Radio 5 Talking About The Housing Market(Phone In)

[The Masked Tulip]

Tomorrow's FT thinks house price falls is a god thing.

http://www.ft.com/cms/s/0/196c0054-a4b4-11df-8c9f-00144feabdc0.html

[shindigger]

At least you are thinking about it - rationally.

I think we all need to do so now.

1. Cash. Accessible.

2. Property Bee. Engaged.

3. Negotiating head. Screwed back on.

4. Fear/ desperation detector. Activate!!

[erranta]

This is a message for Killa Bunny!

It's about time you pushed the fact on these progs that:

Hundreds of thousands of 'home buyers' over the last decade are not paying their mortgages off - because of Interest Only and can't afford to save the Xtra to pay off original sum.

That's nearly 50% of the mortgage term and they have 15yrs left to save the original purchasing price!

When this lot start to unravel - well.

Stamp on a few Ea's/bankstas heads with that one! Thanks!

[shindigger]

This is a message for Killa Bunny!

It's about time you pushed the fact on these progs that:

Hundreds of thousands of 'home buyers' over the last decade are not paying their mortgages off - because of Interest Only and can't afford to save the Xtra to pay off original sum.

That's nearly 50% of the mortgage term and they have 15yrs left to save the original purchasing price!

When this lot start to unravel - well.

Stamp on a few Ea's/bankstas heads with that one! Thanks!

That was old news in 2001. Then the MEWING started.

God help them and/or us.

I stay in my mates flat in London during the week. He owes RBS £145k.

They will never see a penny of that back.

[xux42]

HAPPY BIRTHDAY!

Thank you!

Purely by co-incidence, spent the afternoon at Whitley Court in Worcestershire - initially a magnificent mansion that was increasingly grotesquely extended by owners weeing their fortunes up the wall.

It ended up a burnt and vandalised shell.

Before:

After:

[keef]

I have only just got around to listening to this. I read this thread first. I'm surprised at the comments in this thread about Nolan. He still sounds like a total *?!**?!! to me.

I excitedly followed this thread at work through the mid afternoon & was surprised by some folk saying Nolan came across OK.

I really don't like his delivery & having sat and listened to this tonight that hasn't changed much. But whilst I think he's patently not very clever I think it's pretty amazing that he volunteered his £200k losses to his audience and equally amazed at his TWO HOUR presentation on a subject that must have hurt a bit.

I thought we might have lost the battle (euphemistically) - maybe I was wrong. Thanks to all who brought this to our attention & the advice on this thread.

Oh, and that guy who explained the bubble process to Nolan, what a star.

EDIT: Forgot to say, fair play too to Nolan for sitting back & allowing people to make their point a good deal of the time - very unusual for a Radio Five Live presenter.

Edited August 10, 2010 by keef

[savetheclaypigeon]

EDIT: Forgot to say, fair play too to Nolan for sitting back & allowing people to make their point a good deal of the time - very unusual for a Radio Five Live presenter.

I agree.

Can't think of any daytime radio presenters, especially on 5 Live, who would have allowed a caller to walk them through the stages of a bubble.

I didn't have strong feelings on Nolan before this debate but I thought he handled it well, managing to acknowledge the bullish contributions to the show while maintaining the bearish overtone that any rational assessment of house prices demands.

Maybe if more presenters had had their fingers burned in property to the same degree, and fair play to Nolan for his full disclosure on that point, there would be less of the "it can't possibly be that bad can it?" and "Oh isn't all this doom and gloom just beastly" style dreck spouted by these ostensibly bright individuals.

And finally, can someone PLEASE tell JD to tone it down. When the facts and a growing shift in sentiment are on your side, you don't have to be a screechy, spittle flecked banshee to get your point across.

It's the Andy Murray syndrome. Whenever I see the lad getting interviewed I'm just wishing he'll crack his face and tell a f*cking joke or something. He'd have the nation at his feet if he did!

And it's the same thing with JD. Whenever the presenter hands over to him, I'm always hoping that this is the time that he realises and he slips a velvet glove over the iron fist.

