Rosepetal Posted February 21, 2009 Share Posted February 21, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5779248.ece Particularly disappointing from Savills. Quote Link to comment Share on other sites More sharing options...
BXLONDONMAN Posted February 21, 2009 Share Posted February 21, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5779248.eceParticularly disappointing from Savills. WE NEED 25% fall by summer to have a really good hpc this year !!! Quote Link to comment Share on other sites More sharing options...
the primitive Posted February 21, 2009 Share Posted February 21, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5779248.eceParticularly disappointing from Savills. "People are saying we are close enough to the bottom, if we take a 10-year view on house prices. " WTF does that mean? Prices now will not be below those in 10 years time? Ray twunt from Charcol saying overseas buyers getting a 25% discount - well that rather depends on their nationality, and if they wanta house inthe UK, then £ cost of living is relevant to them! That bloke always strikes me a a total bell end They might as well have asked some golfers, or a random selection of beauticians None of them have a fecking clue. Quote Link to comment Share on other sites More sharing options...
quinnbear Posted February 21, 2009 Share Posted February 21, 2009 These kind of articles are always quite annoying, but I guess many people (not HPC regulars) may find them comforting. Finnuala is quality as always "affordability is improving more rapidly than in the 1990s, which could precipitate an earlier than forecast recovery." Wow! Maybe it's all those huge pay rises making houses more affordable? Or, possibly it is the FALLING PRICES? Better get in soon in case there is a sharp upturn, I wouldn't want to waste another 7 years waiting for a credit-fueled asset bubble to burst in order to buy a house to live in without struggling under a crushing debt. the RICS is surprisingly on the side of the VIs. Still, I guess they make their money on houses being bought and sold. Even so, there are professional qualifications one needs in order to be a surveyor, aren't there? Not like an estate agent where any trained monkey can use their GCSE pottery qualification... QB Quote Link to comment Share on other sites More sharing options...
Turnbull2000 Posted February 22, 2009 Share Posted February 22, 2009 (edited) The Times' property articles have always been surreal and detached. There's another prime example tomorrow First steps into the property marketWhat’s on offer at the lower end of the market? Nottingham: £165,000 A two-bed ground-floor flat with its own private entrance, an open-plan reception room with original features including sash windows, two bathrooms and a garden. North Yorks: £140,000 Ten miles from the centre of York, this two-bed semi has one reception room, a kitchen, a bathroom and a garden. It was on sale for £170,000 in May 2007. WHAT THE F*CK!!!! Lower end of the market like f*ck with prices like that!!!! Edited February 22, 2009 by Turnbull2000 Quote Link to comment Share on other sites More sharing options...
Bubble&Squeak Posted February 22, 2009 Share Posted February 22, 2009 None of them have a fecking clue. Exactly, I can't believe they have the nerve to show their faces in public, let alone class themselves as "experts", they should all be forced, by law, to state "I have been completely incorrect in ALL of my previous predictions regarding property prices, you should under no circumstances take anything I say seriously." before and after every public statement. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted February 22, 2009 Share Posted February 22, 2009 The title is misleading. None of them are experts in predicting house prices as they have proven time and time again. They are vested interests who are paid to talk up the market. Experts my ****. Quote Link to comment Share on other sites More sharing options...
milk_snatcher Posted February 22, 2009 Share Posted February 22, 2009 The Times' property articles have always been surreal and detached. There's another prime example tomorrowWHAT THE F*CK!!!! Lower end of the market like f*ck with prices like that!!!! Yeh it's a pretty funny read with people making "confident" forecasts, but even worse than that I now know the difference between bull and bear.... noooooooooooooo stupid names Quote Link to comment Share on other sites More sharing options...
Yorkshire Lad Posted February 22, 2009 Share Posted February 22, 2009 North Yorks: £140,000Ten miles from the centre of York, this two-bed semi has one reception room, a kitchen, a bathroom and a garden. It was on sale for £170,000 in May 2007. That puts the average wage for York at 40K - dont think so! - more like mid 20s Quote Link to comment Share on other sites More sharing options...
givemethegun Posted February 22, 2009 Share Posted February 22, 2009 "Nationwide building society’s chief economist Fionnuala Earley said affordability is improving more rapidly than in the 1990s, which could precipitate an earlier than forecast recovery" Just because the shit is hitting the fan faster doesnt mean it will stop. Quote Link to comment Share on other sites More sharing options...
Woot Posted February 22, 2009 Share Posted February 22, 2009 http://www.timesonline.co.uk/tol/money/pro...icle5779248.eceParticularly disappointing from Savills. Are these the same 'experts' who told us property prices could only go up? Hmmm, thought so. Won't be listening to them this time either then. Quote Link to comment Share on other sites More sharing options...
