Fairies Wear Boots

He was on the BBC news tonight. He was shown saying 'Northern Rock is a damaged brand'. Ha ha, he's not wrong there. I still can't believe that NR is still able to give out 125% loans. Presumably with BofE money.

I read on this site that we'd need lots of reposessions for prices to actually fall. Which sounded reasonable to me. However we've only had an increase of 30% and we've got falls. People just don't want to or can't pay the asking price. I think steam had was starting to run out with the increase in rates. Now we have the credit crunch. Even better. All this media attention, has to make sentiment change.

It was great! Slightly tainted when they went somewhere else in the country where an estate agent had sold two houses today. Yeah, if you want a new user name When 'Right Here, Right Now' would be timely.

I have a feeling it will be different this time. House price crash will be a BIG topic on the news. Helping sentiment change.

Hang on. Those guys were mostly going don't chase the market down! i.e. the market is definitely going down. The one joker who said they weren't and if they did he'd buy lots of BTL, got slapped down with , no one will lend you any cash. Who needs house price crash any more? Let's go across to MSE and be informed on how the market will crash!

Shouldn't we see inflation going back up soon? I'm hoping it will. All those sales over. I'm no economist, but I've got my fingers crossed for 6 percent! It could happen. Merv made a statement, (contained in another thread or the news blog) and he's thrown some cold water over the idea of a February cut. So maybe inflation has gone back over 2 %?

Crazy.

Here here. Crash market crash. However, don't we need a Mexican standoff between buyers and sellers, and then lots more sellers joining the party , or being forced too before they fall substantially? Or do you reckon quite a few people will realise they don't want to chase the market down and set a 'will sell ' price?

It's all happening isn't it? Mainstream papers reporting that there will be drops in House prices and a credit crunch. Sentiment is changing. And it seems the western world is going to see a popping of the real estate bubble. You'll have to wait a bit longer for YOY falls. But we're witnessing a crash, which is great to watch unfold. I'd swap watching it for a 30 percent fall RIGHT FLIPPING NOW, because I want to buy a house NOW but no one is offering me the option.

So is this caused in part by 'holiday home owners' meaning the people buying them, aren't actually contributing to the average wage figure for the area I wonder how many of these people think they're paying a lot for their holiday home, given how much it costs to service the mortgage, but look at the capital gains we're making! Bring on the crash!

Isn't the vice someone or other at the BofE also on the FSA and he got a grilling.

True. Nu Conservatives think sheeple think Nu Labours doing alright. So no tax cuts, because they mean (to voters anyway) loss of services. Nu lab have moved to the center (if not right) so we have to move to the center too. They've also had a slight poke at Nu Labour about 'an economy base on debt', but it's been slight at the least. And if you didn't read this site, you wouldn't even have noticed it.

3K Seminar rubbish. Just work out how to avoid the pitfalls of buying at auction over the next three years and then, hey presto half price house.

My mate, works in IT and earns about 100K a year. ( I divulge that, to illustrate he's not thick). However, he thinks that because we can now monitor the economy in 'real time' then we can iron out the problems in the economy. What, they couldn't do that in 1990? Yes, those people were thick and didn't have enough technology! Most people are thick. And even the intelligent ones, don't have a really good back ground in finance.

I arrived here from New Zealand in 1998. And quite frankly I'm amazed at how little the oposition parties are shown criticising the government. It very rarely happens. It's as if the journalists of this country are more of an adversary. In N.Z., every time the government made a decision/statement they'd announce that on the tele, and then there was a member of the oposition running down the idea.

Polls are fine. But won't more tory voters turn out than labour? Labour on their 1997 win, won by a landslide. Not only that, lots of people got out and voted. The next couple of elections, voter numbers were down. Some people are disillusioned with labour, they might rather stick pins through their eyes than vote tory, but can they be ar5ed to go down the polling station for Nu labour? As for the 'where is Tony Blair' question earlier in this thread, he's now become a peace envoy to the middle east. He did such a fine job of that as Prime Minister. You know, liberated the iraqi people and only at a cost of 200,000 to 600,000 of their population's lives.

I thought they were keeping their 125 LTV which means they pay for the house , and give you 25 % extra for stamp duty , legal fees, white ware and a holiday in spain. No deposit needed.

I don't think they were !

Oh my god, I've just re read it after what you have said and I think your right. "With minimal change to pricing and the retention of the higher LTV products, this is certainly not a change which indicates that Northern Rock is changing its risk profile." So this means as you say, they'll be lending more to people with small or no deposits! Unbelievable. I thought they'd have to stop their 125 LTV. They've decided 'Subprime is the market we want to be in!'

How on earth can they still be offering the 125 % LTV? Because it's a fixed rate they can still offer it? I don't see how they can be offering loans full stop at the moment. If they've got to go to the BOE for the cash, surely they shouldn't be making any more loans? Unless they get some depositors cash. Fat chance of that.

Normally when they show 4 or five photos, it''s of the rooms. This is so small, they show a picture of the sink.

Some one whose logon name was belgrave Property wrote this "Hi i am sticking to buying property at auction just picked a repo up for 155k was sold last year for 299k" He was bullish about things. Looks more like fodder for bears!

If houses dropped to £80 to 100K, I'd be really really happy. And I think the credit crunch is going to do the job and we're going to have a crash (i.e. greater than 20 %) . But that's a huge amount. Living in London, I guess I have to add 50K onto that figure, but the idea of walking into an estate agents and them going, decent house in okay part of town, £150K just seems ludicrous. I hate what this government has done to house prices. The idea that I either pay well over the odds, or wait five years annoys me greatly. And as for the clip of Broon going " I will not allow house prices to get out of control and put at risk the sustainability of the recovery." , in his 1997 budget speech, well, I want to throw some through the screen.

Is there any chance that inflation will be back up quite a bit? It went down to 1.9 %, apparently on the back of supermarkets having a price war and furniture going down too. So if they put em back up, can it go up to 2.5 ? And hence another rate rise? It seems people on here don't think so. Recently rate setting meetings would spark a rash of predictions. It's been dead quiet on here. Two months ago, 'irrelevant' definitely wasn't the word.

I've been checking Brockley, Honor Oak Park and Forest Hill. No significant increase. Hoping that before the 10th of Sept, there'll be heaps. Fingers crossed.