@contradevian Posted November 9, 2012 Share Posted November 9, 2012 The State funded property ramper is at it again. Just turned on BBC Breakfast and the business news is leading with a 10% jump in mortgage lending. If you value your blood pressure or your flat screen tv, perhaps best to give it a miss. From what I can see the excitement is all about the rise in BTL loans which is the new "sub prime." Quote Link to comment Share on other sites More sharing options...
200p Posted November 9, 2012 Share Posted November 9, 2012 (edited) From Saving Private Ryan The droning of a loud speaker, blaring nonsense about the 'glorious Third Reich and the fall of America' interrupted their talk once again. "Who's that on the loud speaker?" "That? That's Dagwood Dusseldorf, our friendly neighborhood morale officer." "The statue of liberty is kaput. That's disconcerting." Miller commented with his usual sardonic humor after hearing the German continuing with his false facts. "Your father was circumcised by my rabbi you *****!" Mellish suddenly yelled out from where he was sitting beside a demolished wagon, causing a few chuckles among the men who had heard him. Henderson raised an eyebrow at this, not about the comment itself, but he had not realized Mellish was Jewish until then. Many things were suddenly explained, many, many, things. http://m.fanfiction.net/s/5002980/3/ I reserve the right, not to be flammed by Gordwin's Law. The war of information continues. Edited November 9, 2012 by MrTReturns Quote Link to comment Share on other sites More sharing options...
punter Posted November 9, 2012 Share Posted November 9, 2012 the Express running with it as well : BOOM IN SALES GIVES HOUSE PRICES VITAL LIFT vital for whom? more young people not able to afford a home. Quote Link to comment Share on other sites More sharing options...
Doesn't Commute Anymore Posted November 9, 2012 Share Posted November 9, 2012 Oily estate agent on BBC breakfast now : "If you are a FTB, now is a good time to buy" Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 9, 2012 Share Posted November 9, 2012 Perhaps it would be fair to ask that those in charge of media content should disclose the sources of their investment income. Quote Link to comment Share on other sites More sharing options...
Giordano Bruno Posted November 9, 2012 Share Posted November 9, 2012 Oily estate agent on BBC breakfast now : "If you are a FTB, now is a good time to buy" People will twig these lies soon, if they have not done so already. It's quite disgusting and reprehensible, of course, but then what's new? Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted November 9, 2012 Share Posted November 9, 2012 Oily estate agent on BBC breakfast now : "If you are a FTB, now is a good time to buy" If you are an EA, show me a time when it hasn't been a good time to buy. Quote Link to comment Share on other sites More sharing options...
SirGaz Posted November 9, 2012 Share Posted November 9, 2012 Everything that seems to be coming on new to the market in my search area is 2007 + 20%. One particularly galling example is a 3 bed detached on a half decent road, bought December 2010 for 190k now on for 235k dropped from 250k. What planet are these people on? 18 months after they bought it they want someone to pay them 45k for living there. :angry: Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted November 9, 2012 Share Posted November 9, 2012 0.1 * 0=0 Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 9, 2012 Share Posted November 9, 2012 Everything that seems to be coming on new to the market in my search area is 2007 + 20%. One particularly galling example is a 3 bed detached on a half decent road, bought December 2010 for 190k now on for 235k dropped from 250k. What planet are these people on? 18 months after they bought it they want someone to pay them 45k for living there. :angry: Perhaps they are expecting any offers to be at least 20% below asking price. The easy answer is to offer 2007 price less 30% to 40% or wait a few years to achieve the same result. Quote Link to comment Share on other sites More sharing options...
Stainless Sam Posted November 9, 2012 Share Posted November 9, 2012 If you are an EA, show me a time when it hasn't been a good time to buy. 1941. Central London or anywhere near a steelworks or docks. My granny could have got goosed, but decided to rent instead. Quote Link to comment Share on other sites More sharing options...
campervanman Posted November 9, 2012 Share Posted November 9, 2012 (edited) The State funded property ramper is at it again. Just turned on BBC Breakfast and the business news is leading with a 10% jump in mortgage lending. If you value your blood pressure or your flat screen tv, perhaps best to give it a miss. From what I can see the excitement is all about the rise in BTL loans which is the new "sub prime." Why link more lending with rising prices? Housing benefit reductions = lower rents = lower valuations on BTL mortgages. More people qualifying for mortgages at 3-4x incomes mean more people making offers below asking prices on houses priced at more than 3-4x incomes. Edited November 9, 2012 by campervanman Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted November 9, 2012 Share Posted November 9, 2012 the Express running with it as well : BOOM IN SALES GIVES HOUSE PRICES VITAL LIFT vital for whom? more young people not able to afford a home. Thay're confused with revitalift - "Because you're worth it" Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted November 9, 2012 Share Posted November 9, 2012 Why link more lending with rising prices? Housing benefit reductions = lower rents = lower valuations on BTL mortgages. More people qualifying for mortgages at 3-4x incomes mean more people making offers below asking prices on houses priced at more than 3-4x incomes. From the Express article Encouragingly, lending to borrowers with small deposits was 10 per cent higher. There were 5,307 loans to borrowers with a deposit of less than 15 per cent – the highest figure since April. Agents seem to be pricing for people being able to borrow again. There was no point in FLS without looser lending as well. Quote Link to comment Share on other sites More sharing options...
Spork of Damocles Posted November 9, 2012 Share Posted November 9, 2012 (edited) Why link more lending with rising prices? Housing benefit reductions = lower rents = lower valuations on BTL mortgages. More people qualifying for mortgages at 3-4x incomes mean more people making offers below asking prices on houses priced at more than 3-4x incomes. Lending numbers have tended to correlate pretty well with price changes – supply and demand and all that. Once they fall below a certain level, prices drop like a stone, which is what happened in 2008 as credit got choked off. When the taps got turned back on, prices recovered somewhat but the lending figures haven't been high enough to drive them up substantially. I haven't updated this graph with the latest figures, but they might illustrate the point. The magic number seems to be 150,000 per quarter – under the current supply conditions. If more people panic and put their property on the market, which isn't happening right now, at least not the the south, then I would guess the number of approvals can go up but not push prices up. Edited November 9, 2012 by Spork of Damocles Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted November 9, 2012 Share Posted November 9, 2012 (edited) Everything that seems to be coming on new to the market in my search area is 2007 + 20%. One particularly galling example is a 3 bed detached on a half decent road, bought December 2010 for 190k now on for 235k dropped from 250k. What planet are these people on? 18 months after they bought it they want someone to pay them 45k for living there. :angry: One in my micro watch-area, period 2 bed maisonette in SW17, bought mid 2011 for £250K, tarted up. , back on recently for £365K. This was only about 10 days ago and it's already U/O. Until less than a year ago previous highest sold price (inc peak) for this exact type was £290K, done up. Another a few months ago, up for £340K, sold quickly for £320K. For those not familiar, SW17 is not a fashionable area of London, though these are in a nice road and relatively spacious for period maisonettes. Must say this is giving me the exact same feeling I had in mid 2007, when prices in an area of SW15 that I was watching at the time were zooming up by the week. Edited November 9, 2012 by Mrs Bear Quote Link to comment Share on other sites More sharing options...
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