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red

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Posts posted by red

  1. It seems these results are becoming progressively meaningless. So few transactions are happening it nearly makes them redudant

    True. And around my way they don't reflect reality at all. Prices holding/rising over the year, sadly.

    But despite this, constant negative figures seeping into general psyche and sentiment can only be a good thing...

  2. Oh dear.

    Looks like Sibley or one of his kin have been there under the guise of RB:

    Realistbear says:

    February 3rd, 2011 at 9:19 am

    Grant,

    Please pay no attention to the views of the people on here who have dedicated their lives to engineering UK house prices though their internet campaign on major media and government sites.

    They organise themselves through a website which sole purpose is to spread bad news in a pathetic attempt to panic the public and sway popular opinion.

    They feed on the misery of broken families and repossessed homes; patting each other the back every time another hard working person is thrown out on to the street.

    These individuals are driven by their own greed. They feel it is there right to demand that they jump the queue, not to have to work to own a home or wait for wage inflation to return as other have had to do in the past.

    Some sold their homes and rented in an attempt to make a quick buck from the market as prices fell. They failed in this respect and misjudged the outcome. Again, greed fuels their desire to see the market on its knees.

    Please, pay no attention. Their opinion does not reflect that of the majority of the UK public. They merely have more time on their hands that your average working person.

    @rsehole.

  3. fwiw, I just emailed...

    It seems that banks are reluctant to lend to those with small deposits because they are anticipating further falls in house prices. Surely as this now seems inevitable it would make sense for buyers to wait until the market corrects and take on a smaller debt rather than stretch themselves with a large loan now at low rates making them vulnerable to the slightest rises in rates that are almost certain to occur.
  4. nice - might be worth sending/calling for some 'expert' advice.

    No doubt the line will be how the nasty banks aren't lending to keep the bubble going - with not a mention of how lower prices would actually help.

    If you are struggling to find a suitable mortgage or have a question about the type of product to choose, why not contact the programme?

    What are the best rates for fixed, discounted or variable mortgages?

    How much can you afford to borrow?

    What are the associated set up and exit fees?

    Are you able to overpay?

    What are the options if you are self-employed?

    If you are a first time buyer do you need advice about deposits or parental help?

    Vincent Duggleby will be joined by:

    • Melanie Bien, Private Finance

    • David Hollingworth, London and Country

    • Simon Tyler, Tyler Mortgage Management

    You can call the programme when lines open on Wednesday at 1330 GMT. The number to call is 03700 100 444.

    Or you can send an e-mail using the form below:

    http://news.bbc.co.uk/1/hi/programmes/moneybox/9378444.stm

  5. The fact that rising house prices are reported as a good news story, however, remains rather curious. We do not celebrate when a loaf of bread goes up in price, or cheer for a hike in the cost of a car. For homeowners, of course, the rising cost of houses is offset by a rise in the value of the asset they hold. Prices also rise during good times, while recessions bring falls. But in reality rising house prices do not cause growth, they help to choke it off.

    Alleluyah.

    Another hack that 'gets it'.

  6. Have a look on Zoopla--they are coming down faster than a Turnover's socks:

    http://www.zoopla.co.uk/for-sale/details/11936459?search_identifier=22487f633644952e0a13dd31290f9d8c

    First listed on Zoopla

    £429,950 on 24th Aug 2010

    Asking price changes

    £419,000 ↓2.5% Reduced on: 8th Sep 2010

    £399,950 ↓4.5% Reduced on: 12th Oct 2010

    http://www.zoopla.co.uk/for-sale/details/12635411?search_identifier=8d16a1768cc3ad31134555332384f497

    First listed on Zoopla

    £650,000 on 26th Sep 2010

    Asking price changes

    £625,000 ↓3.8% Reduced on: 16th Dec 2010

    http://www.zoopla.co.uk/for-sale/details/11392736?search_identifier=91468a8ad8159aec1e42c86987a4d751

    First listed on Zoopla

    £915,000 on 26th Jun 2010

    Asking price changes

    £882,500 ↓3.6% Reduced on: 6th Sep 2010

    £877,500 ↓0.6% Reduced on: 16th Nov 2010 :D:D:D

    The prices in N2 are horrible though--set for a nice 50% drop IMO. Most were listed in September last year and not too many reductions but you have to start with little drops of around 4% and watch double figures kick in when they realise the game is up or their job has gone--that will get the For sale or rent signs up faster than a __ on a __________.

