Thursday, Nov 19, 2009
Comedy club chief back
Daily Express: CHEAPER MORTGAGES SET TO BOOST HOUSE PRICES
HOUSE prices are set to rise throughout next year as buyers enjoy a greater choice of mortgages, experts predict.
A five per cent increase in prices will add £9,000 to the current £180,000 average cost of a three-bedroom semi. Stuart Law, chief executive of property investment firm Assetz, which forecast this year’s housing market revival, said: “2009 is well on its way to ending with positive growth of about five per cent and the next 12 months are likely to bring further growth.”
He said Government pressure on banks and building societies to reduce profits and increase lending would force them to offer cheaper home loans.
Posted by little professor @ 01:15 AM (1590 views) Add Comment
21 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. will said...
Laughable when read after the previous posting - 'Society Generale tells clients how to prepare for global collapse'.
Stuart Law just doesn't get how serious this is.
2. James In London said...
ABSURD HEADLINES SET TO SELL GOSSIP-RAG
3. mr messy said...
maybe it is time for this site to call it a day or change its name, as i cannot see there ever being a house price crash in the near future . for all the doom and gloom talk on this site things have not really changed , prices have just dropped slightly and stabilized, and no i am not prepared to wait another five years for nothing to happen
4. Redprince said...
I fully understand why the previous poster feels that "the crash" may never happen now.However its only the drastic intervention by govt that has so far prevented a total collapse of hp`s.They are imho playing a very dangerous and perhaps necessary game here cos if the whole thing tipped at once it would be catastrophic.However just look at the macroeconomic picture and ask yourself how much longer they can keep the plates spinning?I am renting until the spring and i hope to buy around then.I intend to secure another 15-20% off current prices by then or else i wait longer.They will fall much further-nothing moves in a straight line.
5. sybil13 said...
Perhaps they know something that the Council of Mortgage Lenders didn't know last week when they
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/6542210/The-Council-of-Mortgage-Lenders-predicts-gloomy-future-for-mortgage-borrowers.html
...predicted "A gloomy future for mortgage borrowers".
6. wdbeast said...
mr messy - " I am not prepared to wait another five years for nothing to happen"
I share your frustration, but it is wait or emigrate.
Or maybe just emigrate.
I will talk to Mrs Beast again about the emigrate word and see where it gets me. Last time we had the conversation, she thought Lincolnshire was too far from her family to consider!
7. smugdog said...
Welcome to the fantasy world that is the Daily Express, together with their odd little pocket of avid creepy little readers.
What a comfortable and safe little world they live in.
Mr Messy, how dare you speak so! Beware the Gloom Guards that are Jack C and Co, for they will seek you out and
destroy you!
Now come this way, come into my world why don’t you.
8. Fly By Night said...
I'm quite surprised mr messy seems to actually believe the Express on house prices. I would believe the Express as far as I could throw the Eiffel Tower.
9. mark wadsworth said...
The logical flaw is that it isn't the buyers who "enjoy" the cheaper mortgages, it's the vendors!!
The Express is quite clear that cheaper mortgages = higher house prices. So who benefits more, the buyer or the seller?
10. wiltshire said...
Mr Messy, this site doesn't need to do anything other than what it is doing.
If you're not prepared to wait five years to purchase then you should just get on with your life and purchase (if that's what you want). No-one here is claiming their opinion is 100% correct, some will be wrong, some will be right, most will probably be somewhere inbetween.
Personally I still believe we are far from through the woods. Labour's policies are just papering over the cracks, their intent being to limp into the next election with some sort of fighting chance. Their policies are only moving the day of reckoning further into the future, they're not cancelling it altogether. Whether their short-termism will result in an even more difficult future than it might have been remains to be seen. I'm not confident and although I'm not a huge fan of renting I am happier renting than owning at the moment.
11. letthemfall said...
House prices fell about 20% - that is more than a slight drop. To maintain prices at current levels - still above long-term mean - requires an indefinite generous supply of cheap credit to hold them there. I'll leave to others suggestions on how that might be achieved in our current situation.
