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House Price Crash Forum

CleverBear

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About CleverBear

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  1. I dont think we will get a crash. No rises in some time. House prices are alot cheaper than 5 years ago. That is a long time. I am hoping for steady falls in the later half of this year and will then probably look to buy at the turn of this year.
  2. Remember this is mortgage approvals. To beat the stamp duty point you would need to secure a mortgage at least in january to make sure you can exchange or complete before the deadline. Pretty pointless getting a mortgage in february for the sd holiday that is due to end in a month or two
  3. 'In February house purchase approvals dropped back to more normal trend levels as demand from buy-to-let investors and first-time buyers, seeking to buy before the stamp duty exemption ends in March, fell back,' the BBA said
  4. ANyone see how low the mortgage approval figures were today? Pretty good leading indicator of the housing market. They were 33k which is VERY low. Maybe 15% below what was expected
  5. Absolutly. Basically the government have done their part. They have propped up the housing market long enough for the banks to repair their balance sheets and for people to pay down their mortgages. They are now out of options as they need to get the deficit down. And housing is easy to tax so its an obvious thing to do
  6. Not me. But let us look at the facts: 1, Stamp duty due to rise soon for ftb 2, Stamp duty on big properties to go from 0.5% (often) to 7% and the chancellor has said he will apply this retrospectively if people try to be clever and get around the charge! 3, Mortgage rates are going up and up. Even though the base rate isnt 4, Inflation is still above wage price inflation (by alot) meaning that peoples ability to service mortgaging is still decreasing 5, There is the added uncertainty of a mansion land tax being introduced "in the future" 6, unemployment continues to rise 7, bank lending is still tight 8, the boe is facing increaed resistance to further QE All in all I would say it looks likely house prices are going to fall in the later half of this year. I hope to see these factors all combine to take effect from the may/june halifax/n/w figures onwards. Hurray for the government with these stamp duty changes!
  7. If the budget is fiscally neutral then I cant see this being the case. They will have to introduce it because it widely popular. And they will have to compensate for the 50p tax rate thing.
  8. Well it doesnt hurt. Put it that way. I think it will have a good effect.
  9. It isnt at all too high. This is the best idea that politicians have ever had. I am in shock that they have the guts to do it. FInally all those wealthy foreigners will have to pay to live in london
  10. We have to wait till may the 1st for the halifax mortgage increase. Should help a housing price correction though
  11. Banks are having to offer crippling rates to savers (yes its still rubbish) just to get deposits. They are trying to offset this with charging more to borrowers. This thread is more great news. More banks will follow soon More new head winds for the housing market. Looks lik this year could be a perfect storm
  12. These things take time to happen people. If the housing market falls 2% next year I will be a happy bunny. Meanwhile my house fund will go up by 3% minimum and that will be close to a 3% increase in affordability in 1 single year. Not bad at all. The housing benefit cap, the government now starting to cut its defecit and banks starting to raise interest rates on existing mortgages = housing will decrease. Most crucially unemployment is rising. So all in all, have faith that the house price correction is happeneing and will continue to happen. Of course those of you in london are effectively in a different country.. But even including london house prices are down 1% in the last year. With savings going up 3% that is a serious reduction in affordability. Also salaries average increase is 2% so thats still a nice drop of 1%. Remember even rises of 1% a year will make housing more affordable.
  13. For those of us wanting a house price correction I must say: YESSSSS! This is the best news we have had in probably 2 years. Finally mortgage costs are going up and this will make people more willing to sell or more likely to have to sell. Great news
  14. Yeh but have you read all the papers. If not and your reading is in newspapers then you know nothing about it. You have to read primary sources of data. You have to read the papers and read the bill and understand how the health system works. Not many people in the uk can do this or have done this.
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