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House Price Crash Forum

ShowMustGoOn

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  1. http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/7222694/Tesco-expected-to-launch-property-website-within-weeks.html -------------------------------------------------------------- The supermarket giant [Tesco]was forced to abandon plans to launch its online Tesco Property Market venture at the end of 2007 due to the current legislation governing estate agents and sold the business to estate agents Spicerhaart. However, a report unveiled yesterday by the Office of Fair Trading suggested the legislation dating back to 1979 should be relaxed to allow more online agents into the market. Tesco is understood to be working with estate agent Spicerhaart on the new website, which has yet to be given an official name but has been code-named Project Indigo. It will see properties being advertised on Tesco’s own website. Rosalind Renshaw, of online magazine Estate Agent Today, said: “It won’t quite be like picking baked beans off the shelves but it may not be far from it.” Sources suggested the business will begin in a small number of locations which have yet to be finalised although areas under consideration include Milton Keynes, Reading and Brighton. A Tesco spokesman refused to rule out the launch of the site, saying: “We welcome the OFT’s conclusion that legislation can be updated to make it easier for new entrants to service customers and that a "recognised and trusted brand", such as Tesco, entering the market would allow for greater competition between online services and traditional estate agents, to the benefit of the consumer.” A spokesman for Spicerhaart said: “Any statement regarding the Tesco project will be from Tesco.” -------------------------------------------------- So will this help the HPC? No EA to continually ramp. With a healthy dose of marketing and tesco spin, this could tighten the squeeze on EAs.
  2. If people bought petrol and gas as "an investment" like most od their house, then I suspect they would be happy for prices to go up!
  3. Without a significant shift in Government policy I believe that House Prices will continiue to inflate. Both Labour and Conservative will inevitably ensure that interest rates are kept low. Both Labour and Conservative are very unlikely to cut real (or not so real) jobs in the public sector. As soon as there is any indication of a repeat of late 2007 to early 2009, QE will be extended and procedures will be put in place to protect "home-owners". I am amazed that despite continued unemploment house prices have continued to rise for the best part of the past 12 months. I will not be surprised to see another 12 months of rises with credit becoming more availiable (95% mortgages will soon be common again, as will 100%). As a FTB saving a deposit I am (a) hacked off by the above; ( concerned that rising inflation and house prices will eat into my deposit; © appreciative that politics is not about increasing quality of life so much as protecting the upper-classes.
  4. I think you're probably right! The only reason we've seen increases in recent months is a combination of: 1. Low transaction volumes skewing the 'average price' 2. Only those 'well off' people being able to afford to move 3. People getting caught in the bull trap that prices have fallen and will bounce back and go up up up... I watched the pension crisis tv program tonight and it struck me that the people complaining that their pensions would not cover an easy retirement forget that they benefited from their own rip-off - FTBs can't even afford to buy their own home and even those with a home financed by mortgage have less disposable income caused directly as a result of high house prices meaning high repayments. Another view: the government should introduce a scaled capital gain tax for buy to let-ers: 0 for prime home 40% second home 60% third home 80% fourth home 100% of fifth etc homes. Lets get back to sensible house prices; a home being just that (and not an investment); and a better quality of living.
  5. +1 This deserves nomination as the 'post of the month'. If its a tie-break, the use of capitals give it the edge.
  6. Well articulated; I often wonder the same thing myself. The guy says things which get me nodding my approval, then he does things that p me off.
  7. From: http://news.bbc.co.uk/1/hi/business/8249645.stm QUOTE US President Barack Obama's massive stimulus package has created up to 1.1m jobs, according to the White House. The $787bn (£472bn) package........ SNIP So, £472BN / 1.1M Jobs = £429,000 PER PERSON cost to the US tax payer; if that can't stimulate the US housing market not much will...
