Wednesday, Jan 16, 2008
Bear Territory Ahead
Guardian: Housing market closest to slump for 15 years, say chartered surveyors
House prices across the UK tumbled in December at the fastest pace in more than 15 years as tighter mortgage lending and higher interest rates pushed the property market closer to the biggest crash since the early 1990s, the Royal Institution of Chartered Surveyors says today.
Posted by quiet guy @ 01:06 AM (1063 views) Add Comment
13 Comments
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1. drewster said...
For a moment there I mis-read the headline as "Housing market to slump for fifteen years". That seems quite possible too - just look at Japan.
2. magnifico said...
Headline plastered on the front page of Metro. Sobering read for commuters.
3. hpwatcher said...
I think the slum/recession is going to be so bad, so deep that by the end of it everyone - even regulars on this site - will have had enough.
4. Duncan said...
hpwatcher said...
I think the slum/recession
Was that a typo or a Freudian slip.
:- Duncan
5. hpwatcher said...
''I think the slum/recession''
It was supposed to be 'slump'.....but I think 'slum' is a far better description of what this country is becoming....hahaha
6. Davros said...
After 7 months of reported falls, the RICS spokesman reckons "Supply would have to loosen considerably before prices experience a significant dip,". Ahem. You've just been reporting 7 months of falls!?!
7. hpwatcher said...
I have already posted this comment on another thread, but I think everyone should try it sometime...
Today I have been ringing round estate agents and looking at houses where the asking price is 350,000.
I have been telling them that I know the area very well, and have a friend who has a similar house. I then tell them I am a cash buyer and will be making an offer for less than the asking price. I then offer 220,000 in cash. They then try to justify the daft price. I say that the current vendor has already probably made loads on the house, they then really start arguing.
So far, I have had the phone put down twice and had one guy shouting at me.......lovely!
8. Quoth said...
"We need one or two very urgent mortgage interest rate decreases"
Why do we NEED interest rate decreases? To try and hold the 'value' of overvalued houses? To let inflation go mad?
9. george monsoon said...
HPwatcher,
Keep up the good work!
In 6 months the sentiment will be different and EA's will be more forthcoming...
10. jack c said...
@ hpwatcher - "So far, I have had the phone put down twice and had one guy shouting at me..."
If the EA has retained your phone number they will be ringing you by mid June/July 2008 saying that if you could stretch to £250K the house is yours (LOL)
Keep up the good work
11. Letthemfall said...
I note that RICS and the rest are screaming for lower interest rates, to keep the market "stable" - as if superinflated prices could be called stable. Let's hope the Bank doesn't cave in to this and the drivel emanating from the Treasury.
12. The Haunted said...
hpwatcher - Great job, keep it up and maybe make a post of the various responses you get :oD
Over time we can plot the decrease in resistance on a Estate Agent Rage vs Time graph.
13. Matt_the_hat said...
If we were not such bottlers, all of us should phone at least 5 estate agents up making offers in the region of £70 on asking prices.
Ask the EA to come back with the lowest offer the owner will accept. If nothing else it gives the EA's some info about selling the property in future (i.e. well so and so would accept ??) We all know EA's are interested in getting the best price for their customers and not volumes don't we. ;-)