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How many times have I said here on HPC that a large chunk of Britain would go if they could? I think I have said half and also said a third; I wasn't far wrong in my guesses.

I remember saying to my neighbour that the prices were unbelievable and I was cashing in and selling up (in late 2002). However, there simply weren't any serious buyers, there was one BTL man who didn't really like it (I'd never met a BTLer before back then!). A series of odd coincidences and then family poor health meant I didn't get to sell until 2005, but just after I signed they dropped the rates and I just knew the crazy market would accelerate even from the bubble upon bubble IMO price of 2005 when an agent (a rare non-BSer agent) said to me "Yeah, we're busy again, it had been quiet but since the cut..." I say this again and again because it still amazes me that prices went up after what to me seemed like a massive bubble in 2002 and were a fair bit higher in 2005 and went higher still by 2007. Now I find myself thinking "Oh 2002 was OK"! Madness.

Too true. Meanwhile, Telegraph reports double dip fears as shop sales fall, and a host of other not so good headlines including the FT's front page mention of that bit of Euro naughtiness: http://www.politicshome.com/uk/article/5487/front_pages_tuesday_9_february_2010.html

Culshaw brilliantly sums it all up, I hope that reached a wide audience usually obsessed only with Big Brother and Corrie. Particularly liked the IMF lyrics and I see he hasn't failed to notice Gordon's get-out-of-jail-card catchphrase ("the right thing to do"). Surely anyone who looks that grey has to be right? And Brown will just be doing what the wiser man says when he prints away the whole country?

http://www.thisislondon.co.uk/standard-business/article-23803397-pound-dives-amid-fear-of-uk-debt-crisis.do

Soon to be made into a movie, Carry On Madly Printing

I was a member of her website, mysinglegeekfriend and even I nearly pulled. Estate agents are not allowed to do "valuations" unless they are also qualified surveyors/valuers. Although, ironically, surveyors will often call an estate agent to get a value. All an estate agent who is unqualified can give a vendor is "a market appraisal". If they call it a valuation, technically they are bluffin' with their muffin.

Nothing would please me more, because putting this burden of debt on people suffocates the rest of the economy. Because of that burden, people could only MEW to purchase. Remove that burden, and people can spend in the rest of the economy in a more healthy manner using their own incomes and not borrowing to oblivion. The rich milked the Brits twice over - let's have all your money for your mortgages, let's have you borrowing to the hilt to pay for the other things you want or desire and the basic bills too. So, those profiting from lending won twice over - until the house of cards fell in - and then got the taxpayer and savers to bail them out. They take the British public for fools, that's why they call us Treasure Island, and it has to stop. This stupid govt has allowed a fake boom to carry on for electoral purposes, it's a confidence trick of the lowest kind, and history will judge these political spivs accordingly.

I feel a degree of anger that those who sold in 2002 to rent, prices then already being absurd in many cases, seem to have no chance of prices falling back even to 2004's levels. Looking back to 2002, to think that now I think 2002 prices were "too cheap to be seen again" is a worrying bit of self-realisation. If even I think 2002 won't be seen again and even now I can recall thinking £200K for that London semi, they must be mad! and now that same semi would be considered cheap at even £275K - what hope for the 2002 STRs? None, I fear. It was only by chance I wasn't one of them, not IQ or foresight, just chance. Thinking aloud sort of post above, clumsy English, apologies. But, I cannot imagine prices going back to the already silly levels of 2002. It's amazing, they have brainwashed an entire country into attributing worth to a bit of brick, out of all proportion to what it is.

clip credit: HPC happy mondays BBC Radio 2 Jeremy Vine show today Told it 'em straight. "UK in serious debt... higher IRs etc...you're in lala land...typical Keynesian response" But, another speaker called Richard Murphy said JD had got it all wrong... "No threat to the UK economy at all...Let's not cut spending..institutions insatiably want our debt...you clearly do not understand Keynesian economics" [paraphrased] Red hot stuff! (fast forward to 1 hr 47 seconds) http://www.bbc.co.uk/iplayer/console/b00qpkdq

Thanks for that take on Jordan & Alex's situation, but am a bit disappointed you too are focused primarily on the cult of celebrity. Please now, only comments on the FT story, it is of course pure trivia but if we don't discuss the UK's skirmish with the demons of insolvency then who will? There will be plenty of time to discuss Mr Reid and Ms Price of Brighton tomorrow when it's the main news story on all channels and they ask for everyone's comments by text and email, and later in the day Gordon will give his verdict on whether Alex should kick her out or accept her, (alleged) warts and all. TLB

http://news.sky.com/skynews/Home/UK-News/Front-Pages-Of-The-National-Newspapers-On-Monday-February-8-2010/Media-Gallery/201002115544396?lpos=UK_News_Left_Promo_Region_0&lid=GALLERY_15544396_Front_Pages_Of_The_National_Newspapers_On_Monday%2C_February_8%2C_2010 The Financial Times says Britain's banks and building societies are warning they will have to raise rates on home loans and slash mortgage lending if the Government demands a full repayment of the £300bn of state support. But forget about that trivia and the UK's massive debt, the most important news is this:- "ALEX: GIVE ME A DIVORCE ... crushed by control freak Jordon" ...conveniently to be a handy diversion for the government as it faces doubts on the UK's solvency!

