red
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Posts posted by red
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So the media will have a wet-knicker day of trumpeting price rises as 'good news' and the deluded masses will breathe a sigh of relief.
Whilst we might cite low transaction and lending levels as reasons for these anomalies and fluctuations, the sheeple just want to hear that their precious 'investment' is rising in value. Sentiment has swung back a little towards the HPI brigade today...
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...And commentators say that by the end of 2011 house prices could fall by 10% from the mini-recovery seen mid-way through last year.
10% from our bull trap peak by end 2011? Just about the most benign, conservative estimate you could wish for.
We're already half way there!
They'll be PRAYING for that small a drop.
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Yep, I heard this and was fuming.
"Prices might not return to normal for another 4 years..."
Normal.
Jesus fecking wept.
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QE1 (in conjunction with other money printing around the world) boosted a stock market recovery and kept commodity prices high. Arguably it's responsible for turning around the previous house price crash/correction too.
But surely the last round of QE went straight into greasing the wheels of the banking system - was the property crash arrested due to QE or simply the savage cut in IRs?
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Will BBC R5 be covering it today I wonder?
LBC doing a vile 'how much I bought my house for and how much it's worth now' fest. Ugh.
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Oh boy.
LBC have been punting the fact that London prices are still holding/rising.
Interview with 'expert' saying it's all to do with mortgage availability...deposits...first time buyers haven't got a chance as they can't get a mortgage...
AAAAAARGGGHHHH!!
I have emailed saying it's to all do with HIGH PRICES. Listening to see if it is read out - I usually get read out...
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BBC News 8AM.
No guest from Nationwide.
No mention in the headlines.
House prices can`t be falling, surely the BEEB would report it ? They always report increases, so prices must be staying the same.
They're 'stagnating', doncha know. A sort of 'plateau'...levelling off. Broadly flat. Easing. Cooling.
But definitely NOT falling. No.
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What is sorted? Do you really believe that there will be a major crash so that prices come back to normal level soon? Is it not more likely that there will be a slow and painful correction in real terms with nominal prices rising but not as fast as wages for a decade or so.Who benefits from that?
Ah...depends on whether you believe wages will in fact rise. I can't see wage inflation to mask nominal price falls for a good few years.
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I wish you could post pictures on the comments that is quality!
You can - just publish a comment referring to the photo...
Note how they're going back TEN YEARS to show HPI and how property is a solid investment...it's truly unbelievable.
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I think the Metro is also published in Birmingham, Manchester and further oop North, isn't it?
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Housing market double dip - good excuse for QE2.
They must keep up house prices.
The Bank also reports a disturbing rise in the volume of bad loans being written off by lenders – £3.2bn of loans to individuals went bad in the second quarter of this year, a record high, and a much worse rate of delinquency than for companies.And with prices falling, it's little wonder that mortgage lending criteria will remain sensible...
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agree fully - in nominal terms
but in real terms - squeal Mr Piggy
How so? Inflation? The way I see it, with little prospect of wage inflation, we'll see nominal falls, too.
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However, lets be clear this is only 're-pricing' and not 'falling' or 'crashing' in any way. Shall continue for another year though. Good to hear.
a 'modest re-pricing'....!
That's classic. Beats anything the BBC could come up with: prices 'easing', etc..
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+1
We won't see an improvement in approvals until prices have fallen noticeably, not just a few percent of the averages.
Agreed - and presumably, with more sales at lower prices, the crash will gather pace...
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Will we be seeing him pi55ed up outside Foxtons shouting
"We need a twelfth completion ere - where are you.... COME ON THEN"
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Had a quick look over there - quite amusing - Ms Wetherspoon - Do you reckon that's 'im?
on weekends like?
Please get it right - it's Wotherspoon.
And it's definitely him. In a dress. Eurgh.
Some great comments on the board there - I wonder if he'll make any 'official' responses...
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We don't need 14 or even 8% my friends....anything above 5% & the "sheep" are toast!
Mike
bingo
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Hmm.
I wonder who paid for this advert masquerading as a property 'article'...
