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music man

East Anglia / Norfolk

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First of all - The EDP stated a month or two back in a headline (In it's property suppliment) the housing market was looking good only to state that first time buyers were conspicuous by their absense in the second sentence or so. This was followed by the statement that BTL's are also dropping off or out. So much for a straight headline - this appears to be a propoganda war. I feel so sorry for them as I'm sure they have to print these misdirections from their sponsors.

Now with such positive news behind us 2 weeks ago they had the biggest ever property suppliment in their history. Suppy and no demand comes to mind. The demand is there but no one biting. Local estate agents tell me to come back next year, after assuming re-possessions this Winter, Thus supply is definitely too expensive - a fact.

We're in the crash now and if you buy your in Negative Equity very quickly. Do not buy around here, or in the U.K. (OR the U.S., Oz, Holland etc.) There is a lot of bad news not just for us Brits.

Although house prices are reported down only 1.6% in the last quarter in Breckland it is obvious that the stats are showing top end houses as compared to a full range in each bracket. So the higher end of the first time buyer bracket is now seeling where the averege first time house was just over a year ago. So they've dropped an average 10K on a 100K house. Not bad for a start.

Thank God for the internet and information availability.

This site is pretty cool with good links to daily news and I have noticed over time many predictions coming true and many not. The only difference you'll note is that those with a vested interest are at present always wrong. Those independent sources are bang on.

P.S. can anybody tell me of an independent who is bullish. Nope thought not but heh - try me.

Edited by music man

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So to update the EDP's latest.

This week the front page headline was that the gloom was lifting from the housing market. What gloom I sarcastically and rhetorically ask as it hasn't been mentioned to my knowledge or my parents and we get the paper daily.

Have they reported it over the last year or are we just to assume this depression / crash / gloom. Is it not their job to print factual headlines, and this is one they haven't printed as yet. The depreesion / crash / gloom they so creatively imply.

As before they printed the headline in the second or so sentence. House prices have been dropping for well over a year now in what I assume to be East Anglia as well as across the country. And their best headline on the subject doesn't even cover that fact. Silly really unless... la de daa de daa...

It must be tough for the media to state the probabilities of housing prices when were at excessive personal debt level, national debt level as well as having a recession in manufacturing coupled with the high street at a 22 year low (well since records began 22 years ago).

With little work, bad debt and rising oil prices not to mention stagflation on top of Mr. Brown - our Chancellor having to justify his monetary actions to the IMF and European Members who can tell.

With these conditions who could possibly call how house prices will go in this area or our country? Gloom is lifting is not quite the realistic view.

I could have a guess - anyone else want a go? I thought so, it's not a toughie.

Yes, I'm still desperate to have my own home but I'm not under an illusion. It is this illusion that will trap some people and the longer it goes the worse it will be. The media and papers need to start telling people the important facts and save families and people from this debt thing. 'That's another issue.'

Yes, the same was said a year and 2 years ago about the financial problems and look where we are now.

And with issues of tax I read that the Chancellor will have to raise tax 3p in the pound to cover the budget defecit.

Interestingly all this was said before the election as well now. Lots of public money was spent to win that election, and thus Mr. Brown has to do some explaining to his global peers and monetary bosses now not unsurpsingly.

Life and debt progresses and if you buy a house now then you pay top whack for the 25 year duration and risk higher interest rates, negative equity and financial ruin. This will put 10 years of work on your life for Jack...

Who would do that in their right mind. At present rates on the average £100K shoe box house you would need £1K a month to cover mortgage, council tax (poll tax ha. ha.), utilities and living, which is a stretch for most without dealing with car, social or emergency expenses.

In those 5 - 10 years not being mugged of cash you can save for a house deposit. You can arrange your pension in other ways as nobody seems to put money that way since their recently historically shakey past.

And thus you can create a life for yourself.

We've all been borrowing on our home equity and spending the cash - except the non-home owner. Yes I am bitter as this spending on our house price has affected me heavily.

Once again with house prices at 6 / 7 times average earnings who can afford a home. Not the first time buyer for sure. The Buy to Letters, maybe. But in a depreciating market would you buy now or wait.

Then there's nobody left to fuel this fire.

