Brian Potter

This is happening in other parts of the country too. My neighbour has done exactly this and... surprise, surprise.. it still aint sold after two six month stints on the market.

Agreed, that is what concerns me. The advent of Interest Only mortgages is a disaster. They are coming up with new and inventive ways of propping up an unaffordable market. Its a bit like DFS. You have the cash to buy a suite but they wont reduce for cash its credit only. You know the suite is totally overpriced but they tailor the credit to the high price. ie over longer periods. This is what banks are now doing - they are tailoring the credit to the high price so in reality the affordability of the market remains distorted. This fantasy can only go on so long before it turns bad. Interest rate rises by even a modest amount will be devastating.

This is me too in a nut shell. Want a bigger house away from our horrible neighbours. Earn very decent money but feel trapped because the next jump is ridiculas. Properties are not selling at the moment in our area but its a stand off between sellers in denial and pessimistic buyers. The buyers will dictate the market - they always do. They drive prices up - but also down. Its just going to be slow in my opinion.

Not in our area, mate. 'To let' signs everywhere. There is now a complete rental supplement in the local rag - didn't have one of those 18 months ago. If you are up for renting in some areas there is plenty of choice. If I was in a position of having a deposit and being a FTB, I would definately sit it out in rented. House prices CANNOT carry on rising. The debt burden is too much and people simply cannot afford houses.

I insist I give you £20K.

EA's will drive the market to correct value. If vendors are asking too much they will not sell and the EA will make nowt. EA's who refuse to give realistic advice will go under.

I've noticed a lot of houses are now displaying more than one EA board. Another sign.

I met a nice chap in the summer who had three btl's in manchester and noted that flats the same as his were selling for less than he bought for 2 years ago - purely due to supply. Its going to be painful

The problem with low interest rates is that a small movement has a huge effect. For example if the Interest rate is 10%, a 1% shift is relatively small in mortgage repayment terms ie 10% addition. However if interest rates are at 5% and move 1% then thats a 20% increase in repayment difference. If IR do approach 6% a significant proportion of the UK will be bankrupt because they simply could not pay the extra. I know its simplistic but you get my drift.

No offence meant

How exactly do I get a job as an analyst. It seems a piece of p*ss to me. Just open your eyes.

Not in my experience. When we bought our first house in 95' we had tons to choose from and could offer silly low money. Buyers were scarce and sellers plentiful.

I have posted before on flat numbers in manchester. Over 10000 coming onto market in next 18 months or so. You can see by the boards on the existing flats that trouble lies ahead. Its utterly obvious.

Wait til the massive over supply of btl flats in Manchester, Leeds, Liverpool etc begins to bite and there arn't enough punters to rent to. Thats when things will get interesting.

Anecdotally, properties are starting to stick on the market. Where I live (Bolton) lots of sale boards and lots of 'new instruction', 'new price' etc. appearing in local rag. My dumbkoff neighbour has just dropped his by £5K thinking this will stimulate interest in his grossly over priced property. 12 months on market, no offers. It is the start of a market realisation that buyers are becoming more savvy on what represents value, plus they are scared of what the future holds. It's happening.

Man, thats just beautiful. Can we group hug.

Desperately want to move because we want somewhere bigger and are really undermortgaged (if you get what I mean) but I absolutely refuse to pay fantasy prices. If I have to stay - so be it.

God your fit!

Bingo!

frightening. My view is that the public sector pension provision is completely unsustainable. This will see 70's style strikes and unrest when the government finally gets to grips with reality and tells them how itsa going to be.

Its not just brown. every government since the 60's has passed the bill onto the next generation. I have long ago accepted that pensions dont work and I will need other provision. Sadly most people are sleepwalking.

Its remarkable but after a redundancy and subsequent hardship over the next 5 years in the earlly 90's I did not feel overly affectionate for the tories. funny that. Not saying Labour are any better but at least I'm working.

I like top gear- its an entertaining view of cars. If you need to get info on the mpg of an avensis buy What Car?. I like my car. I enjoy driving it to work and for pleasure. My family also enjoy the car with the roof down on a nice day going for a picnic. If thats wrong. Sorry.

Correct. suggesting, as I have posted previously, that HPC is a symptom and not a cause of a downturn. Not everybody has bought at the peak - but most will have a mortgage funded by a job which may be in danger - fear is what drives recessions and ultimately house prices.

depends what you buy, me old mucker.