red
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Posts posted by red
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To slightly misquote someone else on HPC (apologies I can't remeber who):
It is NOT a double dip, it is a massive single dip with printed money dropped on to the slope to give the impression of a recovery.
couldn't agree more...
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They're still spouting that one? Someone please show me a graph that shows a correlation between population levels, building levels, and demolition levels. Unfortunately there are even some people on here who seem obsessed with building restrictions, when they're far from being the root cause of the problem. Have we had an unprecedented population rise in the last decade, or have meteors wiped out a few towns (when everyone was away somewhere else)? Too much attention is paid to it makes it harder to get the real problems fixed; even in areas where there's a genuine shortage I don't see how anyone can seriously believe that that's the cause of the lion's share of the overpricing.
yup.
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Expert:
What’s keeping prices up is the free market reacting to the lack of Stock.Er, no - it's ludicrously low IRs enabling people to sit tight. Affordability is the key.
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just bumping this up as it's starting at 12.45 today online:
http://www.guardian.co.uk/money/blog/2011/feb/12/live-clinic-first-time-buyers
I'm hoping they will at least refer to the overwhelming number of posts that allude to price being the issue...
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"Isn't it a case that people are simply not buying because prices are too high? Why must we return to lax lending and liar loans in order to sustain what is clearly a bubble about to burst?
Why offer the vested interest opinions of a mortgage broker or Estate agent when it's quite clear to me that by waiting a little longer I won't need to borrow an absurd amount of money at record low rates, leaving me vulnerable to the smallest rises in rates that are surely on their way...
The best thing for First Time Buyers to do at the moment is refuse to buy at such ludicrously high prices."
I couldn't have put it better.
Thanks - that was my little contribution to the comments page!
Trying to explain this to people when they ask why im still renting is a real challenge though. The mother-in-law just wants to throw money our way to get us on the 'ladder'.Yep, I'm with you there. I'm getting it from both parents and my mum-in-law.
Interestingly, my dad-in-law is an accountant with considerable financial savvy and is the only one who agrees with me.
Also, my wife is growing very impatient and desperately wants to 'settle' - we have a small baby and the nesting instinct is kicking in strongly. Almost as strongly as my desire not to throw away years of building a healthy deposit on a depreciating asset...
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I'm quietly amused, reading the comments, by the contrast between the "The Rent is Too Damn High" crowd on the one hand, and the wannabee Properdee Millionaires on the other.
Although the Grauniad are not likely to put more than one question to the 'expert panel' regarding prices being too high (i.e. addressing the actual problem rather than blame mortgage availability, etc.) I think it's great that an overwhelming proportion of comments simply point out the bleeding obvious...
Hopefully a few more comments along these lines by 12.30 on Tuesday will make sure they at least get the message.
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Really?
Where are they?banned?
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Not exactly reading like a clinic so far, just a load of spot on comments about falling prices and not accepting advice from VIs! And not a single response from the 'experts' yet, assuming that the 'Live Clinic' has actually started.
It starts on Tuesday - but good to get comments in asap.
It might make the Guardian think twice before doing something so ludicrous again - a tacit acceptance of the theory that prices will never fall so we might as well figure out the best way of getting hold of loans or signing up for shared-ownership schemes and such like, rather than confront the real issue - high prices.
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...what would you expect from the lefties guide to ruin.....?....
to be fair, Patrick Collinson has always been a champion of lower house prices.
But this little stunt is woefully misguided and yet again proves that they're missing Dumbo in the corner...
p.s. some good comments on the board already - get over there, folks.
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http://www.guardian.co.uk/money/blog/2011/feb/12/live-clinic-first-time-buyers#start-of-comments
More ignoring the elephant in the room with VI 'experts' an EA and a mortgage broker.
Wait until prices fall? Nah, don't be daft. We'll find you a liar loan, instead.
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I like boring and I can get it out at any time (with 3 months loss of interest) so it's liquid, which is important to me.
I'm half-joking, of course...
