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House Price Crash Forum


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  1. Looks like Furba have been doing some house keeping since I last popped in. The long serving members will know we bought our rented crash pad back in Jan 2008 [at a discount to market of just over 26%] Look it was a dam sight cheaper than a divorce OK. But still under no illusions that the market could and should fall further [without massive government manipulation of the market] Which as it happens they have done with "quantitative" easing, and nigh on zero rate bank rate...there goes the value of your savings folks ....but that's another story. Anyway back on subject, in Jan 2008 a two bed house across from us went on sale for 240k. Last sale of those type of houses was back in July 2007 @ 247.5K Land Reg ignore "Type" they are two rows of houses [no flats] both the last house sold in 2007 and the one I'm on about are both end of terrace. Now at the time it went up for sale, and in relation to what we paid for our three bedder, I said to the wife it's worth 174K, well it finally completes next Wednesday @ 170K. The house was a real sale, by that I mean the house layout was not conducive to the incapacity of the owner, who has since died. The vast majority of sellers have IMO expectations beyond the reality of the market. But that has a lot to do with the industry and governments siege mentality.....don't worry the cavalry are coming. So that said, nothing much is really selling in Skipton. But unemployment is low, and with Skipton Building society, and its off shoots being a major employer in the town, along with the nearby Airedale Hospital there's little pressure to sell, but also little incentive to buy. People still think house prices getting back to normal, will be when they are back at 2007 levels, don't you just love our propagandised media. Have you notice in the property porn shows, how now is considered bargain time. Question is can the BOE print enough money, to make that be reality.......that's another story. I really feel sorry for those who did not get sucked into the biggest Ponzi scheme in my lifetime, and I'm 63. Living in less than perfect rented accommodation with no security of tenure. And now seeing their savings returning sod all, while this government tries to inflate away the housing debt. Because in "pound note" terms, as the tax payer is underwriting bank losses on housing, it is imperative the government staunch the flow of haemorrhaging house valuations. I really don't know how this is all going to end, all I do know society will be worse off either way. All l because the Anglo American financial model that capitalism is built on, is in effect the puppet masters of our governments. They our government consider our enslavement to the bankers is our only route to salvation....me I'd take the lot of them outside and do a Ceausescu on them ....rant over
  2. In the days after the Northern Rock bail out, I sent the BBC, a screen shot of Northern Rock's "intermediaries web page" offering mortgage brokers [as the NR website wording said] "sub prime mortgages" I've sent loads of relevant stuff to the BBC, the likes of AMB Ambro overnight reports dated March and April 07 stating they where expecting the UK housing market to collapse. And asking the BBC, the reports raised concern that if the bubble burst. the Bank of England would have a job on its hands to protect the banking system. And we had two UK banks fighting for ownership of yet a bigger slice of an industry heading for the rocks. DID THE BBC EVER USE THE MATERIAL, DID IT EVER RAISE CONCERNS, DID IT [email protected]@CKS, BUT HERE THEY ARE TO DAY ........................our main news story ...........Northern Rock sold subprime .......A NEWS ORGANISATION? MY @RSE
  3. The President of the Federation of German Industry, Hans-Olaf Henkel, when discussing the political spat between UK and German politicians, made the following comment: "The recipes each country must prescribe to avoid a Depression or Shorten it" ...................... Last Nights Newsnight about a third of the way in. At last somebody telling it like it is, there is a [email protected] Storm heading our way, and 2.5% of Vat ain't going to fix it. Crash Gordon will go down in history as the worst Chancellor in History. During his term as Chancellor along with the Bankers, he set the kindling beneath our financial system. And now like Nero, he fiddles while the UK burns. So this morning has anyone at the BBC decided to question or comment on that remark? Nope what our lobotomised viewers need is an in depth investigation. Into why Austin Healey got voted out of Strictly Come Dancing.