  8. I thought a similar thing about house prices - that there would be no choice, but what should have been a steep sustained downhill fall over 3 years has been halted and reversed as a result of policy... I also thought there we would have no choice but see many more high profile banks go under. But they have been rescued. And house builders, some are even now reporting profits, as are investment banks - massive profits for them. It's all screwed. We need proper bank regulation; we need higher interest rates and most of all we need to ditch the culture of borrowing and benefit spongers.
  9. Iceland. If only. I'm pro interest rate increases! It just wont happen.
  10. Not a chance I'm afraid. Do you really consider that either a Labour or a Conservative Government would let the BoE increase interest rates to 10%? BoE rate will remain sub 2% for the next 3 to 4 years and will not go above 6% for at least a decade, by which time thay will probably we on their way back down to 1%. The public lending banks will, however (and this is where I agree with you) increase some mortgage based interest rates to double digits; and the ones who will be caught will be those with low or no deposits and possibly (but less likely) those on trackers of over BoE +4%.
  11. So, dare I ask, what's your forecast for FTSE end of September 09?
  12. Any proper profession is hard work and usually involves a considerable amount of pre-qualification stress and financial commitment. As for Lawyers, there is a big contrast between city firms and high street firms; those advising large corporate entities and those advising individual working people respectively. In the former, sure fees are high and there can be grants for the professional post graduate courses. In the later its common for people to have 25k debt and a 'average' salary to boot. Not only that, many lawyers ranging from newly qualified to about 5 years PQE missed the HPI boat, and have found themselves priced out of a home. But then look at the equity partners in large city firms, owning several properties, contributing to the mess of over inflated houses that we currently have and it is easy to have little sympathy.
  13. They're not that high; and only unsustainable if unemployment continues to rise. I do agree, or perhaps wish for there to be, a long decline in house prices.
  14. My theory is: Credit will become more accessible through a low BoE base rate; - accessible to banks, at least. Over the next 1 to 3 years this accessibility will flow though to consumers; but the rates will remain around the same as today c.5%, possibly creeping upwards. The BoE base rate will not increase by much if at all. That way the banks re-fill their coffers at their consumers (and tax payers) expense. All of this keeps house prices artificially high.
  15. I'm sure they would be required to have indemnity insurance to cover those 5% of times... If I could afford one, I could afford a Lamborghini service too; though if Kwikfit did the same job and cost a third of the price, probably!
  16. I wonder if I could get a Tesco value transaction? Perhaps when they have sorted their finest, standard and value 'legals' package, they might want to start up a value estate agency - just think of the punters - they could advertise houses between food stuffs etc etc........
  17. It shouldn't affect conveyancing - lawyers typically charge fixed fees depending on a property price. The one thing which surprises me about this crash is the number of estate agents still in work. They charge a % of the price (which is still massively inflated) and so even though sales have collapsed (at least in contrast to 2007 sales) they still have a modest income.
  18. Stangely I thought that too i.e. a correction and some decent declines, however, I jave been astounded by the volume of sales locally and on my way to work that I think we are in the midst of a dead cat bounce...
  19. Halifax and Nationwide indexes, I believe, will show an approx increase of around 2% MoM increase in house prices. This is based on my observation of the surprising number of sales in the past 2 to 3 weeks... I also expect to see April to June quarter figures to show the first quarter based increase for 18 months. After this, I hope and expect HPC to continue.
  20. Oh, sorry, that must be why. Mmm, how do I get to be liked in this forum. Got it. HPC has only just started. UK is doomed. Soon I'll pick up a 500k 5 bed detached house in the SE of England for 200k. 60% falls minimum. Seriously, over the next 3 months of Halfiax / Nationwide releases, I wouldn't be surprised to see two out of three Month on Month increases in house prices. Houses are selling, in 1 week alone on my way to work (NO I AM NOT AN ESTATE AGENT) I have seen 4 houses sold, 2 houses sale agreed. Price range: 295k to 800k. Go figure. I would love to see 50% plus falls on average, in reality it will not happen.
  21. Which is the category that those bears who actually expect '50% plus' falls in real house prices accross the board fall into.
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