Monday, Aug 24, 2009
More down than up....
Hargreaves Landowne: Should I stay or should I go?
Recent market data has suggested that the housing recession has now bottomed out. I would be very sceptical of this. True, this year has gone a lot better than most of us housing bears expected but similar to the stock market the housing market seems to have risen on a very low level of transactions.
Posted by don @ 09:42 PM (311 views) Add Comment
4 Comments
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1. Roubinisworstnightmare said...
Bye Bye british economy - stocks/housng looking good - sterling down a country mile - the currency is turning to toast for the sake of banksters' champagne lifestyle. But hey, just look at all the value they bring britain - a 30% devaluaiton in the currency over the cycle.
This is so amoral and irresponsible its laughable. I think i'll rename the sheeple the sleeple.
2. Cautiously Pessimistic said...
I used to work for Hargreaves Landowne in Bristol. Mark always seemed to be pretty level headed to me - this article appears to have confirmed that :-)
3. a saver said...
'Be patient, time is on your side'.
My patience is long gone, I am utterly PO'd watching my siblings enjoying their gorgeous new detached houses while paying half what I pay monthly to rent (a dilapidated terraced ex-council house in the middle of nowhere) and enjoying four holidays a year. And don't get me started on the amount I'm losing in savings interest to subsidise people like them. Yes, I know that IF prices are allowed to crash I will more than make this up, but WHEN? After the election? These are going to seem like lost years.
Another fed up blogger commented that prices should have crashed in 2005 or earlier. Couldn't agree more. Would be an interesting exercise to calculate how much misery could have been saved if they had been allowed to do so then. I can think of three close rellies and dozens of kids-of-friends who would not now be in negative equity with a huge mortgage to pay off.
It is appropriate for the government to step in to prevent catastrophic bank collapses but they cannot possibly justify the measures they have taken to prevent overinflated house prices to come down to the level where people can afford them.
4. James said...
House Prices rose Over Threefold in nine years. 1997 to 2006.
In the nine Years previous to 1997 they rose by about a thousands pounds per year.
Its an insane mistake, that should never have happened.
I really cannot believe how any Prospective FTB could contemplate buying, even if they fell by another 30%.
I.E 50% reduction from peak.
Even with a 50% reduction, from peak, houses would still have risen [pro rata] year on year, higher than at any other nine year period in the last century!
50% off and they would still be overpriced!!!!