But with such derisory returns on cash I have punted a little with my STR fund - around 10% of it (only as much as I dare to 'lose' - but so far, I've 'made' about 120% across these investments in 3 years).
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I'm content to wait too.
House money is in an NS&I fixed rate bond paying 3.9% with five years to go and rental agreement has well over a year to run.
boring. Take it out and put it into junior mining, silver and utility stocks.
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People selling their house who show their buyers round also have NO TRAINING WHATSOVEVER for viewings.
I'd rather the vendor show me around and tell me what they've done to the place, etc. than have a clueless EA who doesn't even know which way the garden faces... the vendor always knows the property best. As a buyer, I don't need the EA 'sales speil'.
I did it myself when I successfully marketed my own property a few years ago. Got the deal done in 2 weeks. No faffing.
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Describing the vast majority of EA's are "slimy toads" at the close of the programme was invaluable and correct, however the sooner someone invents a user friendly internet platform with some sort of algorithm to judge value will get rid of these meaningless idiots forever.[/font]
This is the key, really. Why hasn't there been an internet forum/website to seriously challenge the EAs?
Several have sprung up over the years but never really taken off. Maybe it needs a Tesco or similar with enough clout to be able to provide sale boards nationally etc. that perhaps the smaller businesses just can't provide.
Do people really think that having that 'personal touch' of an EA coming round to value the property and deal with solicitors is really worth 2% of the property sale price? Vendors & buyers would do just fine without the parasites.
Back to last night's show - the fact that the EA boss confessed that the EAs have ONE HOUR of 'customer service' training and NO TRAINING WHATSOVEVER for viewings tells you all you need to know about why they are so useless...all the more perplexing when you consider the role they supposedly play in the most expensive financial decision any of us are ever likely to make.
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oh, and MArtyn Gerrard is the agent I emailed three days ago to enquire about a property. Never got a reply.
Worthless parasites, the lot of them.
Why hasn't a property buy/sell website portal taken off all these years?!
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gel head w@nker on now - west is the new south
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It was shot around my way in N London and features the usual spiv, parasite EAs I have the misfortune to deal with now I am registered with them.
I fear I will put my foot through the screen if I watch the whole show, though...
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Therefore it is not demand. Just needs, wishes, dreams. Demand = need + ability to pay. hence, there is no pent-up demand.
Besides, who says that all or even most of those viewings are done by potential buyers?
Sellers do check the market - their competition - on a daily basis. Probably (surely?) much more frequently than potential buyers.
you just read what I posted and copied, didn't you...
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That is an astounding number of page views!
Even as HPCers, you must acknowledge that there is pent up demand building slowly.
Lots of people would like to buy, sell, or move if they could.....
Demand means nothing without the ability to pay.
I too look on RM every day but there's nothing for sale within my price range (that isn't a cr@p-hole).
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What, what, what!?!
But inflation will be lower in 18 months time. It must be true, kindly Uncle Merv told me so.
Has all his vigilance been for nought?
You clearly haven't studied the 'pin-point accurate' BoE fan charts, have you?
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25 basis points... what's the point? It sounds like a gesture to show an attempt to 'do something', when they have little intention of doing anything substantial.
25 bp is better than nowt. It'll send a message to home 'owners' /vendors as their trackers go up a notch and general sentiment will be just that little more negative. That'll do me for now.
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IR's up
EVERYTHING else down
simples.
even TALK of IR rises is good - sheeple sentiment is vital.
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link, please?
thanks!
Properties Being Taken Off The Market
in House prices and the economy
Posted
A few more new properties coming on around here (London N2) - interestingly, they're priced lower than the similar places that have been stagnating at silly asking prices for months. When the cheaper ones sell, which they will, I'm hoping the others will cut their asking price accordingly, creating a lovely chain reaction downwards...
Too early to say if any will come off the market - I suspect when the slide gathers momentum there'll be a few who withdraw from market until it 'recovers'.
Again, it boils down to who really needs to sell.