- neil, London UK, 23/08/2010 17:49
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I find it amazing, given all the country has been through in the last three years, and all the economic truths that have slowly become mainstream - that people can still think that this website is populated by evil people who are trying to talk the property market into crashing so that we can all buy up all the properties as cut-priced BTL's to make obsecene profits.
OK, I'm going to play devil's advocate a bit here...
I don't have a problem with the idea of property speculation - it's the blatant intervention to keep the bubble going that I find abhorrent.
If people want to gamble on prices rising and they win, fine. But if prices dip they should deal with the consequences - not be bailed out because HPI has become the bedrock of our economy and can't be allowed to fall.
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You know, I think the name of this forum/site is really bad PR. A "crash" is usually a bad bad thing, associated with accidents, injures, pain and even death! Someone should think of a positive name for it, that would associate with affordable housing somehow, with lower costs of living, or better housing, etc.
It won't stop people labelling us all as work-shy doom-mongers and bitter STRs...etc.
We question the brainwashed British ideal of ever-rising house prices and they don't like it.
The post by 'PG' on Boulger's site sums it up perfectly - he tries to lump us all in that category but fails to address the perfectly intelligent questions posed to Boulger and his Boulgette, Drew Wotherspoon.
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I am loving Laura - like a dog refusing to let go of a particularly tasty Boulger-shaped bone.
I presume it's our Laura..?
I'm sorry but that is a very lame excuse. I have listed the main points already. Why don't you try to reply to these, if you can, and we go from there?
"I hope you are aware that we had a credit bubble, that pushed up assets prices. These are still near peak levels, and are unsustainable. You must know that.
Yes, the government "implores the banks to lend more", but for businesses, not mortgages, and I think your article is disingenuous by implying otherwise.
To improve "affordability", first we need much lower prices, and only then we can have easier credit.
Our economy was not exactly driven by the "housing market", but by the cheap credit that it brought to consumers, who are now over-indebted. This "route" had a dead end, and we've reached it."
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I see 'Laura' has had a pop, too...
Also, within his droning blog:
...even when a FTB has managed to save a 10% deposit and get approved for a 90% LTV mortgage they will pay more for a 5 year fix today than pre credit crunch. Furthermore they will not have the option of an interest only mortgage, with or without a robust repayment plan, as no lender is now offering this option at 90% LTV. One benefit FTBs do have as a result of the credit crunch, provided they can save the deposit and get a mortgage, will be that property prices are lower, but this is of no value if they can’t get a mortgage!So better to lend silly money again and re-inflate the bubble rather than allow prices to return to sensible levels, meaning mortgages will be affordable and accessible with current criteria in place. Or am I missing something..?
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Wow, no comments moderation/approval?! He's either very brave or no one reads his blog!
Er, no-one reads his blog.
It says: "Be the first to comment' under every entry. Until now. Mwa-ha-ha...
p.s. oooh, just noted a 'Drew Witherspoon' leaping to Ray's defence! This could get nasty!
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Having got my goat with those earlier comments I'd though I'd do a little more digging on the self-confessed property "guru"
Check this out from the John Charcol website:
"Ray Boulger is widely renowned as the guru of the mortgage industry and expert on the housing market. Ray is constantly called upon by the media to provide informed comment on all areas of the market, and is a regular on the BBC, Sky and ITV.
Last year, Ray was voted guru of the year at the Headlinemoney awards by all of the nation’s money and property journalists. As such, we thought it was high time that you had direct access to him. Ray’s blog will be updated most days so the knowledge just keeps on coming"
I for one will be looking forward to all that "knowledge" and will definitely be sharing my lack thereof with him on his blog!
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Go for it:
http://www.charcol.co.uk/knowledge-resources/ray-boulgers-blog/
It's possibly the dullest blog I've ever read. Ever.
Rm -1.1%
in House prices and the economy
Posted
We're expecting our first child any day now - Mrs Red very, very keen to get a place of our own. Had enough of renting. It looks like we'll be buying into the slide sometime next year. Frustrating as I was prepared to dig in for a couple more years. Hey ho.
Though encouraged by RM stats, there's simply not enough on the market here in London N2 - asking prices remain stubbornly high and very little is selling.
With little hope of IRs rising in next 6 months, we're hoping catalyst for further, more pronounced falls will come from unemployment/sentiment/forced sales...