Still not sold near me either, the 'sold' boards are quietly taken down it seems, I am reliably informed the buyers pulled out and the vendor aims to try again "in the spring". That's 2 now in my street gone the same way. The lets are unlet too. Having said that, the bungalow up the road up for sale on the corner will probably sell as will the bungalow in the next street, because there's virtually nothing coming on. A false market - always dangerous.

The Nectarpoint.

Well, if you accept the OECD as on the money, you might have to accept their prediction in 2007 that UK property prices are 65% over-valued and due a crash. http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=420703&in_page_id=57 As the crash seems to have been very limited thus far, that's only about another 45% down to go... Of course, I know those who have recently bought pray for general inflation all round

Sought after area, property shortage there, but alas... **NO ONWARDS CHAIN** Located on the popular *** Estate of *** is this extended and well proportioned three double bedroom detached bungalow. The property boasts a refitted kitchen/diner, refitted bathroom suite and 55ft approx south backing rear garden. History date event 06 February 2010 09:19:26 * Status changed: from 'Sold STC' to 'Available' But there's a shortage! What's going on! 29 January 2010 10:12:26 * Status changed: from 'Available' to 'Sold STC' 20 January 2010 00:30:24 * Agents Address found: ****** * Detailed Description found: • Detached bungalow• Three double bedrooms• Extended lounge• Kitchen / diner• White three piece bathroom suite + second WC• 55ft approx south backing rear garden• Popular location**NO ONWARDS CHAIN** ...

Ooh the chance to be on the telly! I have apparently been on the telly in a dating programme back in 2005 or 2006, but I forgot to see it or tape it and actually probably best I never see it as I'll cringe. Murphy's Law says it will jump out of schedules as a repeat just as I'm sitting down one evening with a new girlfriend and her parents, I shall turn bright red and run away screaming over their gravel driveway.

You cannot be serious!

"Surge to 3.5%...surge to 6.5%" - hardly a surge, 6.5% is still low by historic standards. In previous decades anything under 8 or 9% was good. 15% wasn't it at one point not so long ago? I admire the sweet innocence, pure as a new snowflake, of those borrowers who think interest rates of 3% are too high for any government to inflict on them! Good luck with that one, chumps! Edit: sorry was it expert Rog on Radio 4 today that's reassured you rates will be low for eons to come, LOL, oh well if Rog says so...

New car sales are up so much they've had to extend Scrappage by a month, no money added. In the words of the elephant Colonel's wife in Disney's The Jungle Book, "Sure you did!" In my local utopia area of the South East, kind of a bizarre world where the London money flows straight in, there's plenty of 09 cars and a shortage of homes. But go elsewhere in the SE, it's a different story. And when the fashion for Londoners to come here subsides, this place's property values will likely lose a third or more.

I had over the past week set up a new shares account to use to sell shares I've held for a few years (certificated) as my days of short trades were over 10 years ago and now I don't bother so much. On one of my shares the MM has made the spread so wide nobody would ever buy them, but I dare say he'll drop the bid tomorrow and then bring the Ask down to where it was 2 days ago. I had expected some turbulence now and a rally to late April, looks like I might be wrong and perhaps I should take profits soon? Not sure if to keep a cool head or not; previous keeping of cool head cost me dear.

I wonder how long there will be a shortage (if there really is, which I doubt) once the queue for the dole office looks like the Harrods sale.

If the QE added 20% to the money supply (ie devaluing sterling 20%) so many people will tell you used car prices are 20% higher than they should be (residuals, as the posh call them). So maybe that QE has caused the same 20% madness on property? Just a thought. If they do genuinely turn off the QE tap now there is some hope these bubbles will deflate, but if they carry on with stealth then I am not quite so soure how quickly they will fall. I certainly think the majority of SE areas I check are seeing falls but I concede that they already upped their asking prices since 2009 prior to that in the majority of cases. It's all smoke and mirrors. The feckless need to be repo'd and then the real market can emerge. Some new boards up today, not many but a few round my way. Still, far too few to make a sensible market locally.

That's one way to look at it, and you might be right! The other way is the govt saying look we know the properties are going to crash after you buy them, but we're trying to cushion it with less stamp duty - please buy them, please - pretty please...

Is that a cut & paste from the Barclays Economist report?