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Confounded

Uk Housing Market

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Just listening to radio 4 news whilst sat here. Newsreader announcing "spending down this month says BRC, economy still shrinking, more job losses........oh .......and the housing market is on the rise". Pretty much all in the same breath.

I love the BBC

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[url="http://blogs.reuters.com/great-debate-uk/2009/05/22/uk-property-a-pig-that-wont-fly/"]UK Property A Pig That Wont Fly[/url]


[quote]James Saft is a Reuters columnist. The opinions expressed are his own –

The pig that is British property is furiously flapping its wings, but despite signs of a recovery in prices and activity, rest assured there will be no take-off.

The country, which witnessed a property bubble that made the U.S. seem sober and sensible in comparison, has seen prices fall by about 20 percent but still faces a tough recession, rising unemployment and serious short and long term questions about the price of financing..........................[/quote]

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i have to admit that the last two months i've been to see more houses than is healthy. all lower end stuff, all trying to sniff out a bargain, making the occasional embarrassing offer... and generally getting caught up in the 'spring bounce' i guess. mostly motivated by bad savings returns, with a little impatience thrown in.

the 'fever' has so utterly dissipated this week, and i think i'll dig in now until christmas / new year at the earliest. glad i didn't buy - i think 15% off current, reduced prices would get me through the door... but the few motivated sellers who would play just aren't offering stuff that suits my minimum (modest) requirements.

another year saving probably.. i wonder how many more will do the same

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I’m there with you. Renting is costing less than owning a devaluing asset over the last 14 months since STR’ing. Even with non existent IRs we are banging away 750 a month in savings, there is simply no point buying now with the economy the way it is. I will start looking when relevant economic factors improve not just because ‘enquiries’ are up and ‘approvals have risen to half what they should be (whooo).

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[quote name='ɥsıɟpǝɥ' post='1940021' date='Jun 9 2009, 08:10 AM']i have to admit that the last two months i've been to see more houses than is healthy. all lower end stuff, all trying to sniff out a bargain, making the occasional embarrassing offer... and generally getting caught up in the 'spring bounce' i guess. mostly motivated by bad savings returns, with a little impatience thrown in.

the 'fever' has so utterly dissipated this week, and i think i'll dig in now until christmas / new year at the earliest. glad i didn't buy - i think 15% off current, reduced prices would get me through the door... but the few motivated sellers who would play just aren't offering stuff that suits my minimum (modest) requirements.

another year saving probably.. i wonder how many more will do the same[/quote]

Don't wait for the market to fall any further, after all why would anyone sell their house, if not to get into a bigger one. The basic needs of life are secured by the State, healthcare, food and so on so why move into a smaller house, if not for convenience?

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[quote name='nik21' post='1940546' date='Jun 9 2009, 12:51 PM']Don't wait for the market to fall any further, after all why would anyone sell their house, if not to get into a bigger one. [b]The basic needs of life are secured by the State[/b], healthcare, [b]food [/b]and so on so why move into a smaller house, if not for convenience?[/quote]
Do you get meals on wheels then?

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