Sunday, Apr 20, 2008
House prices drop in 6 seconds
BBC: Andrew Marr Show
Classic
"... we've been on air 5-6 seconds, and already your house is worth less than when we started"
Posted by doomwatch @ 01:40 PM (805 views) Add Comment
5 Comments
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1. mark said...
and to think the chancellor on THIS SHOW admitted they control the BOE and want houseprices to keep going up.... You have to listen carefully as he corrects himself and says the banks decision not ours... hmmm corruption again??? they only want votes stuff people stuff high food prices, it doesnt matter if people cant eat , stuff everything, lets keep houseprices high so people think they are well off.....
2. A Saver said...
"... we've been on air 5-6 seconds, and already your house is worth less than when we started"
So nice to hear this. Better than all those stories from a few years back when people said their house had made them 400 quid while they went down the pub.
3. enuii said...
Just remember he also said that:- "What I’m saying to my colleagues is look at what we’ve done over the last 10 years,” Mr Darling said. “No-one will dispute that we have done more than any other government to help people."
Really, then how come the vast majority of people feel thoroughly ripped off.
4. uncle tom said...
OK, after a lot of trawling the mortgage stats today, I've come up with an interesting ready-reckoner
I'll post it here now, although it's not entirely relevant to this thread..
Uncle Tom's Law
- for every 1p that house prices fall, one house goes into negative equity -
To put a hard number on this, and taking into account the fact that it's a lagging indicator, the one million mark is likely to be reached when the Halifax average house price index dips to £185,000.
The law should hold good until prices have dropped to £160,000, when 3.5m households will be in negative equity, after that, prices will have to fall further for each case of negative equity.
I currentl;y believe that a little over a third of a million are already in negative equity.
5. Sold 4 Years Ago said...
Supposedly not around here!!! We were in negotiations with a local landowner over a house and land nearby, after the property falling through twice ( it came on to the market last september) we put an offer in ( I know INSANE!!) 15% below the previous offer, but we would only need small mortgage and could exchange and complete within a week. After nearly agreeing a price and only negotiating over a patch of ground which we naturally, in these market conditions, stood firm. Our vendor came back to us suggesting he wanted 100K more and would be prepared to lend us the money interest free for a year!!!!!!!!!!!!