    Trust me, RB - I've been living there and monitoring the market for 4 years now. Should have bought during 2008 dip when very decent semis were going for 500K - they're now SELLING for 650K. The rate cut halted the crash and in N2, there's so little decent stock, prices are holding.

    Checking out Zoopla and telling me of a few reductions doesn't cut it, I'm afraid...anything decent is selling.

    I don't doubt prices will eventually fall, probably well below 2008 prices, but I can't play the waiting game much longer - young baby will be walking in 6 months or so and living in a small, top floor flat is not ideal. I could rent again, sure, but would rather have bought at 500K two years ago - by now I'd have paid off about 40K of the mortgage with rates so low.

  7. It's a fairly good listen, but apart from Bootle's bit towards the end, it mainly avoids the elephant in the room... [YUP!!] rather than bleat on about 'mortgage availability crippling the market', how about looking at how cheap credit LIAR LOANS fuelled an unsustainable bubble that many got sucked into the Ponzi/Pyramid Scam and how more lax lending PREDATORY LIAR LOANS/MORTGAGE FRAUD ISN'T THE ANSWER.

    Thanks for that, Eric. Silly me... ;)

  8. It's a fairly good listen, but apart from Bootle's bit towards the end, it mainly avoids the elephant in the room... rather than bleat on about 'mortgage availability crippling the market', how about looking at how cheap credit fuelled an unsustainable bubble that many got sucked into and how more lax lending ISN'T THE ANSWER.

  9. You should move to the prosperous and HPC immune SE just east of Brighton where prices can't drop---down 10% in January alone! I am tracking a number of properties in the £250 range and Zoopla reveals the wonderful truth of what is happening in the REAL marketplace.

    So ignore the VI rubbish on Hometrack and feed on reality! :D

    I can only report what I see in my area and we're nowhere near seeing meaningful price reductions on the few properties for sale.

    Vendors still firmly in denial, holding out for asking prices IN EXCESS of 2007 prices, in some cases.

    And all it takes is for one or two cash rich fools to come and buy one of these properties to start a chain reaction of 'positive' sentiment from EAs and other vendors... 'well, if so-and-so's sold for 600K maybe we should try 650k as ours has a south facing garden...etc...'

    It's truly astounding here and I pray for a turnaround soon as my rent has gone up and we need more space. Rent again? Possibly. But what an upheaval...

  10. Mortgage lending at nine-year low (BBC Link)

    This is hpc in the making. From the above article (yet still not a word about overvalued properties):

    Lending was just over a third of level seen in 2007, revealing the extent to which the UK property bubble has burst.

    "December is always a quiet month but this was a quieter December than usual," said Paul Sabbato, a director of broker First 4 Bridging.

    "There is no doubt that many people who may have been considering buying a couple of months ago have shelved their plans until there is more clarity on when, and by how much, rates will rise.

    A report by the Chartered Institute of Housing estimated that 100,000 potential first-time buyers who had no financial help from their parents had failed to get on the property ladder last year.

    They still don't get it, do they?

    First-time buyers have been among the hardest hit by constrained mortgage lending. ludicrously overpriced property.

    ...

    It argued that the pendulum had swung to far towards the requirement for a large deposit. ludicrously overpriced property.

    There. FIxed it for them.

  11. What area?

    It is possible that some areas of Northern England, or Northern Ireland are getting close to the bottom. Sales volumes could be high there, and stocks low.

    But most of London and the south-east are still near peak levels.

    Yep, North London.

    And it all went quiet after the rate cut. Vendors that didn't need to sell stuck to their absurd asking prices, some simply withdrew from the market. No forced sales, no crash.

  12. Well, fwiw - I have just been told my rent is going up and there are still bugger all decent properties for sale around my area.

    People who can't afford to move are looking to rent - lots of forced tenants.

    EAs desperate for more properties - for sale or rent. As I keep saying: until we see a catalyst for forced sales (IR rises/unemployment) we won't get our crash. Certainly not in North London... :angry:

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