And I'm always disappointed 30 seconds in, when he's questioned the parentage of the inevitable EA stooge he's up against and he's ranting like a bus station jakey!

Oh well, heres hoping for next time...

PS - Well done to all HPC-ers who contributed to the show. Especially timebandit. Top work fella!

[Kazuya]

That Dave guy at 1:12:40 of the broadcast was AWESOME!

[Pauly_Boy]

Just listened to this, it was a bear feast (with the odd bit of bull grissle)

Good work guys. I think 10-Aug will mark the begining of HPC part 2!

[Guest_James Toney_*]

I think today, Tuesday 10th August 2010 should mark the start of the BIGGEST HOUSE PRICE CRASH EVER!

agreed, we can say that was the day

[Tired of Waiting]

agreed, we can say that was the day

I do hope so. But I think that, to confirm it, to "lock it in", we'll need Halifax, Nationwide and Rightmove to confirm prices falls next. Otherwise, the media will go back to "nobody knows", "it may be up or down", etc., unfortunately. Let's hope they will all come out negative in the next few weeks!

[exiges]

I listened to it on iPlayer last night and what struck me was the stupidity of the women (presumably yummy mummies while the husband was out paying for it) who seemed to think that they were immune from price drops because they both bought "in a very desirable area".

I remember the last crash and I can assure you that house prices were buggered all the way up to and including the top end.

Not that they will care, because they can just get another husband, but those big houses will lose serious chunks of money.

[The Masked Tulip]

I listened to it on iPlayer last night and what struck me was the stupidity of the women (presumably yummy mummies while the husband was out paying for it) who seemed to think that they were immune from price drops because they both bought "in a very desirable area".

I remember the last crash and I can assure you that house prices were buggered all the way up to and including the top end.

Not that they will care, because they can just get another husband, but those big houses will lose serious chunks of money.

I am trying my best not to agree with this... but I can't.

[Tired of Waiting]

I listened to it on iPlayer last night and what struck me was the stupidity of the women (presumably yummy mummies while the husband was out paying for it) who seemed to think that they were immune from price drops because they both bought "in a very desirable area".

I remember the last crash and I can assure you that house prices were buggered all the way up to and including the top end.

Agree 100%.

Actually markets are even frothier at the top.

Not that they will care, because they can just get another husband, (...)

Now I disagree. Usually these women have just one good shot at it..

(...) but those big houses will lose serious chunks of money.

Agree again.

.

Edited August 11, 2010 by Tired of Waiting

[timebandit]

I hope it causes acquisitiveness, additionally a big increase in first-timers to this forum (even join and get involved)

When the sleeping public wake to the mess we are in, they will start looking for the answers.

So best behaviour from you lot, when juicy Lucy comes crying it not my fault.

[Tired of Waiting]

I went into a panic freefall, beng first-time on the radio. You helped by posting the helpful comment, of how HPI are bad for the British economy.

If only I could come across as wooing Richard Burton, narrating on articles from the various threads on here to the public. Rather than a gibbering wreck, at least the message staring to get out on the BBC.

Remember that yesterday I wrote to you that:

"That message (high property costs are bad for people, and companies), is the most important, but also the most difficult, after years of people feeling richer as their houses went up in prices. That will be a hard one to crack."

Sorry, my bad. Total rubbish. It was cracked less than 24 hours after I wrote that. Look at this: http://www.housepricecrash.co.uk/forum/index.php?showtopic=149005&view=findpost&p=2664359

[dances with sheeple]

I hope it causes acquisitiveness, additionally a big increase in first-timers to this forum (even join and get involved)

When the sleeping public wake to the mess we are in, they will start looking for the answers.

So best behaviour from you lot, when juicy Lucy comes crying it not my fault.

Number of guests on here seems massively up to me recently?

[savetheclaypigeon]

...What struck me was the stupidity of the women who seemed to think that they were immune from price drops because they both bought "in a very desirable area".

I remember the last crash and I can assure you that house prices were buggered all the way up to and including the top end.

