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House Price Crash Forum

permabear

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About permabear

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  1. Oh joy! To think that TR are coming to a town near me soon - Jan 2011 if the article you referenced the other day was correct! I would not wish repossession on anyone, but I do wish that those who are not prepared to accept today's price would remove themselves and their properties from the market. After all, an asset is only worth what someone else is prepared to pay for it. Going back to 2005 levels may even still be a little too high, as we were just about to move into the phase when the market started to go parabolic (generally the final phase of a bubble). Credit conditions currently are a lot tighter than they were back then.
  2. I'm new to the forum, so please bear with me if I'm not quite up to speed yet. I watched a BBC programme several months ago when one prominent Belfast agent asserted that we were back to 2005 levels: if this is the case, surely we should be seeing many more properties at rateable value? I've also read comments on the site about rateable value, but when I check out most of the re-sales in my area, they are still significantly above this level (around 1.6 times, sometimes more). There is still clearly a huge divergence between what sellers and estate agents think can be achieved and what the market will/can support. Would-be buyers are constrained either by a lack of bank finance (does the world really want banks to go back to the hugely irresponsible lending of the pre-Lehman era?) or, even if they can obtain the finance, by the knowledge that we are entering a new economic reality. However, vendors and/or their agents do not seem to have come to terms with this yet. Are they perhaps on a different planet to the rest of us on the eve of the Spending Review?
  3. Here are some more: super area, but very few biting. 4 houses sold on site of around 20. http://www.propertynews.com/results.php?s=111462458&p=2
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