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  1. Expect 50-60% falls in all areas over the next 2/3 years - More in some. The big drops will take a some time yet to come along - Sheeple's disbelief and unwillingness to acknowledge what is going on in the UK will keep the market artificially high in the short-term. Eventually we will be on the lows (50%+ drops) for an extended period before prices start to move higher - So don't jump in too early and make sure you pick your prize property at rock bottom prices.
  2. I think what Pat is saying, is that we should move above the 47 other countries in the world that have a higher density of population. Life will be so much better then according to Pat and Brown. http://www.studentsoftheworld.info/infopay...k/densite2.html Personally I would rather move down the list and I think Pat is barking up the wrong tree, again - if not just barking....
  3. Top article. Explains it clearly and simply for the muppets out there.
  4. So your view has been wrong for 3 years (poor timing by you). Now you are changing it as we near the tipping point. The markets (any market) are full of muppets like you...
  5. 22 July 2007 09:50 Interest rates set to soar even higher First-time buyers and borrowers will be hit by increases as early as next month, experts predict Interest rates in the UK are set to break through the 6 per cent threshold, bringing further pain to home owners and those in debt. An Independent on Sunday survey of leading UK economists at institutions including Ernst & Young, Barclays, HBOS, JP Morgan, RBS and Merrill Lynch, revealed a consensus view that further rises in the rate of borrowing were on the way. Several of those polled said that interest rates would peak at 6 per cent, but a significant number of economists said that 6.25 per cent or higher should not be ruled out. The Item Club summer forecast, to be published tomorrow by Ernst & Young, will say that UK interest rates will rise to 6 per cent as soon as next month and remain at that level for a significant length of time. The likelihood of another hike in borrowing costs increased on Friday after new data showed that the UK economy grew at a faster than expected rate in the second quarter of 2007. The Office for National Statistics said GDP rose by 0.8 per cent in the three months to June, the sixth consecutive quarter of above-average growth and ahead of analysts' predictions of a 0.7 per cent rise. Annual growth came in at 3 per cent, ahead of the forecast 2.9 per cent. The figures gave extra momentum to an already surging pound that closed on Friday at $2.055, up a quarter of a cent on the day. Peter Spencer, chief economic adviser to the E&Y Item Club, said: "With warnings of yet higher interest rates and financial problems round the corner, Item expects prudence to prevail." He added that "people simply have to learn" to curb their exposure to debt as soon as possible to avoid further financial grief. First-time buyers and people with personal loans or credit card debts will experience reductions in their disposable incomes, as interest rates continue to soar. The rising cost of petrol and higher utility bills will further add to a reduction in disposable income. http://news.independent.co.uk/business/new...icle2790897.ece
  6. 22 July 2007 Oil and gas may run short by 2015, say industry experts Humanity is approaching an unprecedented crisis when not enough oil and gas will be produced to keep industrial civilisation running, the world's top oilmen warned last week. The warning – which is being hailed as a "tipping point" on both sides of the Atlantic – marks the first time that the industry has accepted that it may soon no longer be able to meet demand for its products. In Facing the Hard Truths about Energy, it gives authoritative support to concern about impending shortages, following a similar alert by the International Energy Agency less than two weeks ago. The 420-page report, the most comprehensive study ever carried out into the industry, has been produced by the National Petroleum Council, a body of 175 authorities that reports to the US government. It includes the heads of the world's big oil companies including ExxonMobil, Chevron, ConocoPhillips, Occidental Petroleum, Shell and BP. It is also remarkable for the conversion of its chairman, Lee Raymond, the recently retired chief executive of ExxonMobil, who led opposition against action to tackle global warming, and became environmentalists' most prominent bogeyman. The report argues for "an effective global framework" to manage emissions of carbon dioxide – "incorporating all major emitters" – and urges the US to cut the pollution that causes climate change. The report concludes that "the global supply of oil and natural gas from the conventional sources ... is unlikely to meet ... growth in demand over the next 25 years". It says that "many observers think that 80 per cent of existing oil production will need to be replaced by 2030" to keep up present supplies "in addition to volumes required to meet existing demand." But, it adds, there are "accumulating risks to replacing current production and increasing supplies". Though vast amounts of oil and gas remain underground, "complex challenges" and "global uncertainties" are likely to put an end to "the sufficient, reliable and economic energy supplies upon which people depend". And the crunch could come sooner, with oil production becoming "a significant challenge as early as 2015". This chimes with the International Energy Agency's prediction that oil supplies could become "extremely tight" in five years. The predictions should send a shiver down humanity's collective spine as a shortage of oil and gas has been predicted to cause industrial collapse, market crashes, resource wars and a rise in poverty. Some forecast that fascist regimes will rise out of the chaos. Chris Skrebowski, editor of the Energy Institute's Petroleum Review, said the report's publication showed the industry "'fessing up that it really has a problem on its hands". Until now, he said, "companies, full of share options, have been terrified of frightening the markets" by revealing the truth. The report says the fuel efficiency of cars should be increased "at the maximum rate possible" and there should be a crackdown on 4x4s. It calls for "aggressive energy efficiency standards for buildings, and measures to "set an effective cost for emitting carbon dioxide" to combat global warming. http://environment.independent.co.uk/clima...icle2790960.ece
  7. Are the muppets such as Casual Observer, Europa & Van Damme still around.... have they changed their tune now? They are typical of the short sighted, ignorant fools that are going to be hammered over the upcoming years... Whatever they say to the contrary... Anyway - just a fleeting visit - its a bore saying - I told you so.... Best to all who have positioned themselves to take advantage of the massive downturn over the next years...