12. 51ck-6-51x said...
LTF
- or:
wage inflation;
deflation in consumables, esp food & energy;
increase in productivity;
increase in efficiency ( kind of the same effect as the last one, but thought it deserved it's own entry );
& prob some more, but you get the drift
But otherwise yes indeed ( and the only way the powers that be can attempt to control the situation is as you suggest ( whether directly or via the back door )... unless they are sitting on a new technological break though or something ( which I really do not think they are - although some conspirators would disagree... where is S2R1 anyway? )
13. 51ck-6-51x said...
Don't know why I typed the first parenthesis in the last paragraph ^^ s.b.:
But otherwise yes indeed and the only way the powers that be can attempt to control the situation is as you suggest ( whether directly or via the back door )... unless they are sitting on a new technological break though or something ( which I really do not think they are - although some conspirators would disagree... where is S2R1 anyway? )
14. tenyearstogetmymoneyback said...
The time to close this site down will be when there are a small minority of people
on Housepricerise.co.uk making strange predictions that one day houses might
stop falling in price and may become a good investment rather than a Money Pit.
This could have easily happened in the mid 90s, and I think that the only reason it didn't
was so few people were on the internet.
:- Duncan
Bought 1989 £65500, Best Offer 1995 £48000, Sold 1999 £70500
(3 Bed Wimpy end of terrace in Hampshire)
15. jackas said...
Mr Messy.
You don't think house prices have fallen? Ah, money illusion claims another victim. You don't need to accept Smugdog's invitation into his world, you are already in it.
House price are down about 50% for people not trapped in Smugdog's evil world.
16. contrails are not a conspiracy (formerly npnh) said...
• Posted by: StuartLaw in the comments section! •
RISKS REMAIN BUT OUTLOOK MODESTLY POSITIVE
19.11.09, 11:01am
The CML have previously forecast mortgage approvals falling for several years when in fact they rose. Almost every forecaster said UK prices would collapse in 2009 when the data suggested otherwise and Assetz said so and have been proved correct.
I would suggest taking note of forecasts from those who have a good track record in difficult times rather than those that reinforce your personal view. Such actions lead to over-compensations that we saw recently.
We are still in difficult times and there is nothing certain in forecasting meaning that it is possible we could see falls next but the data suggests this is very unlikely, primarily from a supply-demand point of view.
17. Brownsters_billions said...
We've just had our valuation back for the house we're buying, and the bank have agreed to loan us the money, and didn't down value. This despite me thinking they might as it's not exactly a bargain. They did take about 2 weeks from doing the survey though, so I think quite a few staff have been lost.
Still, we really don't want to have to wait another few years for prices to come down a few percent. You can't take it with you you know!
18. jack c said...
Brownsters_billions - pleased to hear things are progressing for you, just out of curiosity did you elect for (1) Basic valuation (2) Homebuyers or intermediate report (3) Full structural survey?
19. Srhmaz said...
I think anyone that follows this site is a fool, I bought a BTL in March for £240K and the house next to it has just sold for £320K after being on the market for two days. If I'd followed HPC's advice I would have still been scratching my head!
I think you should follow your own mind and not worry about this site or any other opinion.
I occasionally check in to have a laugh and believe me HPC has never failed to make me laugh.
20. brownsters_billions said...
Jack C @18
We had 1 and 2. The homebuyers came back nice and quick (obviously, as we paid for it) and showed up a that the house is actually in pretty good nick (slight damp and flat roof on extension renewal issues not withstanding, which we'll renegotiate on anyway). This survey valued our offer at the top end of what the property could expect to fetch in the current market, but his exact words on the phone were that 'the market has been showing in the last couple of months a distinct change, so I feel comfortable agreeing with your offer'
The mortgage valuation was free with the mortgage offer from the abbey. I guess there was little incentive for them to undervalue, given we're putting a 25% deposit down.
Time will tell if that gets swallowed up in any further falls. I'm prepared for it if it does, but i'd obviously prefer it if it doesn't!
21. letsgetreadytotumble said...
Hey guys, get your comments in. Stuart is responding.