Thursday, Apr 05, 2007
Bugger! Looks like house prices are going to keep on rising!
bbc: Interest Rates left unchanged
Looks like no end in sight to house price inflations thanks to BOE!
Posted by j tallis @ 12:02 PM (133 views) Add Comment
7 Comments
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1. Sohiab said...
Going to have to buy an over priced house now. I wish i'd stopped reading this sight two years ago would have been cheaper, but i waited and waited and have got screwed!
2. Whiteknight said...
Remember .... what stops you being able to reduce rates inspite of ANY level of domestic pressure is when the market decides for you.
What i mean by this obviously is that why should people be paid a low yield for purchasing sterling and owning toilet paper.
As rates come down again, but large swathes of people finally decide that public figures are nonsense (dangerous - they have to plausible) and the foreigners who export to us demand to know whey they should accept our currency at those levels then the currency is sold off.
This doesn't mean it won't be tried. But once somebody says "hey there is an elephant in the room.". Its over. Its over more quickly than you could possibly imagine. Days. Hours.
The market is particularly slow in understanding real risks at the moment. They are watching the theatre and paying little attention to the very important background activity. This just increases the risk that the wake up period will be much more rapid and "violent".
The only device to support the curency then (which is a point that has been made by some on this forum) is if you can force people to take it by bullying them. That game may soon be over.
Russia and others have called time on the little smash and grab exercise in the Middle East. And anybody who thinks Russia is some ex-communist, ravaged, meek power, hasn't understood the word maskirovka.Its in the blood.
Iran is not Iraq. It is not even in the ball park of being Iraq.
All things are linked and, it seems to me, following an inevitable, depressing path. The people who will move us from this inevitable path have not yet shown up. If indeed they will.
3. harold said...
Sohiab, if you feel you have been a mug thus far, go ahead and by an "over priced house now". You'll feel like a real mug in two years time if you do.
4. royston said...
Sohiab,
We are much nearer the top of this market than the bottom. When exactly will it turn? That won't be clear until a few months after it has happened. It might have turned already. Once it clearly does and the market gets gripped by that belief, look out below. It is difficult, but I don't see any way in which you can buy a 'good value for money' house now. By all means, go and buy a massively inflated one if you want - it's your money - correction - debt.
5. denzil said...
Sohiab, do what's right for you!
Depending on where you are the market in your area may not have shifted much in two years so you may not have lost out.
My area in Somerset is red hot but friends around the country report things are not too good especially west and south Wales. The whole thing is a gamble, A HPC is a nice thought especially for a speculator who likes to make money by doing as little as possible but it is by no means a certainty. At the end of the day a house is a home and having owned property for many years a place that is not owned by a landlord is a much nicer place to live in, presuming you can pay the bills of course!
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7. Missedtheboat_goingtofly said...
Sohiab
I feel pretty much the same as you. Having not bought 2 years ago when I could of I now find myself in a place were it is becoming more difficult to get on the ladder. That said houses are more of a rip off now so its hard to justify buying now either. If I ask the question is it worth £xxx I inevitably find myself saying no. If the product is not worth it don’t buy it. Especially if the only reason your buying it is in case you cant buy it tomorrow.
With the amount of speculators out there buying a house is akin to buying shares or even putting a few quid on the gee gees. If you study the form on this one its isn’t looking to good either just getting out of its prime.
If you worried about the ladder. I live at the top of the ladder for less rent than the mortgage on a hovel and can move with a months notice to follow a jobs which pay at least 10% more than my current one. After all flexibility is an asset as well just make sure you use it.