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Telegraph: Property Market: Double Jeopardy For Home Owners

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Telegraph: Property market: double jeopardy for home owners

Home owners have been given a stark reminder of the precariousness of the housing market with a double warning.

By Richard Evans

Published: 10:14AM BST 16 Sep 2010

House prices could fall by 10pc, one economist says Photo: PA

Firstly, a leading economist said that house prices could fall 10pc within the next year or so, and secondly the head of the British Bankers' Association warned that new banking rules could trigger a second credit crunch, making mortgages harder to come by.

The latest figures from the Nationwide House Price Index show that house prices fell 0.9pc in August, but Howard Archer of IHS Global Insight said worse is to come.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8005866/Property-market-double-jeopardy-for-home-owners.html

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Telegraph: Property market: double jeopardy for home owners

Nice. :)

The latest figures from the Nationwide House Price Index show that house prices fell 0.9pc in August, but Howard Archer of IHS Global Insight said worse is to come. He said prices were likely to fall about 3pc over the final months of 2010 and that a further drop of about 5pc in house prices looked "highly possible" in 2011. "On balance, while we believe that a sharp correction in house prices is unlikely … we believe that they could be some 10pc lower by the end of 2011," he said.

I think we could even see a 10% fall between now and the spring 2011 - say March or April.

.

Edited by Tired of Waiting

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I was in a Swansea EA office today and a couple telephoned in to say that they were interested in renting a house for sale - not for rent but for sale but they only wanted to rent it.

The EA immediately told them that they only sold houses, hesitated for a moment when she saw a colleague entering the office and then said "Oh, this is our lettings' manager!" and asked the EA entering the office how much it would be to rent the house monthly. He mumbled a figure.

The vendors had only had two viewings since the house came on the market in the Spring - Swansea West, which is a sought-after area.

Anyhow, the other people who had viewed the house had viewed several weeks ago and were still 'thinking' about whether to put an offer in or not. When the second couple offered to rent it it resulted in feverous activity from the EA ringing up the vendor to ask them if they were prepared to rent it rather than sell it.

Whilst the telephone call to the vendor was ringing one EA asked of her colelague on the phone "What happens if Mrs. X (the other couple who had viewed the house but who had made no offer.) come back with an offer?" to which her colleagues reply was:

"Tough!".

The house sellers agreed in about 10 seconds to rent the house out.

Which, I think, says it all about the state of the market locally.

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I was in a Swansea EA office today and a couple telephoned in to say that they were interested in renting a house for sale - not for rent but for sale but they only wanted to rent it.

The EA immediately told them that they only sold houses, hesitated for a moment when she saw a colleague entering the office and then said "Oh, this is our lettings' manager!" and asked the EA entering the office how much it would be to rent the house monthly. He mumbled a figure.

The vendors had only had two viewings since the house came on the market in the Spring - Swansea West, which is a sought-after area.

Anyhow, the other people who had viewed the house had viewed several weeks ago and were still 'thinking' about whether to put an offer in or not. When the second couple offered to rent it it resulted in feverous activity from the EA ringing up the vendor to ask them if they were prepared to rent it rather than sell it.

Whilst the telephone call to the vendor was ringing one EA asked of her colelague on the phone "What happens if Mrs. X (the other couple who had viewed the house but who had made no offer.) come back with an offer?" to which her colleagues reply was:

"Tough!".

The house sellers agreed in about 10 seconds to rent the house out.

Which, I think, says it all about the state of the market locally.

it's one off the market...<_<

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1. No idea.

2. Once or twice a week - but I am thinking off giving up the whole house buying thing now and put all my money into shares :blink:

Always diversify. It is the safest strategy.

And nowadays the most important is not to lose too much. Defensive, prudent strategies are the best now. Savings accounts, government protected, and in different currencies (diversifying here too), is probably the safest way.

Though we can't avoid being "over-invested" in sterling in a way, as our income is 100% in sterling, presently.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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