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Offshore Joe

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About Offshore Joe

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  1. I was watching Sky News early this morning (I'm working in Africa at moment - so it may be some kind of "Internationalised" version of Sky). They had a brief report from USA - the piece was filmed in Virginia and showed a lady trying to sell a $1,000,000 house that was falling (rapidily) in price, streets with dozens of "For Sale" boards, multiple agents signs and a short interview with an estate agent saying how tough times are. The US media seem to be getting their teeth into the story now. Wonder if Sky will repeat this piece in UK Prime Time?
  2. Hi All, Not sure that I fully understand this, but it looks like "cheaper" mortgages could be used to prop up house prices and cheaper credit cards to prop up retail spending. MSN Money It'll all end in tears..... but then again, by 2007 house prices will have fallen AND there'll be cheaper mortgages = Win-Win situation! Joe
  3. There was a brief (about 10 seconds) mention, of Greenspan's comments, on the CBS Evening News (carried by SkyNews in the small hours) this morning. The gist was along the lines of; House Prices can fall, with a mention of the high debt amongst US households. (this sounds familiar...)
  4. Assuming thse figures relate to Q1 2005, over 20 (Twenty) of the Scottish areas show price falls. The largest quarterly fall being Scottish Borders at -14.5%. (Extrapolate That over a full year....) Q2 figures should be very interesting when they are published. Just musing - would this indicate the real crash starting in more outlaying areas and then rippling inwards?
  5. From reading the notes at the bottom of the article, the Scottish figures are from Jan to March this year - so the next figures will probably show the price falls accelerating even more.
  6. I was back in the UK a couple of weeks ago - M74 Southbound, Gretna Green Services - they were charging 99.9 p per litre for diesel - I think this just Might make transport companies increase thier charges?
  7. Just re-reading the article: QUOTE: “With 44,000 homes coming onto the market each week, if there is the slightest hitch there could be a catastrophe UNQUOTE. Now, my calculator makes that 2,288,000 homes coming on to the market in a year - surely that can't be right? Can it?
  8. Morning all, Please take a look at the link below, I'm not sure if he is saying that the catastrophe that Home Information Packs would cause would be falling prices or an artificial restriction on properties being marketed? Could the latter case possibly have a braking effect on the drop in prices? Article
  9. 'Evening All, Thought I'd post the text from an auctioneer's newsletter I recently received. They do seem to be trying to persuade sellers to become more realistic. Would be interesting to know the prices agreed in the post-auction business - maybe the shock of not selling at/above the reserve price has sparked some sellers into a realisation that prices are indeed continuing to fall. QUOTE:- JUNE 2005 POST-AUCTION NEWSLETTER Our recent property auction was held last Thursday 9 June at the David Lloyd Leisure Club in Bolton. In line with many other property auction houses at the moment, we are finding that the market continues to be uncertain with the result that vendors are reluctant to sell at lower prices than say 6 months ago. Equally, buyers are looking for the proverbial bargains, hoping to pay the lowest possible price but certainly less than 6 months ago. This situation makes it very difficult for the auctioneer and despite our guidance, we are still finding that generally speaking, owners are setting reserve prices too high resulting in several properties not selling on the day. Our actual sales on auction day were only about 58% of all lots offered although as we now so often find, considerable post auction business has increased our final sales ratio to around 75% sold. Auctioneer Alan McNaughton stated that in view of the current market conditions, then the auction was better than he had expected. To view the auction results and see the properties that are still available then visit our web site at: www.mmauction.co.uk The closing date for entries into our next auction on 21 July 2005 is this coming Friday 17 June 2005. Not only do we offer a free valuation service for any property that you may be considering selling at auction but as an added incentive, we are continuing our special offer for our e-mail database clients. We will reduce our registration fee by 50% saving £125 + VAT for all properties entered into our next auction on or before the entry closing date of 17 June 2005 provided you reply to this offer by e-mail. So please contact the Auction team now at Miller Metcalfe. We look forward to receiving your enquiries and hope that we can assist you whether buying or selling. Miller Metcalfe 56 Bradshawgate Bolton BL1 1DW Tel: 01204 525252 Fax: 01204 362945 To unsubscribe from this mailing list, click here to change your 'My Details' settings on our website. UNQUOTE.
  10. The article is a couple of weeks out of date, but some confirmation info about falls in prices in Scotland Scotland
  11. Aboutproperty.co.uk Click on the link and go to "Sellers tune into buyers expectations" Quite surprised that offers are only running 4 percent or so below asking price.
  12. We should be grateful to the RICS for providing such an objective view of the state of the housing market over the last 3 months, and their view of the future: "New buyer enquiries slipped back in May, RICS said" "the economic climate has begun to dampen the mood of potential buyers" Has anyone got a link to the full RICS report?
  13. I particularly liked this part: "A tepid upturn in buyer activity at the beginning of the year seems to have fizzled out." That'll be the Spring Bounce then.....
  14. Hi All, Just noticed this from reuters, apologies if already posted somewhere else:- Quote: Reuters House prices mark fastest fall since 1992 LONDON (Reuters) - House prices fell at their fastest pace in 12-1/2 years in the three months to May as the number of new sellers continued to rise and potential buyers shied away, a survey showed on Tuesday. The Royal Institution of Chartered Surveyors said its seasonally adjusted house prices balance for May fell to -49 from a downwardly-revised -41 in the three months to April. May's reading was the lowest since November 1992, when millions were still trapped in negative equity after Britain's 1980s house price boom ended in a crash. "The housing market continued to soften into May," said RICS. "A tepid upturn in buyer activity at the beginning of the year seems to have fizzled out." The ratio of completed sales to unsold property, which some economists consider a better measure of the housing market's strength than prices, was at 29 percent for the third month running -- off a low of 28 percent in February. Although that pointed to some stabilisation in the housing market, RICS said that ratio remained below the long-run average of 37 percent, suggesting that prices will remain under some pressure over coming months. New buyer enquiries slipped back in May, RICS said. "Surveyors have commented that uncertainty over the economic climate has begun to dampen the mood of potential buyers despite the fact that the jobs market remains firm," the survey said. A raft of UK economic data has come in weaker than expected in recent weeks and policymakers have highlighted a slowdown in household spending as a key economic risk. That has raised expectations that interest rates may have peaked at 4.75 percent, something RICS says could prompt a turnaround in housing sales activity. RICS said the number of homes on surveyors' books slipped back in May to 72 homes per surveyor from 73 in April. Meanwhile the number of new sellers continued to rise but at a slightly slower pace than the prior month Unquote
  15. http://money.msn.co.uk/Bank_Plan/Banking/d...use/default.asp Not very computer savvy, so hope the above link works. Apologies for not posting often, but my work sometimes precludes getting at the 'net. OSJ
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