...those big houses will lose serious chunks of money.

"It won't happen here"

This is what worries me!

Amid all the sensible contributions to the show, driven in no small part by this forum, there were still people willing to come on national radio and speak for the "HPI Generation". Most people of my age have never known anything other than HPI and accept it totally as the norm.

This view has been reinforced by peer pressure, the media and parental figures, who themselves were already embued with that "Oh so very British home = castle" mentality, even before Krusty & Phil came along and told them it could be their pension pot and dinner party conversation brag all rolled into one!

Can you imagine shelling out £600 grand plus right now. Mental! And yet there they are, on national radio, and I guarantee they speak for the majority.

That's why it's so difficult for me to picture serious losses in the types of areas that have these bimbos (both male and female), salivating at the prospect of loading themselves up with a crippling debt. We have to change the bent of a nation and the fundamental beliefs of a generation.

It's going to take a LOT of Sarah Beeny shows called "Help, my BTL Empire Is Falling Down" before we get to that point, if indeed we ever will.

[TopTaff]

I hope it causes acquisitiveness, additionally a big increase in first-timers to this forum (even join and get involved)

When the sleeping public wake to the mess we are in, they will start looking for the answers.

So best behaviour from you lot, when juicy Lucy comes crying it not my fault.

Just come off night shift and caught the i-player rerun

Big thanks from me for your input - your contribution was all the more valuable due to your sensible measured delivery - you should not underestimate the impact that real people have when they get airtime - I heard about the show while on nights from a guy who is usualy bullish , He didn't mention any of the invited guests , it was the callers who made the impact on him.

So Nice one TB , nice one.

[exiges]

That's why it's so difficult for me to picture serious losses in the types of areas that have these bimbos (both male and female), salivating at the prospect of loading themselves up with a crippling debt. We have to change the bent of a nation and the fundamental beliefs of a generation.

So long as there are people trading amongst themselves (e.g sell their overinflated house for £600k and buy another overinflated for £600k ) then I can't see falls being realised, particularly if they only need a modest (< 20%) mortgage.

Births/deaths/marriages being the only stimulus I guess.

[savetheclaypigeon]

Births/deaths/marriages being the only stimulus I guess.

Maybe the only stimulus that will break the stranglehold that property has on the British people is fear.

The savvy BTL investor, the guy on the programme who described the stages of a bubble to Nolan, said he started buying property when nobody wanted to touch it.

I can't imagine a situation where people stop talking about a "great time to get on the ladder" and start to steer their loved ones away from buying a house.

How many people will have to be burned before we get to a situation where people are scared and sick of property?

I'd love to get to a stage where people feel about buying a house in the same way that I feel about holding a large amount of sterling in a High Street bank.

Irresponsible, terrifying and doomed to fail!

Here's hoping...

[FrozenOut]

I'm really surprised someone hasn't taken this link and put it on a sticky with a BIG TITLE attached to it - anyone that comes to this site MUST have access to this link, member or not!

[red]

I'm really surprised someone hasn't taken this link and put it on a sticky with a BIG TITLE attached to it - anyone that comes to this site MUST have access to this link, member or not!

Did anyone come up with a way of preserving the recording so we can archive it here? It'll be gone in 5 days from iPlayer...

[Mal Volio]

Did anyone come up with a way of preserving the recording so we can archive it here? It'll be gone in 5 days from iPlayer...

easily done, but probably not within copyright.

[nightsod]

Excellent contribution from a HPC'er there.

What staggers me though is this, I'm sure sure that this is the first time I've heard these sentiments (which I'd begun to think were exclusive to HPC and blogs in the same orbit) on a magazine-style programme. We've all cheered on the occasional experts who bat for us, but really, always we've felt desperately underepresented.

A real treat to hear the well-informed public talking about wider economic issues with clarity, as compared with the callers unable to see beyond their house and their immediate needs, with NOTHING to say about the wider economy.

(Though how long has it taken for this broadcast to occur!?)

Please pin, mods.