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House Price Crash Forum


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Everything posted by THE SAGE

  1. I would guess that 70% of the members of this site are Smiths/Morrissey fans.
  2. What I think is becoming apparent is that people have realised property is overvalued but not only have they lost interest in housing no other suckers are either silly enough to enter market or money markets will not lend
  3. I am not paranoid but I think it is an increasingingly disturbinging element of what i feel is coming. I think a lot of bears on thois site were hoping for say a genttle30% fall. I think they are actually undershooting the market but also I am beginning to detect a reluctance amongst bears that a fall of this magnitude will happen Therefore what i am trying to say is i want falls of up to 80% but how many of you are with me out there?? "...Pity the poor immigrant....." Gene Clarke
  4. I think it will be very likely that large parts of the country may be subject to falls of this nature and not just "the North" as some posters keep suggesting. North or South if we are honest most salaries are no higher than 30k at best a lot lower in most cases so I think bears who were hoping for falls of 30% will be getting more than they hoped for. I am beginning to detect a tone amongst some bears that they do not actually want prices to fall by more than 30%!!
  5. Is it correct that if you have less than £32k in savings the Govt guarantee that this will be repaid in the event of a complete economic collapse. I am just checking as Bruno is beginning to make more sense with each passing week!!!
  6. I think the situation is slightly different this time as markets are more global than they were even 10 years ago and even tools like the web have made a difference i.e information spreads a lot faster. But on the subject of Chancellors can anyone tell me why Gordon Brown is hailed as a great Chancellor and one of the most successful since the Second World War? His admirers say low interest rates- they are low all over the world. Okay then low inflation they say - inflation is low all over the world. Alright then high growth- this has been on the back of a credit bubble. Ermm oh I kno
  7. It seems that now the froth has definitely come off the housing market Estate agents that did all they could to increase asking prices and valuations are bleating about vendors now being unrealistic about prices. This is only after 2-3 slow months and with no liklihood of sales volumes increasing I think the stalemate that people are talking about will not last long. Above all agents need volume of sales so I believe that the rhetoric will now change from How much can we ask for this property and not be seen to be taking the mickey too much! to saying to the vendor I think it should go
  8. I'm not sure that councils will see this as a way of raising extra revenue as if extra funds are raised in this way the grant from Central Govt will be reduced. What may happen is that Gordon Brown will reduce Central Govt grants effectively forcing councils into raising 50% charge for empty homes to possibly 90%.
  9. I am currently reviewing my savings and as they are all in one not massively high interest account (3%) I think I need to look around. What does ING stand for?
  10. The sight of Alan Milburn on our screens every day should be enough to scare off many voters in the run up to the election. It may sound like heresy but I think I would even trust an estate agent more than Alan Milburn.
  11. Have we had Walls Come Tumbling Down by The Style Council yet?
  12. A 20% drop would be an average across the whole country so by definition it translates as falls by more than 20% in some areas (maybe yours) and less than 20% falls in other ares of the UK.
  13. My family have finally admitted that I was right in predicting falling prices from August onwards and 12 to 18 months before I was saying property was over priced and I was ridiculed. My work colleagues still think I am living in dreamland when I say prices are set to fall by 30% but I have noticed one who is due to complete soon on a 190k property is starting to look a little worried!
  14. I think 'frugalista' is a good name as it has a revolutionary feel to it but unfortunately I will be unable to announce my new status to work colleagues tomorrow as I can't pronounce it.
  15. A house is only worth what someone is prepared to pay for it! I might think my house is worth half a million but if someone will only pay fifty grand for it then it is worth fifty grand.
  16. I take it that the concensus is that Interest rates have no real bearing on house prices then? Is it the salary ratios then? 3 x salary plus one etc? that drive prices up or down?
  17. History has taught us that the Stock Market always out performs the Housing market so why are people investing in property? I feel the Herd instinct has a lot to do withit.
  18. Why should house prices rise above the level of inflation but not other goods?
  19. I still maintain it has nothing to do with affordability,ratios etc. It is about confidence - why buy a property now or shares knowing that in two years time they will be worth less which in a low inflation and low interest economy they have to be!
  20. How were the Toffs and Aristos insulated against losses and by some majic only Americans targeted?
  21. Stock Markets are people who invest! I believe the volitility on the Markets over the last fifteen years are due to the Thatcher reforms that opened up share ownership to the populace. Up until the early Eighties it was still the old school tie brigade that dealt in shares. I wonder if the current buy to let brigade will become the equivalent of the so called Lloyds names of the Eighties!
  22. This may not be the peak as Great Britain PLC operates globally and has more than the housing market to think of when making decisions. One point I wanted to pick up from an earlier post was that please do not believe that we now have an independant bank of England. This is not the Case!!! If Mervyn King wanted to raise Intersest rates by 1% Do you really think Gordo brown would let him? NO CHANCE!!
  23. I don't believe Interest Rates hold the "key" as you say. There is only one thing that drives the housing market and that is Confidence and it would not make any difference if we had had 0% inflation and intersest rates at 0% at the moment because people have finally realised that property is massively OVERVALUED! I appreciate you are a greater veteran of this site to me but I would have thought it may have dawned on you that ultimately interest rates make no difference Look at the Japanese experience which is just about to be played out in this country even though Gordon will lie unti
  24. My sentiments entirely- An excellent post. What more can you say about the current situation in the economy and the housing market
  25. Good Post! I worked for a Building Society Sept 1988 to Apr 1990 and even in early 1989 they retrenched their position by introducing fines for customers who fell into mortgage arrears. Was it because they knew what was coming and not being happy with big profits when things were good introduced fines so that pfofits remained high when it all went bad? The few people I know in the industry now are saying that most banks/building societies are more interested in getting savers than borrowers. I wonder why?
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