  4. 1995-05-24 1 Counting House Mews, Skipton, North Yorkshire, BD23 1RJ £73,950 2006-07-04 1 Counting House Mews, Skipton, North Yorkshire, BD23 1RJ £247,500 No extensions, no nothing added or enhanced. Courtyard development built circa 92/93 1996-09-06 7 Counting House Mews, Skipton, North Yorkshire, BD23 1RJ £79,000 Went on the market December 2007 @ 240K still on, asking 199K....offers considered, there appears to be no interest whatsoever. Very interesting this newly available free data
  5. So far Krusty has got it all wrong again.......Somebody pass her another hat please STR 16.44% Renting 36.99% Owner Occupiers 34.25% Personal circumstances, was a no mortgage OO who STR with a view to downsize, now a no mortgage OO, and still a BEAR
  6. update: feeling the local pulse....very confusing In the home of Skipton Building Society and near by Airedale Hospital, both big employers in the area. Not a lot is happening, being in a fairly affluent commuting and tourist area, with no big unemployment problems as yet. It would appear with very few forced sellers, it is for all intent and purpose a market ceasing to function, feck knows how the agents are surviving. THIS BTL went on originally @ 250K a couple of years back. Now reduced to 230K but in no apparent hurry to sell [it is in a bad position overlooking an elevated main road into town centre] I had noticed, this house a couple of years back had long vacant periods, but now it lets straight away. Obviously reflection of the current climate, having more renters than buyers. THIS 11 months on [initially offered @240K is now open to offers around 200K.[again like the other house, the position and outlook does it no favours] So considering houses are sticking, and given that apartments countrywide are taking a battering, work this one out if you can The adjacent Victoria Mill is holding up quite well, price wise. And HERE is a cheaper offering. OK both been on the market for a while, but take a look at THE LAND REG paying particular attention to the last three sales. The occupants of number 18 like the Mill so much [ must admit the Mill is always being photographed by admirers] they sold their apartment, at asking price, and bought number 23, a floor up for the spectacular views it offers. Note what price number 23 went for at the beginning of the year!!!! And here's an even bigger conundrum, a stones through away from this mill, other side of a beck, is an ongoing massive mill re development, bringing on stream 100+ new apartments starting December 2008. Is it possible, with all this government intervention regards the banks. Much like the Japanese government intervention to prop up Japanese banks after their property bubble burst. Could we like wise see a Japanese style long slow grind down in property values?
  7. Poor Barbara ........ NOT MUCH LUCK THERE FOR HER .....well somebody had to say it.
  8. you can still get a fixed one year eBond @ 6.7% with B&B where as Abbey are only offering 5.75%....same group same FSA deposit guarantees. B&B and Abbey are deemed as one for the FSA deposits guarantee, so no more than 35K between accounts covered. Alliance and Leicester on the other hand operate under a different FSA licence so you can have £35K in there as well if you want. B&B instant access internet saver is paying 6.5% Barclay's eSaver pays 3.92%..............if you have it in a bank and considering they all have the same FSA deposit guarantees, you might as well have the bigger rate in my opinion
  9. US to lose financial superpower status LONDON (MarketWatch) -- Germany's finance minister on Thursday laid the blame for the global banking crisis on the Anglo-American free-market model's quest for ever-higher near-term profits, predicting the United States would soon lose its role as the world's dominant financial power. "The U.S. will lose its status as the superpower of the global financial system, not abruptly but it will erode," Finance Minister Peer Steinbrueck told the lower house of Germany's parliament in Berlin, according to published reports. "The global financial system will become more multi-polar." Steinbrueck criticized the United States for failing to adequately regulate investment banks and said free-market policies embraced by the United States and Great Britain that emphasized a short-term "insane drive for higher and higher profits" were partly to blame for the crisis. "Wall Street will never be what it was," he said. The finance minister said he would push for a global ban on speculative short selling and would use next month's meeting of the Group of Seven finance ministers and central bankers in Washington to press for new rules that would prevent banks from fully securitizing loans and selling them to third parties. Steinbrueck said U.S. authorities were late in undertaking rescue efforts, but said he welcomed the decision to attempt to bail out only organizations whose collapse would threaten the world financial system. He repeated that he felt there was no need for Germany or Europe to echo the U.S. Treasury's proposal to spend around $700 billion to buy up toxic assets from distressed banks' balance sheets, saying the financial crisis is largely an "American problem." The minister warned, however, that the fallout from the crisis would make for lower growth in the near future and eventually impact the labor market. End of Story William L. Watts is a reporter for MarketWatch in London.
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