House Price Crash!

mystic_trev

Take a look at this if you want a laugh - So funny - so true!

http://www.parkerchris.pwp.blueyonder.co.uk/vocationvocationvocation.html

Sput2001

I wonder if they're read the news?

Pal

A small 1.2% increase in house prices in one of the busiest months of the year. Be interesting to see what happens in December/January and February....

funky-footprints

houses in our street currently valued from £315 to £350k are not selling, nothing would sell here for £300k at the minute, that is funny.

Woby_Tide

got worried part way through, apparently I'm a BBC economics correspondent *checks works contract*

FaTB

Well in my area (Herts) there aint nothing selling, especially at the top end of the market.

Which to me can only mean one thing for the sellers, either take the house off the market and stay where you are, or drop the price.

I think a bit of both is already happening.

Sput2001

Pal wrote:

A small 1.2% increase in house prices in one of the busiest months of the year. Be interesting to see what happens in December/January and February....

OK, so the crash has been postponed for another 5 months again! :rotfl:

spottydog

FaTB wrote:

Well in my area (Herts) there aint nothing selling, especially at the top end of the market.

Which to me can only mean one thing for the sellers, either take the house off the market and stay where you are, or drop the price.

I think a bit of both is already happening.

In my area (Essex) the majority of places under £300k are under offer or have completed including those which I felt were way (30%+) overpriced or blighted by being right by a noisy pub thats going to become noisy for even longer from next month. This compares to the beginning of the summer when nothing was even going under offer.

A fair number of the higher value places also seem to be going under offer over the last week.

meanmachine_2

In my part of Essex I certainly noticed an uptick in sales around late August/September.

But the market appears to have dropped off again, as far as I can tell. Again properties are sticking on the market...

But that may be what happens in Oct/Nov anyway. If you don't offload in September, you're stuck till March. To be honest I wasn't really watching the market this time last year.

deemy2004

Were moving towards a period of stagflation, which means its highly likely that interest rates will start to rise again at somepoint .... so under those circumstances, house prices are goign to have a weight around their knecks for at least a couple more years.

wibble68_2

deemy2004 wrote:

Were moving towards a period of stagflation, which means its highly likely that interest rates will start to rise again at somepoint .... so under those circumstances, house prices are goign to have a weight around their knecks for at least a couple more years.

At what point do you see interest rates rising?

Most economists are saying the next cut could come as early as November.

While I agree with your comments on the housing market, I can't see rates rising in the near future.

Gordon Brown and the so called independent BOE would rather see inflation way above the 2% target than allow the housing market to tumble.

Which could prove to be their undoing.