Valerius Posted February 10, 2009 Share Posted February 10, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5697341.ece Said it before...Activity will pick up once the Government mortgage backed securities start flowing through the system You have been warned. Quote Link to comment Share on other sites More sharing options...
Dubai Posted February 10, 2009 Share Posted February 10, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5697341.eceSaid it before...Activity will pick up once the Government mortgage backed securities start flowing through the system You have been warned. Activity will pick up when house prices return to sensible levels, i.e. about 3.0x gross salary. That's about 90k for the "average house", not the £167,751 mentioned in the article. Quote Link to comment Share on other sites More sharing options...
Patfig Posted February 10, 2009 Share Posted February 10, 2009 Activity will pick up when house prices return to sensible levels, i.e. about 3.0x gross salary. That's about 90k for the "average house", not the £167,751 mentioned in the article. Agreed, with the proviso that banks dont use low interest rates to lend on "affordability" Quote Link to comment Share on other sites More sharing options...
MRMX9 Posted February 10, 2009 Share Posted February 10, 2009 Shouldn't the headline be 'buyers lining up to buy but houses too expensive!' Quote Link to comment Share on other sites More sharing options...
Patfig Posted February 10, 2009 Share Posted February 10, 2009 Shouldn't the headline be 'buyers lining up to buy but houses too expensive!' Hammer it home Quote Link to comment Share on other sites More sharing options...
crash2006 Posted February 10, 2009 Share Posted February 10, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5697341.eceSaid it before...Activity will pick up once the Government mortgage backed securities start flowing through the system You have been warned. You have no idea, the wage v mortgage ratio is well out of sync, on top of that taxes are taking out a big chunk of peoples expenditure, which would have been directed at the economy. You simply don’t understand the west is bust, why can’t you lot understand that over the passed 80 years individual/ governments debt is growing as each decade approaches. Its getting to its peak, Christ you guys just want to drive the whole economy into anarchy, infact its approaching anarchy as we speak. You really think people will spend their entire life paying for a one bedroom haven’t you heard of opportunity cost? Just seems most don’t have a grasp of simple a level economics here. As property prices get higher, mortgages become longer workers pay more towards their mortgages and less towards consuming, people opting out of work and signing on as the best means to have roof over their head, and you think prices can go higher. Do you live in lala land? Can’t you see or even understand what’s happening around you? You’re going to be in for a big shock in April may June really, I just can’t believe you still think the property market still has room to expand, and that people what too buy, while the whole economy around you collapses, governments arguing with one another about finance. Do you even know how bad it is? Quote Link to comment Share on other sites More sharing options...
Patfig Posted February 10, 2009 Share Posted February 10, 2009 You have no idea, the wage v mortgage ratio is well out of sync, on top of that taxes are taking out a big chunk of peoples expenditure, which would have been directed at the economy. You simply don’t understand the west is bust, why can’t you lot understand that over the passed 80 years individual/ governments debt is growing as each decade approaches. Its getting to its peak, Christ you guys just want to drive the whole economy into anarchy, infact its approaching anarchy as we speak. You really think people will spend their entire life paying for a one bedroom haven’t you heard of opportunity cost? Just seems most don’t have a grasp of simple a level economics here. As property prices get higher, mortgages become longer workers pay more towards their mortgages and less towards consuming, people opting out of work and signing on as the best means to have roof over their head, and you think prices can go higher. Do you live in lala land? Can’t you see or even understand what’s happening around you? You’re going to be in for a big shock in April may June really, I just can’t believe you still think the property market still has room to expand, and that people what too buy, while the whole economy around you collapses, governments arguing with one another about finance. Do you even know how bad it is? Bad to the bone Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted February 10, 2009 Share Posted February 10, 2009 (edited) http://www.timesonline.co.uk/tol/money/pro...icle5697341.eceSaid it before...Activity will pick up once the Government mortgage backed securities start flowing through the system You have been warned. And just how long would that last? What government backing of mortgage backed securities would mean is a return to liar loans, lending to ninjas, trading in and gearing on the securities, a sudden realisation of their worthlessness, systemic collapse temporarily held up by the goverment followed by its total bankruptcy. Enough pensioners have died of cold this winter through trying to manage their meagre incomes. When the govt goes bust and no-one receives any social security at-all, Ed Balls's nightmarish vision of the return of fascism will the the last of your worries. Edited February 10, 2009 by Dave Spart Quote Link to comment Share on other sites More sharing options...
