Wednesday, Jul 30, 2008
1300 to lose their jobs at Northern Crock.
BBC News: Northern Rock unveils job losses
A few more for the dole queue.
Posted by mytimeisnigh @ 05:16 PM (859 views) Add Comment
25 Comments
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1. harold said...
Will there be any branches left on the tree when the cutting is done?
2. mark said...
off topic, but can anyone tell me why houseprices are not dropping much? is it still greed? or is is stupidity?
Is it agents saying dont drop prices? taxpayer will bail you out???
3. Yellerkat said...
They are dropping! Faster than *ever* before! What did you expect, instant Armageddon?
4. jack c said...
Mark, situation at present in the North of England is a stalemate between buyers and sellers ie the seller thinks the house is worth 'X' Pounds and come hell or high water they refuse to move significantly on price whilst buyers are now constrained by lending limits of a more sensible salary multiple.
I have a friend who is in the process of putting his house on the market - purchase price £127K back in 2001 asking price now £280K, however there are a multitude of houses up for sale on the estate and not one has sold since August 2006.
5. mark said...
thanks guys..
6. Prof said...
Mark, it does seem a little odd that prices aren`t falling as much as some of us would expect. I`m sure there is still greed and stupidity. I`m also sure that the "stand off" can`t continue for much longer. A little more lack of lending from the banks, a little more unemployment, a few more months of mortgage resets, and I think that the deck of cards will begin to fall.
7. Mytimeisnigh said...
I think that when the technical definition for a recession is fulfilled, then prices will start to fall dramatically. (I hope so anyway). People have been indoctrinated with the theory that prices only ever go up, it's going to take a lot to convince people how desperate things are. Panic will then ensue as reality bites and we can begin to return to normality. Any significant government meddling will be unsucessful, because ultimately 125% morgages and the like are unsustainable.
8. Phil said...
Mark it looks as if this is also happening in Brighton as well.To answer your question, A friend of mine had his property valued by several estate agents and the price is higher than any other house in the street over the past two years according to the web site our property http://www.ourproperty.co.uk/adv-search.html.
9. little professor said...
Not dropping much? They're already down 10% since last year in many areas. The speed and magnitude of this crash has way outstripped the 1990s one.
I think the couple of big 2.5% drops we had earlier this year has made us hardened to HPC news, like watching too much porn - nowadays 1% drops doesn't do anything for us anymore.
Be patient, child. It's all working out fine.
10. the northerner living in oz said...
2. mark said...
off topic, but can anyone tell me why houseprices are not dropping much? is it still greed? or is is stupidity?
Is it agents saying dont drop prices? taxpayer will bail you out???
It is probally both
There are still a significant number of sellers are still in the Denial / Anger phase.
They will only move to the acceptance phase once their credit cards are maxed out a few months or after the unemployment start to rise.
some will wait for the repossession letters from the bank / morgage company before they try and sell at the fair market price.
11. sold out said...
mark
".....houseprices are not dropping much?"
you must be joking or are you looking at asking prices of sellers in denial.
to get a true measure of how far house prices have fallen already you need to see the actual prices for whats selling,look at recent auction results.
and dont forget we are only at the start of this slump, these things take 3 to 5 years to complete normally.
have patience, by 2010 we will see the carnage everywhere.
12. it_is_going_with_a_bang said...
Wait until they get their new gas and electricity bills.
13. jack c said...
@ martin - "I have put in a realistic offer recently, it has not even been passed onto the seller but completely ignored by the EA.............
Can anyone tell me where I stand on my last comment as I have been told that all offers have to be put to the seller"
Martin, the EA has LEGAL obligation to pass on all offers made - you could report them for not doing so and furthermore I would inform the vendor direct of what has happened.
Hope this info helps, regards Jack.
14. jack c said...
mmm looks like a gremlin in the system - my posts are appearing way out of sequence
15. jack c said...
@ Martin - first thing is to find out if the EA is a member of NAEA (www.naea.co.uk/) if so you report via them (however bear in mind they will IMO have the interests of their members at heart). Alternatively if you have a solicitor acting on your behalf ask his opinion on reporting them plus local trading standARDS and Office of Fair trading should assist.
You are correct it goes on day in day out up and down the country but unless the public start to complain little gets done about it
Hope this helps & good luck
16. martin said...
There is also the fact that some people (potential sellers AND buyers) who know nothing about house prices either increasing or decreasing. I have just got back from a hospital visiting my newborn son. I was speaking to one of the newer midwives who is trying to remortgage as her current mortgage is with NR. She bought her home in 2006, when I said that it would not be easy to find a bank who would lend to someone who doesn't have around 80% LTV and mentioned the current %age drop in house prices, she replied "yeh, I heard the other day that someone had said that house prices were coming down".
We might read the papers and watch the news but not everyone does. This seems to be the case with house sellers who actually believe what they have been told by the EA's. Its the EA's that are in the anger phase now as when I have put in a realistic offer recently, it has not even been passed onto the seller but completely ignored by the EA.............
Can anyone tell me where I stand on my last comment as I have been told that all offers have to be put to the seller.
17. paul said...
mark, it should be remembered that prices for the entire market are decided at the fringe of buyers and sellers, and it is only agreed transactions that influence the market base price.
I know what you're getting at - why isn't it 2-3% per month? But actually as everyone else says, if you compare the current drop with the historically quoted 1991-1992 drop, that looked like a jaunty downhill toboggan ride next to the current limb-breaking precipice (presicpice? pressispiss?) that's coming through in the figures.
Which, incidentally, is why you don't hear any of the press talking about "this couldn't be as bad as the price crash of 1992", because it is already worse. Much worse.
The crash, has truly arrived, we are all vindicated.
18. martin said...
@jack c.
I honestly think this will be going on everywhere then. Who do I report them to? It is something I am going to do asap, and if it is something that is happening frequently then more of us should be making the complaints, might get the message through to the greedy EA's.
19. martin said...
is the site out of sync like a cheap TV
20. jack c said...
Martin - see my post @15 - somethings up with the site as the posts are out of sequence
21. Stevie Dee said...
@#19, report it to the OFT "Super Complaint"..
22. harold said...
jack c, I've noticed this - maybe we're living in a time warp.
23. paul said...
It's a php bug to do with GMT-BST offset I think - I see it in programming quite often.
The site admin will probably look into it soon - they're good at fixing these things so it'll be temporary.
24. Tangara said...
@Harold
I've noticed this - maybe we're living in a time warp ?
No, time always goes up (on the long term :) )
25. renting2 said...
The vendor of a property can instruct the estate agent not to pass on offers below a certain value, it then becomes an automatic decline.