Jump to content
House Price Crash Forum
Sign in to follow this  
TheCountOfNowhere

Housing Market Coming Off The Boil, Says Bbc

Recommended Posts

People rushing to cash in is what we need to get some downward price momentum.

Sales volumes still low.

Lending volumes still low.

Prices still high.

At some point the dam is going to break.

I hope the London mega bubble mania has finally popped and the realisation from people that there is no recovery and if they want to get out then that time is now is enough to collapse the market again.

The think they wont realise is the time to get out was months ago now.....when they realise that they will be frightened.

Either that or prices will just keep going up up and up like we were told they would...in 2006. :lol:

Share this post


Link to post
Share on other sites

Just a sign that the BoE should do nothing.

Next we will have the Euro bank printing in the hundreds of billions and some of that pouring into London. The gov and BoE will still do nothing but utter some weasel words.

Edited by sf-02

Share this post


Link to post
Share on other sites

Still not sure that it is coming off the boil, prices are still 25%+ up from two years ago here in Langdon Hills, Basildon Essex. One place, 2 bed terraced with garage sold for £173k in Feb 2012. This is the kind of place I was saving for. It went up on the market again this week, for £220k (28% increase in just over two years) and it has just sold STC.

Share this post


Link to post
Share on other sites

I am not too sure either, A work colleague went to an open day viewing of a 3 bed terrace in Hendon on the market at £495, at the weekend. He was depressed to find almost 40 people there - surely cannot all have been the estate agents friends.

Share this post


Link to post
Share on other sites

I am not too sure either, A work colleague went to an open day viewing of a 3 bed terrace in Hendon on the market at £495, at the weekend. He was depressed to find almost 40 people there - surely cannot all have been the estate agents friends.

40 people/couples who can't afford £495k. 39 of them willing to accept that they can't and one willing to pay £480k, but who still can't in reality afford £480k, much less £495k.

If you knew what the future would hold, the choices would be easy. In the meantime what everyone is forced to gamble on is the point at which the future will diverge so much from the past that the past is an inadequate guide to the future. House prices rise for 40 years as interest rates go to zero. What happens next? I'm pretty sure that SVRs won't go negative so I surmise that house prices climb to a point where the economic advantages of buying vs renting are extinguished (probably there already) and then interest rates start rising again and...hpc

Share this post


Link to post
Share on other sites

Still not sure that it is coming off the boil, prices are still 25%+ up from two years ago here in Langdon Hills, Basildon Essex. One place, 2 bed terraced with garage sold for £173k in Feb 2012. This is the kind of place I was saving for. It went up on the market again this week, for £220k (28% increase in just over two years) and it has just sold STC.

"The plural of anecdote is not data"

Share this post


Link to post
Share on other sites
Guest The Relaxation Suite

http://www.bbc.co.uk/news/business-27992452

"

Housing market coming off the boil, says BBA"

Given the BBC VI happy clappy talk up the market bias....I think coming off the boil must be the equivalent of "starting to collapse" ?

http://www.bbc.co.uk/news/business-27992452

"

Housing market coming off the boil, says BBA"

Given the BBC VI happy clappy talk up the market bias....I think coming off the boil must be the equivalent of "starting to collapse" ?

I wonder if something's in the air at the moment, but I think it's because people are sensing there's some money about and people are buying again which would indicate the opposite. In my old street in England (16 houses) there are now 3 for sale. A close relative has his house for sale now, and an old friend has his up for sale - a one bedroom former stable in a nowhere town, 30 sqm, with an asking price of £172,000, if you fancy it... Anyway, a lot of places coming on for sale from my view, and all within the last few months. The house next door to my relative has been on the market for nearly 5 years though.

Share this post


Link to post
Share on other sites

Sales volumes still low.

Lending volumes still low.

Prices still high.

At some point the dam is going to break.

I hope the London mega bubble mania has finally popped and the realisation from people that there is no recovery and if they want to get out then that time is now is enough to collapse the market again.

The think they wont realise is the time to get out was months ago now.....when they realise that they will be frightened.