  8. Buy To Let: Central London was once said to be safe as houses. Not any longer Independent By Chris Partridge Published: 11 July 2007 The prime central London market has peaked and many investors are deserting the area that made them rich. Savills' price index for the second quarter of 2007 shows that the growth rate in prime central London (usually defined as the area between Oxford Street, Bayswater Road and the Thames) has slowed to 5.7 per cent, down from 8.8 per cent in the first quarter. At the same time, rents are also increasing but have not caught up with capital growth, eroding the profit investors make, according to Liam Bailey, research director at Knight Frank. "Yields in prime central London have dropped to an all-time low," he says. "Gross yields stand just above 4 per cent after exceptional growth in house prices this quarter. It is our experience that some landlords are continuing to sell properties to take advantage of high capital price growth, and also to reduce their exposure to higher interest rates." Investors are now moving into the neighbouring areas, where some growth is still expected, Bailey says. "Outer prime rental growth marginally outperformed the prime central London market in the last quarter, with Wapping and Canary Wharf leading the way," he says. "These areas have, on average, increased by 7.6 per cent in the three months to the end of June." Areas to the west are also benefiting from investors coming in from central London, says Lucian Cook, residential research director of Savills. "Growth in Barnes, Fulham, Putney, Richmond and Wandsworth outperformed prime central London in the last quarter, which reflects equity filtering out of more central areas," he says. "Historically, this area has been popular with those priced out of Mayfair, Knightsbridge and Belgravia." Cook estimates quarterly growth in the south-western area at 8.1 per cent for the quarter, putting annual growth to the end of June at 31 per cent. One non-prime area that has had a lot of media attention is the East End, but Cook warns against buying in the area, especially new flats in the many smart new blocks springing up. "East London may have an oversupply of flats," he says. This warning is repeated by Richard Donnell, research director of Hometrack: "Barking and Dagenham do well in our figures because prices are low and the rental stock is small, but many analysts are nervous of east London because there has been a lot of development there." http://money.independent.co.uk/property/ho...icle2751183.ece
  9. This paltry hike again - just ensures IRs go a lot higher and for longer. Please leave CO alone, he dropped his son in the shit getting him mortgaged up to the hilt, now CO valiantly tries to keep sentiment positive so as not to have his debt ridden son disown him. Its all between the lines guys.
  10. Yep, Sarah's top totty and more importantly a canny lass. Unlike that trollop Kirsty, who is a complete and utter knumbnut to say the least.
