Sunday, Oct 28, 2007
Fewer mortgages 'won't affect house prices'
MoneyHighStreet.com: Fewer mortgages 'won't affect house prices'
The reduction in the number of mortgage products available to consumers in the UK is unlikely to affect house prices in the UK, an industry expert has said.
Posted by david20040_0 @ 08:02 PM (1262 views) Add Comment
23 Comments
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1. dohousescrashinthewoods said...
And don't worry about that iceberg, either - she's unsinkable.
2. pecker said...
Trawling for real garbage now arnt you David!! Ok lets assume that fewer mortgage products doesnt affect house prices. Do you think fewer mortgages actually being offered will affect house prices?? I was on the fence as to whether you were a pea-brained idiot or a windup merchant! I conclude you are both! How many BTLs have you got David? You must be panicking now posting this tripe!! LOL!! Feel free to respond by saying "I want a mega crash but I just cant see it happening" LOL!!
3. pecker said...
Apparently one of davids decendants was playing in the band on the titanic as she sunk :-)
4. david20040_0 said...
If one of my descendants was playing on the titantic when it sunk I wouldn't be here.
5. david20040_0 said...
I have no BTL property.
6. Azazel said...
David. I have seen houses in my area of Devon drop £25,000 (from £350,000 to £325,000) and hardly anything is selling. Even properties that do sell seem to fall through and end up back on the market again. Looks like a house price crash is here to me.
7. pecker said...
Thank you for perfectly illustrating your idiocy! You COULD still be here! Unfortunately for us, you are!!!
8. Saffer said...
Girls, girls, please! I think the word you're both looking for is 'ancestor' or 'predecessor'. David's descendants are his children, grandchildren, etc, i.e. those who are going to be growing up in post-depression, post-housing crash post-petroleum dustbowl Britain.
9. whiteknight said...
ancestors most probably.
"industry expert". What a crock. What a northern crock.
10. wiltshire said...
ANOTHER classic Davidism -
"If one of my descendants was playing on the titantic when it sunk I wouldn't be here".
"The driving season in the USA is almost over - therefore oil prices will decrease".
"When 90% of the population of Poland moves to Kent for the next strawberry picking season expect apartment prices in Leeds to triple".
The man is a GENUIS!!!
11. wiltshire said...
GENIUS (sorry!!!).
12. dohousescrashinthewoods said...
Or a genus..
13. Ihopeitgoeswithabang said...
Bernard Clarke, a spokesperson for the Council of Mortgage Lenders (CML)
Now if this guy came out and said there was a problem he would not have a job by the end of the day.
The statement "However, its members did say that house prices growth was likely to slow in 2008" also needs a little bit of clarification.
Exactly what blinding science or mathematics are being used in the calculations.
A touch of 'watching my own ass' being displayed here for all to see.
14. Halflitre said...
Er, I'm confused by both of you...(david20040_0 and pecker)
If David's descendants - i.e. his children - were playing on the Titanic they'd at least be in their nineties by now and, assuming they could play a musical instrument at a very early age, it's more likely they'd be well over a hundred. So how could david still be here, unless he's the world's oldest surviving man...?
Perhaps it's David's ANCESTORS we should be referring to as the potential Titanic cabaret act, thus had they produced a descendant before finding out that the unsinkable was in fact very sinkable, he could indeed have still been here to enthrall us with his special insights into how it all works...
Unless of course you were being ironic in some way pecker...
As far as I can see, both of you - like myself until very recently - are prime examples of exactly how vested interests manipulate the average man on the street into arguing with his peers in order that their real agenda remains obscured by petty in-fighting - good old "divide and conquer" tactics as recommended by mill owners the world over...and we still fall for it after all these years!!!
As for the original question posed on this thread - will fewer mortgages affect house prices - may I give my opinion for what it's worth?
Having lived my particular life, and had all of my personal experiences, my (influenced by those factors) gut feeling is that fewer mortgages being approved MUST result in lower house prices. My reasoning is fairly simple - I am convinced that the current house price levels have only been attained by allowing mortgages to those who traditionally wouldn't have gotten them in the first place. (i.e. low-income groups and buy-to-let). Once this source of "open cheque book" buyers dries up, then prices will inevitably fall...or will level off until wages catch up. Either way, they ain't going up for a LONG time...
And supply and demand arguments for continued rising prices (much favoured by david) are only valid if they do indeed reflect true supply and demand. But where a substantial percentage of all the prime-time output of five national TV channels is geared toward property speculation/improvement/investment shows, and all the national press echo this, then why are we surprised that your average Joe thinks as david does - he and millions like him have to think this way, or the scam wouldn't work in the first place...
Perhaps everybody should stop mocking this guy because he's only repeating what he's been told a thousand times...just as I did until I woke up. Keep reading the info on this site dave and you'll eventually figure it out...
Regards, Andy
Thank you and good night...
15. Urine Trouble said...
Come on people- please give David some slack and don't attack him personaly, attack the comments not the person!
16. Sherlock Homes said...
genius or madman
17. dbnazz1 said...
Ha Ha ha ha ha, he he he he! Of course it won't effect prices!
In market terms, we have passed the peak and we are on the start of the downturn. As in all early stages of a downturn the parties with VI's get more desperate with trying to talk there way out of a situation, but they can only do this so far because they will then look so completely stupid that they will lose all credibility-when this stage is reached I think such VI's will probably say very little or just blame the government.
18. The Baldman said...
If you have not got the cash and can not get a loan how can your demand drive prices upwards if you can not afford to buy.
19. This comment has been removed as it was found to be in breach of our Blog Policies.
20. Tttonyyy said...
What's with attacking david? Are people here so blinded by agenda they are blinkered to all news but that which they wish to hear?
The very best way to assess a situation is to consider all possible data and viewpoints. I don't see why people are attacking a man for posting a news article he didn't even write (even though said news article sounds quite likely to be incorrect). If no-one posts news that challenges this blog's groupthink, people here will end up believing only what they want to believe. Closed minds make bad decisions.
21. Adobbing said...
There is no coherence to this arguement. To state that lack of available money will not effect house prices is to deny one of the most basic economic truths. Money supply will always effect inflation, whether it is for a loaf of bread or a house.
22. Safe As A Crash said...
halflitre (Andy)
brilliant !
23. Icarus said...
This Bernard Clarke has a stunning new insight into economic theory - there is 'strong demand' for housing but there is some problem with, er, affordability. I have a 'strong demand' for a £5 million country pile but have a small problem relating to affordability.