aberdeen is already catering for oil markets globally.
I've seen projections for O&G for the South East Asia market which is projected to increase 600% next year and even further going forward.
This market has no experience in O&G and therefore there is still a huge requirement to be supplied via Aberdeen expertise