renterbob Posted February 10, 2009 Share Posted February 10, 2009 Although it's not a polular view on here I agree that once the money becomes available the housing market will be like a Christmas sale. Thousands out there ready to jump in. I predict big rises in 2010. Average house price over £200,000 again. Money won't become available. End of. That kinda burns a hole in the rest of your bullsh1t. Thousands losing jobs every week, the car industry on its knees.....yep, one can part a fool and his money...oh, unless he has none. Alot of fools have none. BTW I viewed some luxury cars this week.....call Toyota...buyers lining up..... Quote Link to comment Share on other sites More sharing options...
ExecutiveSlaveBox Posted February 10, 2009 Share Posted February 10, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5697341.eceSaid it before...Activity will pick up once the Government mortgage backed securities start flowing through the system You have been warned. I'm lining up for a nice pad in Chelsea but, wait, hold on a minute. No one in the current climate would be willing to lend me all that dough. Also I'm concerned about my continued employment what with the spot of near total economic collapse we are having. It's been in the news recently, maybe you didn't notice. So if it's alright with you I think I'll bide my time and God willing if I still have a job in two years I'll buy a place then. Thanks anyways. Quote Link to comment Share on other sites More sharing options...
renterbob Posted February 10, 2009 Share Posted February 10, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5697341.eceSaid it before...Activity will pick up once the Government mortgage backed securities start flowing through the system You have been warned. Rics- oh yes, them that fiddle the figures to their own ends. Of course. How many rics employees have lost their jobs in the last 6 months? Quote Link to comment Share on other sites More sharing options...
renterbob Posted February 10, 2009 Share Posted February 10, 2009 Feb. 10 (Bloomberg) -- U.K. housing sales dropped to the lowest level since at least 1978 in the quarter through January as property prices dropped further and Britain’s recession deepened, the Royal Institution of Chartered Surveyors said. http://www.bloomberg.com/apps/news?pid=206...mp;refer=europe Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted February 10, 2009 Share Posted February 10, 2009 I'm lining up for a nice pad in Chelsea Is that the one being vacated by Phil Scolari? Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted February 10, 2009 Share Posted February 10, 2009 Although it's not a polular view on here I agree that once the money becomes available the housing market will be like a Christmas sale. Absolutely Sibley. There are a lot of stupid people out there. However the money will not be available to the great majority because: i) The banks don't have it ii) A lot of well-paod people in all areas are losing their jobs so are having to sell, not buy Timber! Quote Link to comment Share on other sites More sharing options...
jac Posted February 10, 2009 Share Posted February 10, 2009 (edited) anyone got a link to full RICS survey? I'm looking now but they're always slow to upload it i've started looking as STR fund been destroyed by low rates.. not covering rent anymore estate agent claims there were offers rejected 10% below asking price on two properties i saw.. i think they're telling porkies though a friend at work says a major uk bank is processing lots of mortgage applications... BUT... only 1 in 14 are been accepted due to tight credit scoring e.g. if you missed a credit card payment once before no chance Edited February 10, 2009 by jac Quote Link to comment Share on other sites More sharing options...
Patfig Posted February 10, 2009 Share Posted February 10, 2009 anyone got a link to full RICS survey? I'm looking now but they're always slow to upload iti've started looking as STR fund been destroyed by low rates.. not covering rent anymore estate agent claims there were offers rejected 10% below asking price on two properties i saw.. i think they're telling porkies though a friend at work says a major uk bank is processing lots of mortgage applications... BUT... only 1 in 14 are been accepted due to tight credit scoring e.g. if you missed a credit card payment once before no chance Could be a blessing in disguise Quote Link to comment Share on other sites More sharing options...
Umiapik Posted February 10, 2009 Share Posted February 10, 2009 Although it's not a polular view on here I agree that once the money becomes available the housing market will be like a Christmas sale. Thousands out there ready to jump in. I predict big rises in 2010. Average house price over £200,000 again. But where DO you expect the money to come from?? Seriously. If you can think of a source that I've missed, I'd be genuinely interested to know what it is. Quote Link to comment Share on other sites More sharing options...
jonewer Posted February 10, 2009 Share Posted February 10, 2009 I wonder what seasoning they have added to the -76% figure? Quote Link to comment Share on other sites More sharing options...
