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House Sales Reach Highest Level For Three And A Half Years As Buyer Confidence Continues To Surge

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This is still low compared to the market peak of six years ago, but still represents the highest reading for more than three years.

And in comparison to the market low it's not much higher.

Even though there's been a very slight upwards trend it's still not significantly higher than any time in the last 31/2 years after the dead cat bounce in sale numbers in 2009 - despite all the market support and manipulation.

From the chart in the article the Lib and Con parts of the LibLabCons will be very lucky to get much benefit in voting from any upturn in the housing market.

From that chart it's quite possible for the sales numbers to collapse again and return to the very low levels of 2008/2009 even though as usual the article seems to be assuming that even a slight upwards trend must go on upwards for ever.

In fact looking at the historical time between sales numbers peaks then a rapid collapse in numbers in the near future (in the run-up to a 2015 general election) looks very possible.

There just seems to be so much confidence trickery and attempted false dawnery going on in the article.

Edited by billybong

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Ten days to go until summer :lol:.

Looks like many of us have missed the boat. Darn it, renting is dead money, and now I can't buy and then get on with my life.

:D

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'Green shoots' according to the BBC

Surveyors in all areas expected prices to rise in the year, which would be good for sellers but bad news for first-time buyers trying to get onto the ladder.The survey comes after the Nationwide Building Society claimed the housing market was "gradually gaining momentum", as it reported a 1.1% annual growth in prices in the year to the end of May.

It said this was partly owing to government schemes aimed at stimulating the market.

:lol: Partly? So what do the attribute the rest to.. those strong fundamentals like real wage increases, drops in unemployment/underemployment, benefits increasing etc.? Or perhaps magic fairy dust?

Love also how propping up the market has become 'stimulating'.

But hey as long as we have several government 'stimuli' schemes perpetually running, then there's no reason for prices to fall..

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As long as they continue to make high house prices easier to obtain ...(note to have not to buy) the higher the prices will prevail.....they don't call it the never never for nothing....cost-a-lot you can have for nothing. ;)

Edited by winkie

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So sales way down on sustainable levels and that;s with low interest rates, media hype tripe, government giveaways and government owned lenders.

All good.

I refer you to my"Are the British mad ?" thread. Only an idiot would buy a house in the UK right now.

No shortage of them I'm afraid.

I caught up with a friend I've not seen for a few months last night to hear that he has just bought a small one bed flat in London for £335k (EIGHT times his salary). He stumped up £50k in deposit, stamp duty and fees and the mortgage payment will still come in at more than two-thirds of his take home pay. Add council tax and bills and he has about 20% of his income left.

I tried to point out (gently!) that he couldn't really afford that and he said "I can always rent out the living room as a bedroom if I need to."

A colleague has just bought her first BTL "Investment" property and I've heard several other friends saying that they want to do the same.

It appears to me that prices are due for another round of "irrational exuberance".

We have learned nothing.

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No shortage of them I'm afraid.

I caught up with a friend I've not seen for a few months last night to hear that he has just bought a small one bed flat in London for £335k (EIGHT times his salary). He stumped up £50k in deposit, stamp duty and fees and the mortgage payment will still come in at more than two-thirds of his take home pay. Add council tax and bills and he has about 20% of his income left.

I tried to point out (gently!) that he couldn't really afford that and he said "I can always rent out the living room as a bedroom if I need to."

A colleague has just bought her first BTL "Investment" property and I've heard several other friends saying that they want to do the same.

It appears to me that prices are due for another round of "irrational exuberance".

We have learned nothing.

http://www.youtube.com/watch?v=YOFZbjfUDpE

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STOP THE PRESS ..... the mainstream media is talking up the housing market .... :lol:

The same thing happened before the financial crash of 2007 ..... what could possibly go wrong? :)

The blind leading the blind into a ditch ....

Edited by DebtFree2011

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No shortage of them I'm afraid.

I caught up with a friend I've not seen for a few months last night to hear that he has just bought a small one bed flat in London for £335k (EIGHT times his salary). He stumped up £50k in deposit, stamp duty and fees and the mortgage payment will still come in at more than two-thirds of his take home pay. Add council tax and bills and he has about 20% of his income left.

I tried to point out (gently!) that he couldn't really afford that and he said "I can always rent out the living room as a bedroom if I need to."

A colleague has just bought her first BTL "Investment" property and I've heard several other friends saying that they want to do the same.

It appears to me that prices are due for another round of "irrational exuberance".

We have learned nothing.

Completely agree.

I've just come from reading a thread on the Computer Contractors UK forum where it seems everyone is simply waiting until the Funding For Lending scheme to be extended next year to older properties; at that point, they are all ready to simply pile in to property. It's going to be my BTL investment/pension, inheritance for my kids, etc. You know the story.

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I caught up with a friend I've not seen for a few months last night to hear that he has just bought a small one bed flat in London for £335k (EIGHT times his salary). He stumped up £50k in deposit, stamp duty and fees and the mortgage payment will still come in at more than two-thirds of his take home pay. Add council tax and bills and he has about 20% of his income left.

This doesn't make sense, I wonder which bank/building society would give him mortgage. 335k - 50k deposit = 285k mortgage.

If 335k is 8 times his salary, then I would assume his salary is 42k.

That would mean mortgage of 6.7 times his gross annual income. Which lender would do that?

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  • 238 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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