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"House prices in the three months to October were 0.3% lower than in the preceding three months. There was a 1.2% increase between September and October, according to the more volatile monthly figures, continuing the highly mixed monthly picture. Whilst there have been five monthly price rises, four falls and one month of no change, there has been little change in prices during 2011 overall.

"The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies. Despite these developments, house sales and the supply of properties for sale have remained very stable since late 2010. The prospect of exceptionally low official interest rates over the foreseeable future is likely to continue to support the market in the face of a very difficult economic climate. Both prices and activity levels are expected to remain close to current levels over the coming few months."

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WHAT THE f***!!!

I just don't get it, people around me are losing their jobs, cannot get credit, overtime gone, taxes going up, there is nothing out there that could possibly be making the property market stronger, yet it goes up a stonking 1.2%.

I have had the patience of a saint these last few years, but now I am just getting sick of it all :(

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WHAT THE f***!!!

I just don't get it, people around me are losing their jobs, cannot get credit, overtime gone, taxes going up, there is nothing out there that could possibly be making the property market stronger, yet it goes up a stonking 1.2%.

I have had the patience of a saint these last few years, but now I am just getting sick of it all :(

ZIRP + QE + SMI = :angry:

Probably there would have been no 1989-92 crash if interest rates were cut then from 15% to 0.5% and the government paid people's mortgages for them.

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WHAT THE f***!!!

I just don't get it, people around me are losing their jobs, cannot get credit, overtime gone, taxes going up, there is nothing out there that could possibly be making the property market stronger, yet it goes up a stonking 1.2%.

I have had the patience of a saint these last few years, but now I am just getting sick of it all :(

Remember this is a VI Index.

They want the price to stabilise in the eyes of the sheeple. They can do that by issuing mortgages to people they want to make up their index.

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Certainly the ones I've been eyeing up - most of which had been sat doing nowt all summer - many went SSTC in the last few weeks.

QE. Simple as. Lloyds/Halifax, ShawBrook etc. began issuing mortgage loans the moment the latest decision was announced. A large part of these loans may later need to be written off. However, their main effect is to shore up values of current assets. That's why the BoE did QE. Whenever we get to a point where house prices look like they might start falling properly, that's when we'll see even more QE.

This may seem unfair. However, the UK owes £1.4 trillion in private debt. Most of this is mortgage debt. The UK-Government owned banks hold a larg portion of this debt, essentially pushing UK overall debt exposure to pretty much the highest in the world when you include PFI and pensions. So long as you can maintain value of risky assets (houses) then you can pretend the whole pyramid has firm foundations and hasn't just been built on a swamp.

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I'm not surprised...i've seen all the 600K+ house in Northants fly of the shelf in the 2nd half of the year.

I think the general panic from the government saying...bank collapse imminent, spend your money on a house now...worked....on the weak willed and stupid.

+1

at least I hope they're the stupid ones

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+1

at least I hope they're the stupid ones

The bubble and the housing market collapse is well known now, it's not business as usual, ask any agent.

No one is saying prices will shoot up.

The sales volumes are at credit crunch lows.

The only people buying at the ones getting full whack for their over-priced house and paying full whack for the next one up the pyramid...indebting themselves more than they have to.

There is a general inkling that things might get worse :rolleyes:

The council round our way have switched off the street lights and speed cameras, because they are skint.

A friend of mine at the NHS say they have spent next years budget and are now closing wards to save money.

I really have to believe those buying big house at top whack are committing financial suicide, they might be able to afford it now, but with prices risings, static wages and the threat of interest rate rises at some point in the future...it would be rather silly to take on more debt just to buy that house of your dreams...if you're paying 2007 prices you aint getting a bargain.

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So do we expect major ramping from all the VI's again now, at this large monthly increase?

Anyone care to guess the Daily Express front page for tommorrow?

But will the general public carry on believing it much longer if they do, against a background of most people knowing someone who can't sell, or someone who has lost their job recently? :unsure:

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  • 433 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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