Nobody in numbers, no group, no social sector. And then comes SIPPS which had me scared for a mo. but you need exceptional amounts of pension cash to take advantage of that. A very conservative policy without doubt, from Tony the true non-labour.

Excuse me but I'm confused. Actually I'm not - it's the getting us scared thing that's important, this emotion will keep house prices artificially up if we believe it. I for one don't, and with the facts can't.

The situation sounds really bad to me although I'm not all doom and gloom. The financial gods of this world have their meetings behind closed doors and they've done a pretty good job of running this place. It can't be easy let's face it.

But we don't know and they don't tell us what big decisions are being made for us.

What will they do is maybe the big question.

This is a global thing and there is an oil consumption issue with regard to it running out soon. It won't just run out one day, and preperations must be made beforehand. Beforehand is now and things have to change when things change - ubiquitous statement I know. But less than the good life from now on.

So at the mo. it's backs to the wall with everything too expensive and not enough cash to buy, or even make products. So we stop the Chinese cheap imports, for is there any other reason for trade limitations. Then what?

Can things progress in an industialised world without industry or the fuel to 'fuel' it.

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I think that you may be over doing this fuel thing – I see it as it may go one of two ways,

Fuel prices stay high – inflation rises – HPC happens

Fuel prices stay at the 55$ – 60$ mark and inflation eases – we will then have low interest rates and house prices race off again.

I cannot see anything in-between as history has told us that it always goes one way or another in a big way

In my village near Holt there are the same houses for sale, all expensive (they just took £20000 off the price of one (now £320000) ) , they are selling just slowly to rich Londoners who can afford it – no crash here yet but if inflation eases I think I will buy as prices could still double from this point if we have interest rates of 3% ish

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but if inflation eases I think I will buy as prices could still double from this point if we have interest rates of 3% ish

When will people like you ever learn? :(

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When will people like you ever learn?

I suppose you think interest rates will go up because it’s the right thing to do!

If so you are wrong to believe that what they actually do with interest rates is the same as what they should do with interest rates – I am a STR and have bet my house on a crash (although it’s in my interest to stay flexible and look at all possibilities)

I still think that the government will do all they can to stop a crash – in Europe they have had 2% and lower interest rates – we are not that different to them!

All I’m saying is I believe strings could be pulled to postpone the crash – not that the strings should be pulled.

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Hi music man, good to see theres another avid reader of the EDP.

Its begining to look very interesting with the number of properties that I know of that have now been on the market coming up for 18 months. I used to track the price reductions from the adverts but as there as so many I now dont bother - as there are just sooooooooooooo many.

I have been looking for the results from WH Brown auction at Peterbourgh - held a couple of weeks ago -

for the first time they havent posted their results - I can only assume it wasnt a good auction, they havent been coy in putting them on up until now.

As an interesting exercise have you put looked up the completed sales from last year and the numbers completed so far this year?

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Hi music man, good to see theres another avid reader of the EDP.

Just to change the subject off house prices a minute – the EDP is presumably more than a property paper – do they have private car sales and is it worth getting just for that.

I am reasonably new to the area and my biggest gripe is that it’s hard to buy anything and I end up driving to London just to get a choice. I could buy a copy but I would have to drive 20 mins to the local shop (which would probably have sold out), I would have to buy it and then find it’s just full of expensive property (which I cannot stand to look at – at the moment (pre crash).

I hate Norfolk’s vast nothingness- 1 year is not enough time to get used to the new pace of life (there’s only one speed and that’s slow – unless you are talking about driving which is fast / reckless / mad)

You know it’s a fact that most (i.e. more than 50%) crashes between cars and horses are where the car has driven into the back of the horse.

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I suppose you think interest rates will go up because it’s the right thing to do!

If so you are wrong to believe that what they actually do with interest rates is the same as what they should do with interest rates – I am a STR and have bet my house on a crash (although it’s in my interest to stay flexible and look at all possibilities)

I still think that the government will do all they can to stop a crash – in Europe they have had 2% and lower interest rates – we are not that different to them!

All I’m saying is I believe strings could be pulled to postpone the crash – not that the strings should be pulled.

NO. Even if IRs fall IT WON'T STOP A CRASH.

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  • 301 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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