Sunday, Dec 27, 2009
Nothing new here
Telegraph: Buyers priced out of the UK housing market
House price affordability has started falling for the first time since the slump in property values, meaning that prices are now once again moving out of reach of the average buyer. The affordability of UK property market has been falling since the middle of 2009, according to exclusive new research produced for The Sunday Telegraph by Lombard Street Research (LSR). The survey shows that house prices have once again started outpacing the increase in the average family's disposable income, meaning that the best opportunities for good value property have passed. "We are unlikely to see the scale of house price declines we did recently for some time."
Posted by drewster @ 04:39 PM (1843 views) Add Comment
16 Comments
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1. estrader said...
"meaning that prices are now once again moving out of reach of the average buyer"
Bad news for the average seller. Looks like they have missed the opportunity to get out of their average property and move up the ladder...what choice do these poor sellers have now?
2. will said...
So Britain's housing market is as dead as a parrott.
3. crunchy said...
The beauty of a so called long awaited crash of 40% when house prices are at least 300% overvalued. A suckers elusion of a bargain.
4. happy mondays said...
Like a stalling airplane engine.....Don't look down !
5. alan said...
@Will,
Nah, its restin'
http://www.youtube.com/watch?v=Oj8RIEQH7zA
6. fallingbuzzard said...
It might be restin but you won't get a refund or your money back.
7. novice pete said...
Maybe the UK/Global economy is like this,
http://www.youtube.com/watch?v=3mclp9QmCGs&feature=player_embedded#
A bridge too far? or just not strong enough.
Note, Gordon Brown walking back across the bridge to tell us everything is just fine, UK is best placed to weather the storm. Hmmmm!
8. crunchy said...
7. novice pete said...'UK is best placed to weather the storm.'
UK is best placed to weather the storm of fascism as we have been well conditioned.
9. novice pete said...
what must it be like to shout Viva le Revolution! and really feel it in your heart!
10. smugdog said...
The FTB's are the life blood of the housing market, kill these off and the golden goose is necked,
no matter how much corn the farmer scatters.
Prepare accordingly.
11. Mr Messy said...
house price declines !!!!!!!!!!!!!!!!!!!!!! where ?????????????????
12. dill said...
reap what you sow, smugdog, reap what you sow.
13. Alan Lubin said...
excellent post in the replies:
First Labour allow house prices to rise to astronomically unsustainable levels, pricing hardworking Joe out for ten years.
Destroying hardworking Joes ability to get onto the housing ladder and get ahead in life.
Joe is Forced to spend tens of thousands in rent to a BTL landlord, who took out a 'liar loan' from Gordons banker pals, to buy a couple of houses.
Then the economy crashes, and normal hardworking Joe who has been priced out for ten years loses his job.
Gordon bails out the banks, expecting Joes taxes to pay for this toxic housing debt, [which Labour allowed to inflate] even though Joe does not own property.
So Joe has lost tens of thousands, is now having his Interest Rates stolen, his meagre savings devalued by QE, and faces huge tax increases, to pay for Gordons banker pals stupidity and greed. The same bankers who lent Joes BTL landlord, the money for the house Joe lives in.
Now, Joe has worked hard, and been sytematically robbed of his nest egg, and chances to get onto the ladder.
And all the while the bankers, who lent Joes Landlord the money are in work, getting richer with Joes taxes,
Meanwhile, Joes landlord who lied on his BTL application to buy the house Joe lives in, does not have to work.
Joes paid for his lifestyle.
Joe is in indentured slavery.
Devised by The Labour Party.
Joe has nothing. No pension. No capital. Nothing..............................
We need a revolution in this country.
14. mark wadsworth said...
To return to one of my favourite topics, Home-Owner-Ism, this is exactly what they say they want - they want house prices to rise faster than wages each and every year for ever and ever, so inevitably, fewer and fewer people can 'climb on the ladder'.
I suppose this is one of the myriad inbuilt self-destructive devices in Home-Owner-Ism - as we are a democracy, H-O-ism only works if rather than more than half of voters are on the ladder with no intention of ever trading up. If more and more people are priced out of trading up or even buying in the first place, then puts a natural upper limit on things.
What puzzles me, for example, is that all the NIMBYs are ready to stand outside the town hall with placards saying "No new homes! No new homes!" but when will the day come when angry parents and their adult children stand outside town halls with placards saying "Please allow more new homes to be built so that the next generation can live as comfortably as we did!"
15. smugdog said...
Hey Dill, I don't sow, I merely peck at the carcass. Hmm, good leftovers.
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