  11. Ireland's tiger economy shows signs of slowing as property boom falters BILL JAMIESON ARE the wheels coming off the Irish economic model? After years of superlative growth and a house price boom that made our own seem sedate, Ireland's home owners are now waking up to a very different reality: a glut in the market and falling house prices. The house price stumble is now featuring across the Irish media, with the Irish Times... The full article contains 769 words and appears in The Scotsman newspaper. To read the full article now subscribe to "scotsman.com Premium" from as little as £29.95 a year. http://thescotsman.scotsman.com/business.cfm?id=710892007
  12. American dream sours as housing market collapses By Philip Sherwell in Denver, Sunday Telegraph Last Updated: 11:30pm BST 05/05/2007 For Cathy Busby, May 1 marked a personal "Mayday!" as she was sucked into the housing crisis sweeping the United States. On Tuesday, she went into arrears on her mortgage after her monthly repayments soared by 40 per cent. The 47-year-old hospital administrator will lose the three-bedroom home in the Denver suburb of Montebello that she bought 11 years ago, unless she can reach a deal with her lender. Cathy Busby is unable to meet the repayments on her home of 11 years after interest rates rocketed by 40per cent "I raised my sons here and I planted these aspens and landscaped this garden. It's a terrible thought that I could lose it all," she said on the first day that she failed to pay her interest-only -mortgage. Miss Busby is far from alone: the American dream of home ownership is turning sour for many. Up to two million people with so-called subprime, or high risk, -mortgages have already had their homes repossessed, or will default on their loans in the coming months, according to industry estimates. Such houses are generally sold at auction, for less than the full market price. Home owners' losses will total an estimated $164 billion (£82 billion), according to the Centre for Responsible Lending, an independent research group. Borrowers and lenders are losers alike: last month a major mortgage lender, New Century Financial, went bust. In February, HSBC issued the first profit warning in its 142-year history as a result of losses incurred by its American wing on subprime loans. The crisis will also play a role in the race for the White House as Democrats call for a federal bail-out plan while Republicans say that would be a waste of taxpayers' money. The explosion in defaults began last autumn, but many Americans are now realising that the contagion is spreading. The slow down in the housing market - home building has fallen for 11 of the last 12 months - was the main reason for a slump in US economic growth to 1.3 per cent in the first quarter of this year, compared to 2.5 per cent in the preceding three months. "The subprime crisis is very serious," said Brad Inman, a housing market watcher and founder of the online real estate information service, Inman News. Repossessions are nothing new in the rustbelt communities of America's Mid-West and North East, where industrial decline has taken a heavy toll. But the topography of the new crisis is striking, as many of the worst-affected areas are in California, Arizona, Nevada and Colorado, where Miss Busby lives. These western states witnessed a decade-long boom in house prices, fuelled by their popularity as places to live. "Folks thought that prices would rise indefinitely," said Tom Rooney, a Denver property entrepreneur who scours official "foreclosure" notices for homes that he can buy, then "flip" for a profit. "It seemed like a good bet, but they got it wrong." Miss Busby knows that. Two years ago, she took out a re-finance mortgage to cover her existing car, home and student loans. She borrowed $170,000, the value of her home, at an interest rate of 7.6 per cent (or $1,076 a month). She knew that rate would increase after two years, but planned to take out another loan at that point to avoid the extra charges. However, when she had her house revalued a few months ago, it was worth $125,000, falling with the slowdown in the market. Unable to refinance the original loan, she must now pay a higher rate of interest, 10.6 per cent, which means payments of $1,501 a month, a $425 increase. "With my other outgoings, I can't afford that," said Miss Busby, a divorcée who earns $4,000 a month before tax. She has now signed up to a campaign by Acorn, a lobby group for low-income families, calling for a moratorium on foreclosures, a rescue fund and new laws to clamp down on predatory lending techniques. But for other Montebello residents, such as the Hispanic family that walked away from their debts and left the house next to Miss Busby empty, it is already too late. The same is probably true for Harvey Ryan, who built his home 32 years ago. "It breaks my heart," said Mr Ryan, 58, who suffers from dementia. He took a loan of $115,000 four years ago and now his home is scheduled to be sold at auction this month as he cannot meet the monthly charges of $1,052, nearly half his disability income and pension. But even as dreams end for some, doors open for others. On the streets of Montebello, Kelli Caswell, 44, from the nearby town of Aurora, was looking at repossessed properties with her teenage daughter, Tabatha. "I feel for these people, but there might be a chance for us to buy a new home," she said. http://www.telegraph.co.uk/news/main.jhtml...06/whouse06.xml
  13. They are forced to remortgage to cover their debts and finance their day to day living expenses, otherwise they would go under. Mostly it is NOT about getting a better deal. You are right there are no fantastic deals out there in reality.
  14. No, you can't see and you can't read. http://news.sky.com/skynews/article/0,,30100-1264072,00.html 1/4 homeowners ALREADY stretched and struggling, having to sell/remortgage to stay afloat. £100 rise in mortgage payments - 40% homeowners stretched and struggling, having to sell/remortgage to stay afloat. £150 rise in mortgage payments - 50%+ homeowners stretched and struggling, having to sell/remortgage to stay afloat. If more than 1/2 of houseowners would be struggling to find £150 each month - then that is appalling.
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