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House Price Crash Forum

yogibear

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About yogibear

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  1. Only 15 minutes to go. But I must say the misuse of the term sold by EA's is one of my pet hates. They put up sold signs before exchange, before structural surveys, before valuations. It would be like Tesco including items people pick up and look at before returning to the shelf as turnover.
  2. The woman I share an office with has a meeting at 5pm. I'll give them a call at 5 and pose as a prospective buyer of a property with a budget of between 200 and 230k. Then I'll post what they say.
  3. Offers may well be put in before a mortgage has been agreed, but Dogbox talked about sales in some of his quotes eg. "we have sold 7..". To have a sale the buyer must either have cash or a mortgage (and a sale is a competed sale once legal ownership has been transferred not an accepted offer which is only a potential sale). You won't have an increase in sales until 2-3 months after the lending figures pick up.
  4. Dogbox why don't you let us have the names of the EA's you phoned and we can then ring them up and find out if your statement is true.
  5. Lack of forced sellers certainly propped up the Japanese market. I like it TTRTR you don't like the fact that Van listed lots of people who are forced sellers so you redefine the term. That's classic denial. Next I presume you'll get angry....
  6. Classic Laurejon. Have you ever considered that house prices are unaffordable for the majority of people in the UK and that this will lead to a fall in house prices? The point is if 10 EA's could operate successfully in an area last year/2 years ago and now they are all dead the market is going down the toilet. Perhaps it will take all the bullsh"t with it.
  7. So assuming none of the companies had exactly the same number of home reservation as last year 24% have seen an increase and 76% a decrease. Hope none of you guys work for the companies that form the 76%.
  8. The block is on Vine Street in Brighton. According to nethouseprices last two Sales October 2004/April 2004 were £208,000 for a semi and £185 for a terrace . 300k a little optimistic and symptomatic of the complete fantasy land house prices have been in recently.
  9. In Brighton where my girlfriend works as a solicitor doing mainly commercial and some residential property work I would say the market is tanking. Her main client who made and lost a fortune on property in the last cycle has been flogging his entire residential portfolio in the last year 18 months. He is now accepting offers 30% + below July valuations, and even then his last few properties are struggling to sell. He is buying nothing residential at all. Remember the hideous programme the Block - 1.5 bedroom flats in Bright for £300k? The client I refer to above apparently said that wa
  10. Remember the old saying about being careful what you wish for? The lending figures are frighteningly bad. Nasty credit crunch coming for the UK consumer. UK plc has been living on borrowed time for the last few years (apologies for the appalling pun) and it looks like its pay back time. Recession?
  11. The remortgaging to buy cars, holidays etc. is the really worrying thing about this bubble. The BOE say the link between house prices and consumption is weaker than previously believed, BUT there clearly is still a link. When the housing bubble bursts consumption is going to drop and that will push us into recession. The fact that most of the borrowing going on at the moment is unsecured indicates that people have got used to easy credit. The consequences will be painful.
  12. House prices in London fell by about 5% last year in real terms (nominal fall + rpi) not a crash but a good start. TTRTR the mortgage approval figures for December are even worse than the ones for November whiich were incredibly bad. No mortgages = no buyers = market falls. The Spring bounce will be more like a spring thud this year.
  13. Laurejon I live in London here house prices are now lower in nominal terms than at the start of 2004, and have fallen for 7 months in a row. If they continue to fall at the same rate, by June they will have fallen by £22,000 in 1 year. My guess is that the rate of falls will increase as people with annually reviewed mortgages have just had a bit of a kick in the teeth. This will cause more distressed sellers to appear. I think by June the average London house will have fallen by £30,000 from the peak. Personally I'd call that a crash. But no you might be right all those FTBs are jus
  14. Woody seasons in this country don't last 7 months. A fall from peak of £13,000 in 7 months = an annual fall of more than £22,000. I'd call that a rapid decline, and if it continues for another 7 months we are into crash territory
  15. http://news.bbc.co.uk/1/hi/business/4209527.stm It appears US, and global interest rates are set to rise. Oh dear there goes the asset bubble..
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