Sunday, May 11, 2008
disaster as fears of decade wide slump grow
independent on sunday: disaster as fears of decade wide slump grow
looks like this isn't gonna be a correction over a few years...more like a japan squeeze which could go on for 10+ years
in 2005 halifax waned prices may not rise again until 2016...then joined in the 'party'
Posted by taffee @ 11:26 AM (1603 views) Add Comment
15 Comments
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1. Timwest100 said...
"Lenders do not seem to be in the business of lending any more. They are the ones who lent irresponsibly and now the public and our industry are paying the price."
There is so much wrong with this sentance, I wonder what planet this guy is on.
Lenders are lending, just more responsibly. So to blame them for not lending, when in the next snetance he critisises them for lending irrespossibly before, is a tad hypocritical. (not that he complained in the slightest when they were lending irresponsibly, because it didn't effect him).
Also, I think, if he goes back though the headlines of the last few months, they are mostly of banks losing lots of money and jobs, not property proffessionals. (Although this is likely to change very soon.) So, actually its not just his industry paying the price.. Maybe he should look at his industry and wonder if they SHOULD pay a price for encouraging house price increases. After all, it is the property industry not the banks who survey and valuate what prices are worth.
This comment really irritates me and solidifies why EA's are a generally hated group of proffessionals.
2. japanese uncle said...
as fears grow that the UK is heading for a full-scale housing crash, with price falls of up to a fifth.
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Keep saying nonsense.
Or does it mean house prices will be one fifth as they are now?. Then things will not be that bad, c'mon. Even I would not say 80% drop. That's simply too much (except in London). Or does it mean one fifth drop in 2008 alone. Then it is a reasonable predicton.
3. icarus said...
The guy from the Association of Property Professionals says that "Lenders lent irresponsibly and the public and our industry are paying the price". He should have said "lenders lent irresponsibly despite the warnings of property professionals that this was driving up property prices to unsustainable levels and.....er..... these warnings weren't reported in the press at the time".
4. taffee said...
or should we say everyone turned a blind eye because of vested interest...including the fsa which mysteriously didn't visit northern rock for 18 months for compliance checks
5. mark wadsworth said...
What's this nonsense about banks squeezing the life out of the property market?
They are still AFAIA still happy to lend people larger amounts than was historically the case (in terms of income multiples or LTV) at historically low-ish interest rates. I took out a ten year fixed rate of 6.89% in 1998 and it seemed a pretty good deal at the time (with 20-20 hindsight, it wasn't, of course).
6. paul said...
How long might the slump last for estate agents, Alistair?
"I DON'T KNOW".
7. taffee said...
lol....based on truth though
8. amjidk said...
i wonder what effect talk of a "ten year slump" will have on property prices! i think we might see an acceleration in the downwards trend as articles such as this start making it into the mainstream media..
9. taffee said...
imagine being born in cornwall with a wife and young family where wages are really low and looking round for a property!.
At least in europe you can go away from the hubs and find cheap houses..in the uk there aren't any
For the young its become a rubbish country to live in.....thats why prices simply have to fall and for a long time
10. yorkshireman said...
I agree taffee. The VI,s who are largely responsible for this sorry situation only think about me, me, me. There is no future for our younger generation unless house prices fall to about 40% of what they are now. Now that there little or no money to be lent anyway, it all must become a self fulfilling prophecy. The UK has in my view become a nation of no hope and very little glory.
11. taffee said...
here's a good example and this is calais....this would be hundres of thousands of £ here
http://www.rightmove.co.uk/viewdetails-17636555.rsp?pa_n=1&tr_t=buy&chnl=overseas
12. taffee said...
or this for £17,000
http://www.rightmove.co.uk/viewdetails-19090730.rsp?pa_n=1&tr_t=buy&chnl=overseas
13. Gotout2006 said...
What ever you say about the french we moved here 2006 with a £100000. I bought 1 1/2 acre building plot built 4 bed house and still got change
the french neighbours bring us friut and veg olive oil, wine. where would you get that in uk. Alot that is said on this site is spot on i hope you all
get your dream like i have.
14. Gotout2006 said...
We moved to france in 2006 i could see the uk was going down the tube. I was the lucky one who sold up and
came out with £100000. I bought a plot of land and built a 4 bed house on it and i have still got change.The french neighbours
knock on our door with friut and veg,olive oil and wine you dont get that in uk. Have been looking at this site now for
a few months and what you guys say is spot on. I hope you get your dream like me its not far away.
15. mark wadsworth said...
Re Japan, I get the general impression that their 1990-ish property price crash only turned into a 15-year-ish flatlining of economy because the government nationalised all the debt. That is not a necessary consequence of a property price crash.