Bubble&Squeak Posted February 22, 2009 Share Posted February 22, 2009 That puts the average wage for York at 40K - dont think so! - more like mid 20s For me this has been one of the more insidious aspects of the constant ramping; the skewing of the perception of a normal working wage by vastly incorrect "average" wage statements in the media. Quote Link to comment Share on other sites More sharing options...
Concrete Jungle Posted February 22, 2009 Share Posted February 22, 2009 The average property price has fallen when viewed as a multiple of the average wage. However on the affordability side of things we are still currently above the 1989 peak when comparing affordability. A long long way to fall yet folks, take all the VI clap trap with half a hundredweight of salt. Quote Link to comment Share on other sites More sharing options...
Turnbull2000 Posted February 22, 2009 Share Posted February 22, 2009 (edited) More out-of-touch shite from the Times, with a first-time-buyer focused article http://property.timesonline.co.uk/tol/life...icle5778739.ece In December, they took full advantage of the depressed market conditions and bought a two-bedroom flat in Wandsworth for £385,000.“We felt we’d never be able to afford anything of our own,” said Cleak, 28, a PR director for the fashion company my-wardrobe.com. Then, all of a sudden, house prices began to fall, sellers became desperate and things started to look promising. “We knew we were in a better situation in the market than ever before,” she says. Edited February 22, 2009 by Turnbull2000 Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted February 22, 2009 Share Posted February 22, 2009 Only a moron would try and put a time and a date on when property will hit bottom, so its no surprise the 'property experts' are doing just that. Of far more use is, as said before, things like relation to earnings, rental yield. Quote Link to comment Share on other sites More sharing options...
Redcellar Posted February 22, 2009 Share Posted February 22, 2009 No point getting worked up on this. The economy will drive prices and the economy is going DOWN rapidly. So therefore will overpriced houses, its that simple. Until people earn more and feel secure there will be no confidence and house prices will not begin to recover. Even when these factors eventually arise, there will not be the irresponsible lending of previous, period. Securitization has been majorly negatively impacted meaning less money in the system for mortgages. And that won't change ever. Who on earth would buy mortage backed assets again for sub prime? Nobody is that foolish. Well not for the next seven years at least (that's the proven memory of investors apparently). Quote Link to comment Share on other sites More sharing options...
Umiapik Posted February 22, 2009 Share Posted February 22, 2009 The title is misleading.They are vested interests who are paid to talk up the market. Yes, this! Once you understand what their motivations are, you can easily predict what line they're going to take. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted February 22, 2009 Share Posted February 22, 2009 More out-of-touch shite from the Times, with a first-time-buyer focused articlehttp://property.timesonline.co.uk/tol/life...icle5778739.ece My-Wardrobe.com currently sells women's designer goods, only previously offering men's accessories such as sunglasses and scarves. Phil Teer, planning partner at St Luke's, said: "My-Wardrobe.com is an exciting brand with massive ambition and lots to say for itself. "It's a pleasure to be working with them as we expand our digital and content capability." FFS, a designer clothes on line retailer: they really must be selling bundles and bundles of clothes to pay a PR man £120K There is no sub-prime in the UK. Id never heard of them, but they got into FHM, so its the monied 20 somethings they are after. Quote Link to comment Share on other sites More sharing options...
libspero Posted February 22, 2009 Share Posted February 22, 2009 No point getting worked up on this. The economy will drive prices and the economy is going DOWN rapidly. So therefore will overpriced houses, its that simple. It's not the first time this has happened, all just part of the process.. The TimesTUE 03 JAN 1989 Agents optimistic about house prices A leading national firm of estate agents believes a collapse in the property market in 1989 is highly unlikely. Strutt and Parker has completed a review of 1988 trends, The Sunday TimesSUN 05 NOV 1989 House prices may rise next spring BRITAIN'S depressed housing market could pick up much sooner than expected, according to a forecast to be published this week. The Morgan Grenfell bank believes the housing market has reached a point where recovery is in sight. The TimesTHU 09 NOV 1989 House prices `to rise' Property prices in London, the south-east and East Anglia will recover next year and begin to increase by about 10 per cent a year, according to Morgan Grenfell, the merchant bankers, in a report on the housing market published yesterday. THU 12 JUL 1990House prices recover SIGNS of a recovery in the housing market for the first time since the boom ended in the summer of 1988, are charted by the Halifax Building Society in its latest house-price survey published yesterday. The Sunday TimesSUN 18 NOV 1990 House prices set to take off in spring THE worst slump in Britain's housing market for more than a decade will end next spring, an authoritative report will forecast this week. Prices will rise by an average of 20% within two years, The TimesWED 13 MAR 1991 House prices predicted to rise 66% over five years HOUSE prices in the UK are predicted to rise by an average of 66 per cent over the next five years as the housing market recovers from the slump through falling inflation and interest rates The TimesFRI 24 MAY 1991 Bank set to act on house prices THE Governor of the Bank of England warned the Building Societies Association conference in Glasgow that a resurgence of house price inflation would be firmly countered by the authorities. My how things have changed. The TimesTHU 19 DEC 1991 Record repossessions are keeping down house prices The property market is being held back as repossessed houses are resold in some areas at up to 30 per cent below their true value. Ray Clancy reports REPOSSESSIONS are having a significant impact on the housing market, keeping prices low Etc etc.. plenty more where those came from* The real bottom was of cause in about 95/96 (inflation adjusted). * I can't take credit, these headlines were originally posted over a year ago by another poster. Quote Link to comment Share on other sites More sharing options...
