Wednesday, May 09, 2007
Soon showing in the UK...
Yahoo: As Market Cools, Home Buyers Seek a Way Out
Property horror stories from the US... but of course it's all different here on the fantasy island where prices can go only up, interest rates can only go down and landlords buy into the market for the long run!
Posted by confused76 @ 08:00 PM (126 views) Add Comment
10 Comments
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1. Ticktock said...
..Plus don't forget unlimited credit growth,' mortgage equity release', 50% of our Gold sold...... and yet no inflation worth mentioning, at least nothing a 0.5% rate hike won't cure!!
Oh what a tangled web we weave....
Fantasy Island indeed.
2. royston said...
"it's all different here on the fantasy island where prices can go only up"
At a weekend dinner party, I got talking to a deluded 'new paradigm' bull property market fantasist. I have real difficulty with in understanding these people's thinking. Markets bubble over! That's a fact! All they need is benign or positive conditions for a sustained period and markets get carried away by themselves. I can't think of a single case where such circumstances did not lead to market boom-bust. Every top-of-boom market thinks 'this time is different'. It never has been in history. I just don't see A) why the UK property market really is different, and B) why the UK property market would not have developed an unsustainable boom, given that historically this is what has always been produced by the circumstances that we have experienced.
3. japanese uncle said...
UK property market is different, indeed. It's much worse than the American counterpart.
4. Wannabeemigre said...
If the UK property market/economy (there isn't really a difference between the two at the moment) is as strong as some pundits like to claim what difference would a 1/4% rate rise have? Not a lot if it were strong, a lot if it is a little shaky, QED
5. Uncle Buck said...
well i'm putting my money where my mouth is and flogging my house to rent instead.
...pay off credit card debts
...sit on a couple of grand
...watch housing market crash
then buy a better house for a lot less than i could now!
or of course the market could just keep going up and up and up...... erm. nope.
worst case for me is I think prices will stagnate but I'll have no debt so can save and buy back in later
6. Wannabeemigre said...
I am with the developers on this one, I hope that they make all of them complete the sales and take the losses that go with them-they would have been quick enough to complete in in rising market-if you want to treat housing as an investment take the profits and the losses!!
7. dohousescrashinthewoods said...
Uncle Buck, my strategy too. My wife and I have a (slim) total net positive balance and are happily renting. Rather chuffed.
I thought this morning, the idea of tenants as "rent slaves" to landlords is a bit off in the current climate.
How about promoting the view that your landlord/agent is essentially your "staff" that you employ for the upkeep of your residence?
8. confused76 said...
I "own" my landlord. If I leave he defaults his interest-only mortgage.
9. sold 2 rent 1 said...
UB,
Good for you.
The time is nearing for the last chance to sell property easily.
Property is the most illiquid asset you can hold and will be very difficult to sell in 6-9 months time.
10. dohousescrashinthewoods said...
Good call, Confused ;)
I wonder if the meeja will present this different perspective (and reverse the engineering described in yesterday's Reading University paper)