Either that or prices will just keep going up up and up like we were told they would...in 2006. :lol:

We need a HPC bouncing bomb to put an end to this nonsense.

Share this post


Link to post
Share on other sites

I am not too sure either, A work colleague went to an open day viewing of a 3 bed terrace in Hendon on the market at £495, at the weekend. He was depressed to find almost 40 people there - surely cannot all have been the estate agents friends.

That can still happen on the eve of a crash. It doesn't necessarily mean no crash ahead. As always they will push and fall over one another to buy. There's people on the forum just itching to give excuses for the last of the painfully high paying buyers, with the first price softening - they live for giving excuses. Just as you get female lawyers, on £9,000pm on radio talking about supporting the jumbo mortgage, bought in 2007, able to do so with low rates which saved her, hubby's company failed in recession and split, but fearing repossession "in next few years" and thinking of taking a lodger to help. You get some on HPC relaying the very same story is relayed as she "just wanted a home", she's on unemployment benefits, claiming SMI, and a victim of everything and anything, even when could sell and rent..

There's people who bought last year who wouldn't find it so easy to buy today with MMR. Lending standards tightening in US too - and finally inventory ticking up from the bottom in prime areas. Yet still big viewings as they know house prices only go up. Look at Jim the Realtor, "buy now" - or Winkworth's email, listing all the problems stalling the market, and "best time to buy is now."

For those wanting to buy, inventory is moving back up but in some areas, you still have a good amount of house horny buyers battling it out.
We reach certain stages like today where prices are reaching limits in certain areas and people are no longer clamoring at every open house like a hungry house lusting lemming. ...After all, you need to spend $600,000 to paint the walls. Prices went up because of a manipulated market, massive investor demand (waning), and house horny buyers leveraging every penny they have. Yet none of this is truly a sign of a healthy overall economy. Like roaches, folks are scrambling from the light trying to grab onto anything that potentially has the ability to generate yield (any yield).
You have house horny flippers and investors starting to think twice. Investors are already pulling back. ...Now that incomes are being checked, unfortunately young buyers are not coming back not because of lack of desire. No, these house horny buyers would take on a $1 million loan on a $50,000 income if you gave them the chance. What is happening is that incomes for young Americans are simply weak. ..Incomes are lagging and house horny buyers trying to squeeze into any home are leveraging every penny they have.
I assure you that folks with serious cash are not spending their weekends trying to outbid each other here. That is simply the truth. Do you see a couple made up of a lawyer and accountant buying these places? The people I do see buying these properties are house horny buyers simply trying to chase the aspiration of getting a hold of real estate and justifying that $600,000 and $700,000 is somehow affordable.
...House horny buyers try to avoid the overarching statistics starring them directly in the face. Sales are dramatically down but house horny buyers are willing to stretch their budgets to whatever a bank is willing to lend them. You need only go to an open house to see the house horny folks battle it out.
House horny buyers will always find a reason to buy. They don’t mind spending 50 percent or more of their net take home income on purchasing a home. For some, housing is everything. Even in 2006 and 2007 when a bubble was clear as day, I was still getting e-mails from people about buying a home and justifying prices. "House horny” families willing to buy no matter where things are in the cycle. House lusting sellers and buyers only care about one thing; what a house costs today. In fact, the epic housing bust we just faced is now a distant memory to them.
Last year, housing lust was reaching fever levels and people were diving into bidding wars just to get into a house. The biggest purchase of your life and people were making offers sight unseen. The grunt crowd seeing investors pony up big money simply tried to follow the larger players at the table. Those larger players are exiting stage left in 2014. Hope you enjoy that place because when you buy, you lock in for a good amount of time. The honeymoon wears off quickly but there is still plenty of “buy now or be priced out forever” perfume stinking up the atmosphere. The showdown in housing is here.
...I see the lemmings at open houses and you can see the drool at the side of their mouths hoping for a morsel of real estate. Print this chart out and just remember that housing is a big freaking purchase. Probably the biggest you will ever make. Just because someone is house horny doesn’t mean they should act on it.
What is happening is that incomes for young Americans are simply weak. There is little surprise that inventory is picking up this year and we are seeing more homes sit on the market for much longer durations. In certain markets, house yearning buyers are so motivated that they will still dive in regardless of the larger trends.
Edited by Venger

Share this post


Link to post
Share on other sites

CNBC reporting bankers not happy with Carney mortgage curbs

"Carney has a habit of misjudging the economy"

Share this post


Link to post
Share on other sites

CNBC reporting bankers not happy with Carney mortgage curbs

"Carney has a habit of misjudging the economy"

......Please Sir can we have some more.