Little Professor Posted February 22, 2009 Share Posted February 22, 2009 Hmmm.. an internet startup selling luxury goods just as we are entering a depression - they are fscked. Quote Link to comment Share on other sites More sharing options...
Venger Posted February 22, 2009 Share Posted February 22, 2009 More out-of-touch shite from the Times, with a first-time-buyer focused articlehttp://property.timesonline.co.uk/tol/life...icle5778739.ece Cleak, who moved in last week, is still surprised at how easy it all was. “I thought it would be much more stressful, but we were only looking for three weeks,” she says. “It’s something we’ve wanted to do for a while. With renting, we felt the money was virtually going down the drain every month. We wanted to invest it instead.”// She managed to get a further £17,000 knocked off the asking price, finally paying £158,000. “It made sense to buy now that prices have come down quite a lot,” she says. “I’ve bought it as a long-term investment to live in and then sell on for a higher price, hopefully.” Shouldn't be too long, as prices continue to crash, until we get a load more sympathisers here for these new FTBs. Blaming everyone but the individual who borrowed the money. Quote Link to comment Share on other sites More sharing options...
Radge Posted February 22, 2009 Share Posted February 22, 2009 How to speak VI (With apologies to anyone who learned French in a Scottish school in the 70s) Ecoutez et repetez. Beep! Anglais: We can still shake a few greater fools out of this market. VI: the recovery, when it comes, could be sharper and swifter than people expect. Anglais: House prices are tanking much faster this time. VI: affordability is improving more rapidly than in the 1990s. Anglais: The BoE has slashed interest rates in blind panic. VI: Mortgage payments as a proportion of take-home pay have fallen 9.4% in the past year, compared with 7.4% over the same period in the 1990s. Anglais: Buyers who bought at the peak have been rogered royally up the poop chute. VI: Buyers who bought at the peak in November 2007 may have to wait several more years for property values to get back to where they were — even with a sharp rebound. Quote Link to comment Share on other sites More sharing options...
REP013 Posted February 22, 2009 Share Posted February 22, 2009 Earley: The mortgage market has a part to play, but as house prices fall and affordability improves, deposits become less of a hurdle making it easier for first-time buyers to buy.First-time buyers need to save 15% of the average house price, or about £18,000. When prices peaked, they were raising half that — but the arithmetic will continue to get better as mortgage rates, as well as criteria come down. Also, the cost of keeping a mortgage has fallen sharply owing to lower interest rates — this could help to lessen the effect of the slump. Is this right? Nationwide average price is now £120k? Wow, prices have dropped more than I thought! Quote Link to comment Share on other sites More sharing options...
REP013 Posted February 22, 2009 Share Posted February 22, 2009 Is this right?Nationwide average price is now £120k? Wow, prices have dropped more than I thought! Bad form answering my own posts but ... According to the January Nationwide index the average price is £153,048.00 Finolalalalalal (sic) says they are £120k, is this their (her) expectations for the bottom of the market? That would mean a 35% fall from peak of Oct '07 (186,044.00). Quote Link to comment Share on other sites More sharing options...
pokissimo Posted February 22, 2009 Share Posted February 22, 2009 More out-of-touch shite from the Times, with a first-time-buyer focused articlehttp://property.timesonline.co.uk/tol/life...icle5778739.ece This is where are you engineering PhD types went wrong: If you'd just studied for a proper degree at a proper university like a BA in Marketing at Southampton Solent: then you too would be in a position to buy a flat in wandsworth! Quote Link to comment Share on other sites More sharing options...
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