Tuesday, Apr 22, 2008
U.K. Home Prices Drop
Bloomberg: U.K. Rightmove Home Prices Drop on Dearth of Credit (Update2)
Some choices cuts, for the bears amongst us! A lack of home loans is likely to push house prices down further, Bank of England Chief Economist(WELL WELL BLOW ME DOWN) Annual house-price inflation in the U.K. slowed to 1.3 percent, the lowest since July 2005(SO FAR)! RICS said last week that price declines are the most widespread since their survey started in 1978.(BUT IT IS NOT CHRISTMAS YET) In the northwest of England, prices dropped 1.4 percent. The next-biggest decline was in London, where all but five of 32 districts fell in April(BUT I THOUGHT LONDON WAS TOO GOOD FOR SUCH INFERIOR THINGS AS HP DEFLATION). It's pretty bad out there said one EA(GOOD I HOPE IT GETS A LOT WORSE!!!) Credit costs have surged in Britain since money markets froze up last year(TWO WORDS-GREEDY BA#ST~RDS)!!!
4 Comments
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1. confused76 said...
``Unless the anticipated steps to be taken by the Bank of England are effective, potential buyers will be impotent to the seduction of lower asking prices,'' said Rightmove Commercial Director Miles Shipside before today's central bank announcement. ``It's a buyers' market, but only if that buyer is buying for cash or can put down a good deposit.''
Priceless!!! The "seduction" despite being "impotent" ... this guy is a poet...
MAHUAU AUUAUUAUAUUAUAUAUUAUAUAUUAU HAHAHAHHAH
2. jack c said...
@confused76 - the intervention in the market isnt working - here is a prime example hot off the press tonight - "You are strongly advised to submit any C&G applications for residential and b2l purposes by midnight tonight. Please make sure full applications are submitted (not DIPS) & fees are paid & that the caseflow status is PASSED TO PROCESSING by 12pm.
Below is the really interesting bit (on the day Darling went begging again with the lenders at number 11)
A tightening up of underwriting, credit score & affordability criteria will be applied to all cases submitted after midnight.
3. confused76 said...
100 or better 200 more £ bn's needed... urgently!!
4. bystander said...
Holy hell in a hand basket jack c. Thats quiet a find. So Abbey raise there fixed rates and then lower their tracker by0.1%, to show willling and now C&G are really tightening up, again. GB and his puppet haven't got a clue and more importantly have absolutely no authority. They are like a pair of scared rabbits, desperate not to be ousted in the coming election and being remembered as the double act to bankrupt Britain, unfortunately it has all run away from them. Mervyn is the only one with any real authority and respect in the banking sector, and I don't really think he wants to play ball.