Share this post


Link to post
Share on other sites

These reports are really looking at three months ago and looking at my area it's true.

A chill has set into sales, mostly due to a stock surge at truely bonkers prices. The market has run out of total suckers and those who are left are sensing that it may be prudent to wait it out now.

Share this post


Link to post
Share on other sites

These reports are really looking at three months ago and looking at my area it's true.

A chill has set into sales, mostly due to a stock surge at truely bonkers prices. The market has run out of total suckers and those who are left are sensing that it may be prudent to wait it out now.

There is no longer a ladder....only a first rung or let from a rentier (in it for the long-term).

Share this post


Link to post
Share on other sites

40 people/couples who can't afford £495k. 39 of them willing to accept that they can't and one willing to pay £480k, but who still can't in reality afford £480k, much less £495k.

If you knew what the future would hold, the choices would be easy. In the meantime what everyone is forced to gamble on is the point at which the future will diverge so much from the past that the past is an inadequate guide to the future. House prices rise for 40 years as interest rates go to zero. What happens next? I'm pretty sure that SVRs won't go negative so I surmise that house prices climb to a point where the economic advantages of buying vs renting are extinguished (probably there already) and then interest rates start rising again and...hpc

I've been there for some time. A neighbours house has gone up for sale at truely insane price, old couple want to cash in and down size. Asking price, £350K. A bigger one sold last your for £275K. after 18 months on the market ( Well done to the free market tories for pushing up the cost of living for tax payers with tax payers backed schemes ) and it was heading towards the border line between renting and buying.

My rent for a much bigger house and a better plot, 2 doors up, around £900pcm.

The numbers don't add up, buying is dead money,

Share this post


Link to post
Share on other sites

Its more a product of the time of year although I have to agree with the BBA that the MMR is "cooling" the market as well.

I disagree with Pat McFaddon of the Treasury select committee, Carney can't deliver, unlike an "unreliable boyfriend" who can do the business as it were and leave. Twenty years ago Carney would have had choices, now whatever he does is going lead to a collapse whilst he's in his present role.

Share this post


Link to post
Share on other sites

Its more a product of the time of year although I have to agree with the BBA that the MMR is "cooling" the market as well.

Looking at righmove for my local area, I disagree.

The market has ground to a halt, sales collapsing left right and center and price drops coming thick and fast.

Floods of peoperties coming onto the market too ( still at insane prices ).

This didn't happen last summer. Price drops and sale failures were a thing of the past by last august ( off the back of FLS ).

FLS is running out and MMR is tipping it over the edge.

Ding Dong the markets dead.

Share this post


Link to post
Share on other sites

In my search areas around Cambridge and Bury St Edmunds, there still seem to be plenty of new listings at sky high prices, but the proportion of places relisted with lower prices seems to be on the increase. One thing I've noticed over the last few days is that there seem to be more things coming on from the bottom end of the market - perhaps the fear of 'missing the selling window' has begun to spread :)

Share this post


Link to post
Share on other sites

Looking at righmove for my local area, I disagree.

The market has ground to a halt, sales collapsing left right and center and price drops coming thick and fast.

Floods of peoperties coming onto the market too ( still at insane prices ).

This didn't happen last summer. Price drops and sale failures were a thing of the past by last august ( off the back of FLS ).

FLS is running out and MMR is tipping it over the edge.

Ding Dong the markets dead.

They're not going to give them away :lol:.

There were fools who sold their Dotcom shares at 50% of peak price..... and greater fools who bought them.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   206 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.