Selling up

Horrifying thought. I completed my STR last month... I suddenly feel so dirty.

Nothing new in that idea, it was the basis of the dire Dustin Hoffman monkey-fest "Outbreak"... Ooh, fatal epidemic, makes me come over all GoldBug.

I don't think there is a unique answer. This was pointed out to me when I was a junior hospital doctor in Oldham. The consultant told me that one distinguishing feature of the town was the low level of inward and outward population movement. Maybe it's a Lancashire-wide phenomenon!

Are these asking prices though? Sale prices are more interesting.

This ain't gonna be ramping. Since when could an Eastenders storyline involve 3 people making a deal, everything going well, turning a good profit and living happily ever after? If it's Eastenders you can bet it's going to turn out to be the deal from hell. Could be good publicity for our cause.

Hang on, isn't one obvious explanation that 37 agents have just signed up to advertise their properties (average 27.6 properties per new agent) on FindaProperty? Surely could just be an advertising decision? - not negligible but not necessarily anything to do with an increase in homes for sale. Edit: Okay, I've thought this through some more, it doesn't really seem likely. I'll get my coat...

Ha ha, the board censored me for the phrase "pr1ck up my ears"! Someone has a dirty mind!

Fellow HPCers, lend me a moment of comfort. Here I was, happily thinking that at this pivotal moment interest rates, mortgages and inflation were in the thoughts of journalists, radio listeners and the Chancellor. BBC radio 4 news summary at 3:00. "The Chancellor Gordon Brown...." I ***** up my tired bearish ears ".... has made a public comment on allegations of racism in the Big Brother household." Has everyone gone mad? Growing signs of a financial crisis looming, and the Beeb is letting Gordon pontificate about Big Brother.

Go and have a look now, it's a Bears' Picnic and will bring joy and serenity to your hearts.

lol, I have spent 4 years convinced that property is overvalued, and for 4 years I have watched it soar and soar. I bet there is no bear here who is not painfully aware of the market's potential to defy all logic. All of us are daily considering the possibility that madness will continue. That is why we are so joyful at some hints that the madness may be waning. And what do you mean "accept as an outcome"? If you mean, will I believe it if I see it happen, of course I will. If you mean, will I think it socially beneficial or rational, then how could I or anyone?

I wish it were so. But the people who partied (and made huge equity gains over a long period) won't be the people who pay (recent buyers). Unless you mean the financial industry, in which case, let them choke.

I don't want to buy at present either; in a bid for freedom (midlife crisis?) I sold my house in December and resigned my GP job to do locum work, do more of my hobbies, etc. I'm renting at present and not ready to "settle down" again. But it's a matter of pride. I've said for 4 years that houses are overvalued, and for 4 years I've looked a fool. And I don't like looking foolish. Also I do have some social conscience, and I don't believe that high indebtedness is good for anyone but the bankers.

Exactly the point I was about to make. They've shown us that they think inflation is a problem, they wouldn't have done that if they thought they could hide it...

I agree with Chriso. Could involve a lot of hours of work, and the way the market is, you're unlikely to make stunning profits. You might make something, you might end up stuck with a house you can't sell in 6 months time. Doesn't sound very tempting to me.

Having STR on 23rd December, my savings account's full of cash at present. Does anyone else worry about banks going bankrupt in a debt-driven depression, or is it just me who needs to up my Prozac dose?

If this is true it needs to be publicised. Do you have time to phone the EA and ask them for an explanation?

The "now" in this sentence is rather perplexing. I understood that the ratio of equity to debt is at a historic low, whereas to read the Halifax comment you would think it was growing.

Um. (embarrassed frown) What's CABLE?

Simonstock, you're wrong to equate supply with bricks and mortar. All the evidence points to no shortage of bricks and mortar. Check out the recent threads on: 1) Low rents due to oversupply of rental property 2) Surprising numbers of rental properties standing empty (40% of new-build flats in Leeds, I can dig out the link if you want) 3) BTL reposessions due to low rents and void properties (Ditto re link) 4) House price bubble in America where there are far fewer planning restrictions (Ditto) 5) House price bubble in France where the population is falling (Ditto) The "supply" that is scarce is people who want to SELL their house. This has nothing to do with shortage of bricks and mortar and everything to do with people buying & holding property for speculative reasons and renting it out when they might previously have sold. (See 1-3 above). HPI is a speculative phenomenon, nothing to do with planners, JCBs and builders!

Mortgage companies don't care about houses... so is it coincidence that they're constantly prognosticating on house prices?

Lucky I exchanged on 22nd December for my sale... renting as of next week. What an exciting article!

Problem is, do you really want to live in the "best place" post peak-oil? 'Cause you can bet it will be top of your less fortunate neighbours' list for invasion. This is why, for instance, the last place you want to live in an oil-scarce world is a place where there is oil.

Nice polemic, Realist Bull, but you didn't answer my question: Is it reasonable to expect sympathy from the priced-out towards the homeowners if a crash occurs?

Without a Paddle, I understand exactly what you mean, and I have some sympathy with your views. But in today's situation, I'm not sure that you can expect charitable emotion from non-homeowners towards homeowners. To illustrate, I will, for once, use biblical language, since you refer to the Bible: The prudent (those who would never dream of taking on a vast debt) have been disadvantaged by the profligate. Because of the willingness of their prodigal brethren to pay insane prices for homes, the prudent can no longer afford their own home (and as we all agree it is pleasant to own ones own home). Not only this, but some of the profligate who already OWN their own home are now buying a second property to rent to the prudent. Is it really so suprising that the prudent, whose prudence has been so poorly rewarded over the last 6 years, resent the profligate?

At least most of us who are living alone aren't procreating - surely adding to population growth is the ultimate in environmentally destructive behaviour?