Monday, Jul 19, 2010
MSM catching on fast
Sky News / Yahoo: House price gains 'to be lost in months'
House price gains in the first half of the year are set to be entirely wiped out in the next five months, a new study warns. [...] Miles Shipside, Rightmove's commercial director, told Sky News that the number of new mortgages being approved is less than half the number of new sellers, feeding an oversupply of property. [...] Rightmove claimed that conditions were rapidly shifting to become a buyers' market.
Posted by montesquieu @ 01:38 PM (2213 views) Add Comment
16 Comments
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1. mrflibble said...
And all of a sudden the media changes tone... Last month they were all ramping like crazy... but now... Oh dear, what are the Sheeple going to make of it all... House not an ATM anymore, shame...
It's high time this housing gift gave back some of the gained wealth it's been hoarding.
2. mark said...
i think prices have hit their ceiling price , no amount of cheap credit can make them rise any more, people are now at their limits of affordability
3. will said...
Yes - Isn't it funny how they now see prices falling?
I have wondered how estate agents have survived for so long with so few sales, and I expect the banks will be dictating the terms of the coming correction - Easy does it now.
4. happy mondays said...
1 bed flats here are being advertised for sale for £149,950, a ridiculous amount..With the heading ideal starter home...
Only fools & horses! No i do not live in peckham ...
5. mark said...
would you fit a horse in a modern flat?
6. mark wadsworth said...
Well, I know we are a bit biased and everything, but i do get the impression that the balance of MSM opinion is swinging round to our way of thinking. And if enough of them say it, it becomes self-fulfilling, of course.....
7. Crunchy said...
The banks are in control Smuggy not Uncle Gordon the Goffa, just in case you needed reminding.
Timing is everything and so is liquidity. Don't make a dogs dinner of it now and tip the bowl.
Capital gains is such a dilemma now. It's a rats trap and you've been............................................
8. happy mondays said...
mark said...would you fit a horse in a modern flat?
Answer - No! maybe a very small pit pony...Or a dwarf shetland..
9. techieman said...
happy mondays - no still too big... how 'bout one of these?
10. happy mondays said...
techieman, now we are getting there..but to much hair, imagine all that puse & orange coloured hair all over the place..
11. happy mondays said...
How about these...
12. uncle tom said...
The mood is definitely changing..
..in my local pub yesterday lunchtime, small group of young couples talking, all currently renting (I think..) Decent people.
One of them is a builder, and another asked the question 'so how much does it actually cost to build a house like that?' (referring to a cheaply built and small 1970's 3 bed estate house)
The answer came back as £35-£40k.
And then they all got angry. Why, they protested, should they have to pay five times that amount?
If you think about it, prospective FTB's have been incredibly fatalistic about house prices over the last decade - they havn't protested, havn't campaigned for cheaper homes - not vocally, anyway..
..perhaps that's changing. Maybe the focus will change from what people can afford, while loading themselves with immense debt; to what they ought to have to pay..
13. mark wadsworth said...
UT, excellent, I've nicked that.
I trust you explained to them that they would have to pay about £100,000 for a few hundred square yards of "land" as well as the construction costs, and that replacing as many taxes as possible with LVT would sort all this out in future?
14. Mfarley said...
The change in sentiment hit me like a cricket bat in the face yesterday. A close friend of mine who has been a relentless ramper of property (and even bought a second one last year) yesterday said "I can see house prices only going in one direction from now on - down. Time to sell the flat I think."
This is the guy who said in late 2007 "People will just have to accept that high house prices are here to stay".
For me this was like the Pope converting to Islam. I nearly fell off my chair
15. str 2007 said...
UT
Yes kind of points to what I've been saying all along.
And if those 3 couples went and had houses built, it would benefit their local economy far more than buying an over inflated existing house.
But where, that's the question.
Off topic slightly (but will make the blood boil)
Just been speaking to a mortgage advisor re: BTL mortgages. Foreigners and expats are being offered 2.99% deals but these aren't available to UK residents for BTL mortgages. No we have to pay 4.5%+.
So not only have we devalued our currency making property cheaper to Foreigners. Now they're getting offered cheaper mortgage deals aswell. Talk about selling out.
I was told it was 'international' finance and that was the deal.
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