Loadsofmoneyonce

http://www.thisismoney.co.uk/mortgages-and..._id=57&ct=5 “!But while property optimists are eager to call a return to normal service, more cautious analysts say the property market remains balanced on a knife edge. A report today from economists Fathom Consulting suggested a drop in demand and prices at auction over the summer, with a gap of 30% between auction and open market selling price developing, compared to 10% three months ago.â€

What an opportunity for a New Liar Loan Company? Particularly if backed by the government ---- Must get the LIAR ECONOMY GOING AGAIN!

Barclays now 22% Aviva 34% down!

HSBC --- 378.00 -113.25 down 23.05% And Plummeting as we speak!

Pound abandoned on UK credit rating fears! "The pound crashed again today against major currencies, on fears that national debt and bank rescues could see Britain lose its AAA credit rating... " http://www.thisismoney.co.uk/news/article....e_id=2&ct=5

American banks are sitting on 850.000 repossessed homes that are on shown on their balanced sheets as assets at over inflated values. They dare not sell them for fear of realising massive losses by realising their true value! How long before UK banks will be doing the same?

Here are the losers! http://uk.finance.yahoo.com/losers?e=ftas Check out Punch Taverns - Down 30% and Taylor Wimpey under 15!

I hope this mortgage isn't with the Abbey? or any other, who may decide to activate their 'small print clauses' and ask for lump sum repayments to bring the outstaning mortgage balance within 90% of a possible reduced valuation http://news.bbc.co.uk/1/hi/business/7781043.stm “The Abbey bank has had to explain a letter it sent to its flexible mortgage customers warning of the impact of lower house prices on their contracts. It warned the credit available would be limited to 90% of a home's value, reducing available balances for some. Customers who complained were later told of a contract clause which stated Abbey could ask those borrowing more than 90% to pay back a lump sum. “

See this link too! http://timesbusiness.typepad.com/money_web...ouse-price.html Comment from our Johnathan

Laughed my socks off Investors are banking on property By Sinead Holland "CANNY investors are bailing out of banks and putting their cash into bricks and mortar, according to Bishop's Stortford's estate agents. The credit crash has shaken confidence in the stock market - but buyers still believe property is safe as houses". http://www.hertfordshiremercury.co.uk/hert...e.asp?ID=364421

Rightmove cuts a fifth of its workforce! http://www.citywire.co.uk/personal/-/news/....aspx?ID=318471

Many properties seem to be sold. Does this reflect the possibility that auctioneers are only accepting properties from vendors that have realistic reserves?

Co-op Internet down all morning - so far

From: thisismoney.co.uk. http://www.thisismoney.co.uk/mortgages/art...e_id=8&ct=5 “With finance tight and property prices falling, a growing number of homes are failing to sell at auction and auctioneers are demanding realistic reserve prices, or turning sellers away.” “'If you have a house at an estate agent that's been trying to be sold at £300,000 and isn't going, then the reserve needs to be £220,000 or £230,000 maximum, not £280,000, otherwise it just isn't going to appeal.”

Have the London Dealers got a little ahead of themselves? Ftse up nearly 9% on a buying spree! Have we been ‘sold down the river’ on the American promise of a Fed bailout? Dow averaging just a 3% rise today – Do they know something we don’t?