Pent Up Posted December 26, 2010 Report Share Posted December 26, 2010 http://www.express.co.uk/posts/view/219424/UK-house-prices-set-to-plunge-next-year UK HOUSE PRICES SET TO PLUNGE NEXT YEARHouse prices could fall by up to 7 per cent in 2011 Sunday December 26,2010 By Sunday Express Reporter Have your say(1) HOUSE prices could fall by up to 7 per cent in 2011, economists believe. Howard Archer, chief UK economist at IHS Global Insight said: “While we do not expect house prices to crash, we do expect them to gradually lose about 10 per cent from their peak 2010 levels by the end of 2011. This implies that house prices are likely to fall by a further 6 to 7 per cent during 2011.” He put his gloomy prediction down to rising unemployment, moderate wage growth, increasing fiscal squeeze, low consumer confidence and difficulties getting mortgages. He added: “Much will depend on mortgage availability, the amount of houses coming onto the market and how well the economy holds up as the fiscal squeeze increasingly kicks in.” The gradual slide in prices is likely to be confirmed on December 31, when the Nationwide is expected to report that house prices fell by a further 0.5 per cent month-on-month in December, after a 0.3 per cent drop in November. The Bank of England is predicted to report on January 4 that mortgage approvals for property purchases were stable at 47,000 in November compared with a total of 47,185 for October. However, this figure is substantially less than the 70,000 to 80,000 level that is considered consistent with stable house prices. Nothing new in the article just the forecasts we've already seen. But a surprisingly bearish article from the Express! Sibley got in early: DON'T SELL JUST WAIT........ 26.12.10, 8:38am Why would anyone want to sell their house in a bad market? For what reason? With interest rates so low it makes sense to stay put and wait until prices rise. These articles try to give the impression that every house will be for sale next year when in fact sellers will sit tight. Only houses actually on the market will drop in price. Most people will just enjoy a cheaper mortgage payment. No need to even think about house prices for the majority of homeowners. We saw prices fall in the 90's only to double in the future. Nobody will fall into that trap again. A house is the best investment you will ever have. Sit tight. • Posted by: Sibley • Report Comment Quote Link to post Share on other sites
Constable Posted December 26, 2010 Report Share Posted December 26, 2010 http://www.express.co.uk/posts/view/219424/UK-house-prices-set-to-plunge-next-year Nothing new in the article just the forecasts we've already seen. But a surprisingly bearish article from the Express! Sibley got in early: What a complete cabbage Sibley is. I don't know where to start, so I won't even bother. Quote Link to post Share on other sites
ccc Posted December 26, 2010 Report Share Posted December 26, 2010 "Only houses actually on the market will drop in price" I have 10 year old VW. It has not been 'on the market' for the last 4 years. So whilst other similar cars are worth 2k today mine is still actually worth 5k. Delusion. Quote Link to post Share on other sites
Pent Up Posted December 26, 2010 Author Report Share Posted December 26, 2010 "Only houses actually on the market will drop in price" I have 10 year old VW. It has not been 'on the market' for the last 4 years. So whilst other similar cars are worth 2k today mine is still actually worth 5k. Delusion. Brilliant. You should add that to the commets. Quote Link to post Share on other sites
Guest_James Toney_* Posted December 26, 2010 Report Share Posted December 26, 2010 the express must be the most stupid paper in the world, they go on about how prices set to surge or double in 3 weeks, now this, 10% is going to be the smallest of falls, ithink we will see 10% in the first 3 months, i would say 25 % this year, Quote Link to post Share on other sites
rantnrave Posted December 26, 2010 Report Share Posted December 26, 2010 If Sibley's speaking to people who bought a house as a home to live in and are presently secure in their jobs, in a way he's right. Somehow I don't think he's got that audience in mind when he's writing though... Quote Link to post Share on other sites
Guest_James Toney_* Posted December 26, 2010 Report Share Posted December 26, 2010 VAT up in January, rate rise maybe by march, followed by another in september going to say a 25% fall for 2011 Quote Link to post Share on other sites
Bloo Loo Posted December 26, 2010 Report Share Posted December 26, 2010 most houses on the market are not from people needing to sit tight. and with "Osterity" coming, one of the many benefits to go will be the very generous Mortgage relief. this will see a few more "needing" to sell and cant sit tight, and possessions in negative equity....some people keep their mortgages through bankruptcy due to an ability to keep a job and keep up repayments...SMI and joblessness will put paid to this bankruptcy avoidance scam. Quote Link to post Share on other sites
headrow Posted December 26, 2010 Report Share Posted December 26, 2010 (edited) Sibley gets banned off here because he was posting things that didn't tow the hpc party line and yet every time he posts somewhere else his post gets copy and pasted on here. He must be laughing in his Maidstone mansion at how simple most on here are. Edited December 26, 2010 by headrow Quote Link to post Share on other sites
