Wednesday, Jan 23, 2008
Property market on the brink of collapse
Times: Property market reels as gloom descends on commercial and residential sectors
YEEEEEEEEEEEESSS!! Britain's property market was dealt a double blow yesterday as the prices of shops, offices and warehouses suffered their fastest monthly fall for 21 years and Taylor Wimpey, the country's largest housebuilder, said that the spring housing market would be late and subdued
Posted by confused76 @ 08:28 AM (610 views) Add Comment
10 Comments
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1. hpwatcher said...
More, more, more I need to see more......keep em' coming thick & fast
2. Les said...
Would that be late, subdued and non existent?
3. Icarus said...
Taylor Wimpey -"There will be pressure on prices but that may only see targeted incentives to help individual customers to deal with upfront costs". I think this has happened a lot (including non-new properties) and has supported reported house prices to the tune of a few %. Note the use of the words 'targeted' and 'individual' to give the impression that this support is not general practice.
4. little professor said...
The figures from Investment Property Databank (IPD), which monitors £400billion of privately owned assets, prompted the property derivatives market to price in a full-blown recession for the next two years. Returns, which include rental income, are forecast to be minus 12 per cent this year.
Meanwhile, Taylor Wimpey said that it had sold 20,645 homes last year, an annual fall of 5.8 per cent, while its forward order book for the year ahead is down 19 per cent.
5. geed said...
Until recently I was looking at some commercial property in Edinburgh. Place was for sale at offer over £850K 2 yrs ago, since then it has been rented out but still for sale. Now looking at offer overs £550K and still no movement. Still too much in my opinion and certainly too much for me.
I think i will sit tight and heed my own advice.
A beautifully frank article by the way, more of the same please.
g
6. denzil said...
"Taylor Wimpey said, the spring housing market would be late"".
Yeah, around 2014 I would guess.
7. happyrenter said...
"the spring housing market would be late........", as in "the late Norwegian Blue"....
8. sovietuk said...
ho ho ho
9. crash bandicoot said...
“There will be pressure on prices, but that may only see targeted incentives to help individual customers deal with upfront costs.”
At what point does constructive accounting become outright fraud?
10. it_is_going_with_a_bang said...
Targeted Incentives????
"Taylor Wimpey is considering incentives such as contributions to cover buyers' first two years of mortgage costs"
Erm so thats an income then? or indeed if it's money back, which it effectively is then it means the actual purchase cost is being misrepresented on the Deeds.
For example :You can't sell a property for £200k and then under contract give the Buyer back £10k, and then register the value of the sale as £200k - clearly if it is 'cash' changing hands it is being sold for £190k.
I can see how you can get away with fixtures and fittings but giving money back is just outright fraud surely?!
Surely then the mortgage company will have to take the view that the property is infact changing hands for £190k and the LTV set accordingly or it would simply be mortgage fraud??