Patfig Posted February 10, 2009 Share Posted February 10, 2009 I wonder what seasoning they have added to the -76% figure? salt and pepper Quote Link to comment Share on other sites More sharing options...
Wad Posted February 10, 2009 Share Posted February 10, 2009 though a friend at work says a major uk bank is processing lots of mortgage applications... BUT... only 1 in 14 are been accepted due to tight credit scoring e.g. if you missed a credit card payment once before no chance Good anecdotal evidence the jac. It has of course been pointed out many time son here and by Roger Bootle a few days ago that desire to buy a house is not the same as demand. The capacity to buy a house for most people depends entirely on them getting a mortgage. What RICs members seem to be misunderstanding is that when people walk through the door of an EA office and ask to view a house thay are only a buyer if they have found a bank willing to lend them money - if not then their desoire to buy is an irrelevance. Lending is not getting back to normal and will not do so until banks are willing to lend at 90% LTV again and at the moment they are not because they fear further falls will leave them with a loan on their books which is for more than the value of the house it is secured against. I went to see major clearing bansk to see what mortgege I could get the other day. They refused to contemplate anything more than 3 x joint earnings and 75% LTV - and I am in their highest customer category. Quote Link to comment Share on other sites More sharing options...
jac Posted February 10, 2009 Share Posted February 10, 2009 Good anecdotal evidence the jac.It has of course been pointed out many time son here and by Roger Bootle a few days ago that desire to buy a house is not the same as demand. The capacity to buy a house for most people depends entirely on them getting a mortgage. What RICs members seem to be misunderstanding is that when people walk through the door of an EA office and ask to view a house thay are only a buyer if they have found a bank willing to lend them money - if not then their desoire to buy is an irrelevance. Lending is not getting back to normal and will not do so until banks are willing to lend at 90% LTV again and at the moment they are not because they fear further falls will leave them with a loan on their books which is for more than the value of the house it is secured against. I went to see major clearing bansk to see what mortgege I could get the other day. They refused to contemplate anything more than 3 x joint earnings and 75% LTV - and I am in their highest customer category. completely agree which is why i want to see the full report buyer enquiries up again i believe but SALES down ie just full of timewasters nosying around inside but no real money Quote Link to comment Share on other sites More sharing options...
Mr Yogi Posted February 10, 2009 Share Posted February 10, 2009 i've started looking as STR fund been destroyed by low rates.. not covering rent anymore Why would you expect the interest on your STR fund to cover your rent? Dipping into your salary to pay for the roof over your head doesn't seem much of a hardship to me. Certainly no reason to buy now - about 3 or 4 years too early! Quote Link to comment Share on other sites More sharing options...
ExecutiveSlaveBox Posted February 10, 2009 Share Posted February 10, 2009 (edited) Is that the one being vacated by Phil Scolari? Yep, busted. If I can get our lot of multi millionaire playboy/rapists up for it and playing better than all the other multi millionaire rapists in the league I'm sure we'll have a great season. It'll put a big smile on my Russian gangster bosses face as well. Arhh the noble game. Edited February 10, 2009 by AuroraBorealis Quote Link to comment Share on other sites More sharing options...
jac Posted February 10, 2009 Share Posted February 10, 2009 Why would you expect the interest on your STR fund to cover your rent? Dipping into your salary to pay for the roof over your head doesn't seem much of a hardship to me. Certainly no reason to buy now - about 3 or 4 years too early! ( a ) because rental yields have been so low, but not now compared to savings rates! ( b ) the value of a house equals the discounted flow of rent. if i sold my previous house to buy another in the future, the interest should be similar to the rent as the opportunity cost of investing in a house is the interest forgone in a bank. of course there's also 'capital gains' on house but i expected capital losses! Quote Link to comment Share on other sites More sharing options...
LumpHammer Posted February 10, 2009 Share Posted February 10, 2009 Perhaps someone could confirm this with figures and a link, but i believe that under Labour the average man now looses 50% of his wage to tax over the 40% of 1997. I'm a first time buyer with a large deposit and i'm not buying sh*t until houses become realistically priced. That means 3.5 - 4x average salary. Tom Quote Link to comment Share on other sites More sharing options...
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