ken_ichikawa Posted December 26, 2010 Report Share Posted December 26, 2010 Sibley gets banned off here because he was posting things that didn't tow the hpc party line and yet every time he posts somewhere else his post gets copy and pasted on here. He must be laughing in his Maidstone mansion at how simple most on here are. Nah IIRC Sibley lost his job and quit the UK living in Thailand as an ESL type. Quote Link to post Share on other sites
stuckmojo Posted December 26, 2010 Report Share Posted December 26, 2010 Is the Express capitulating? Quote Link to post Share on other sites
neon tetra Posted December 26, 2010 Report Share Posted December 26, 2010 Is the Express capitulating? This is the second such article in a few days in the Express newspapers. And coupled with the "Great news, shares are rocketing" story a couple of days back, it is fairly clear that the Express bosses have finally dropped their BTL portfolios... Anyone able to confirm this? In whatever case, it is good news when the tabloids are on out side... Quote Link to post Share on other sites
Bruce Banner Posted December 26, 2010 Report Share Posted December 26, 2010 Is the Express capitulating? No, they'll print the opposite next week. Quote Link to post Share on other sites
dances with sheeple Posted December 26, 2010 Report Share Posted December 26, 2010 If Sibley's speaking to people who bought a house as a home to live in and are presently secure in their jobs, in a way he's right. Somehow I don't think he's got that audience in mind when he's writing though... Rates will still rise, their home price will still drop, it just that these people will just live with NE rather than being repo`d. Quote Link to post Share on other sites
Giordano Bruno Posted December 26, 2010 Report Share Posted December 26, 2010 Sibley gets banned off here because he was posting things that didn't tow the hpc party line and yet every time he posts somewhere else his post gets copy and pasted on here. He must be laughing in his Maidstone mansion at how simple most on here are. He shouldn't have been banned, imo. He was quite amusing. Quote Link to post Share on other sites
Giordano Bruno Posted December 26, 2010 Report Share Posted December 26, 2010 What so he teaches English abroad you think?To be honest, and I don't want to be offensive to Sibley, but it seemed to me that his command of English had room for improvement. Quote Link to post Share on other sites
Bloo Loo Posted December 26, 2010 Report Share Posted December 26, 2010 What so he teaches English abroad you think? nah, he's running a property advice firm called siblez Quote Link to post Share on other sites
NEO72 Posted December 26, 2010 Report Share Posted December 26, 2010 If Sibley's speaking to people who bought a house as a home to live in and are presently secure in their jobs, in a way he's right. Somehow I don't think he's got that audience in mind when he's writing though... Yes, providing they don't need to move or remortage for the next 10 - 20 years, they can keep telling themselves their houses are worth 2007 prices until they actually are. Quote Link to post Share on other sites
Pent Up Posted December 26, 2010 Author Report Share Posted December 26, 2010 (edited) He shouldn't have been banned, imo. He was quite amusing. Erroneous post... Edited December 26, 2010 by Pent Up Quote Link to post Share on other sites
Pent Up Posted December 26, 2010 Author Report Share Posted December 26, 2010 He shouldn't have been banned, imo. He was quite amusing. I'd quite like him back too. Quote Link to post Share on other sites
athom Posted December 26, 2010 Report Share Posted December 26, 2010 (edited) "We have now had at least 4 different price drop figures from these predicting "experts" and now we have amateurs posting entirely unsupported opinions on here as well.......We bought our present home for £39,950 in 1983. Its current value is £390,000. The same kind of value increases will occur with houses purchased today • Posted by: TrevorD • Report Comment" There, you've been told, Trevors house will be 3.9million by 2027, strange because it was 33% more than the average house in 1983, it's now 136% above average, must have twigs in every room. UK Average salary in 1983 = £7,700 Today = £25,800 So to continue that 17 year x3.35 increase will see wages at £86,430 making Trevors house just 45 times average salary. He should have mentioned this to support his opinion. Edited December 26, 2010 by athom Quote Link to post Share on other sites
ShedDweller Posted December 26, 2010 Report Share Posted December 26, 2010 I'd quite like him back too. Is he banned ? I thought he just got fed up with us .. He massively entertained me .. as a Maidstone boy I love him to the moon .. Quote Link to post Share on other sites
Oliver Sutton Posted December 26, 2010 Report Share Posted December 26, 2010 Nah IIRC Sibley lost his job and quit the UK living in Thailand as an ESL type. Yes. And ,currently, while being smoked by his new girlfriend he's starting to wonder why her Adam's Apple is so big. Quote Link to post Share on other sites
ccc Posted December 26, 2010 Report Share Posted December 26, 2010 Brilliant. You should add that to the commets. It would make me feel dirty to post there. Quote Link to post Share on other sites
Pent Up Posted December 26, 2010 Author Report Share Posted December 26, 2010 It would make me feel dirty to post there. I like to feel dirty now and then... Quote Link to post Share on other sites
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