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Killer Bunny

The Introducer: Nervous Buyers Pulling Out Of Purchases

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Luvvly jubbly. BRING IT ON!:

http://www.introducertoday.co.uk/index.php?option=com_k2&view=item&id=713:nervous-buyers-pulling-out-of-purchases&Itemid=583 (How do you insert words rather than the URL, as we used to be able to do?)

Of course they're not. It's the lenders who are pulling out of agreed loans. This I love:

Top Mortgage broker bloke: "We’re seeing people in professional vocations like lawyers and accountants that have had agreements in principle granted and then, when push comes to shove, the banks won’t get to the number they agreed."

Edited by Killer Bunny

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I'm currently working for a big high street bank in London & house prices / purchase comes up fairly frequently in discussion.

A lot of owners acknowledge the market is in a mess, and when they ask if I am planning to buy soon, they are unsurprised when I say no. That's a very different situation to a year or two ago when people would get quite emmotional in defense of property ownership.

I think a few years of flatline followed by rises that are widely acknowledged to be 'unsustainable' have driven a lot of the wild-eyed greed out of people, especially those 35-45 who are starting to realise their incomes are maxed and they will never be able to trade up if the market carries on running away from them

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Some would say that nervous buyers (that is the banks) are indeed pulling out of purchases as the lawyers and accountants would in effect only be renting from the banks until the mortgage was paid off.

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I'm currently working for a big high street bank in London & house prices / purchase comes up fairly frequently in discussion.

A lot of owners acknowledge the market is in a mess, and when they ask if I am planning to buy soon, they are unsurprised when I say no. That's a very different situation to a year or two ago when people would get quite emmotional in defense of property ownership.

I think a few years of flatline followed by rises that are widely acknowledged to be 'unsustainable' have driven a lot of the wild-eyed greed out of people, especially those 35-45 who are starting to realise their incomes are maxed and they will never be able to trade up if the market carries on running away from them

Good anecdotal.

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London 2014 = Dublin 2006

dubliners are now claiming shortage of property and prices have risen 25% y/y, didn't stop a 50% correction and a load of bust banks. Prices in London are far more overpriced than Dublin in 2006.

In the downward part of this cycle foreigners will vaporise back home, renters will default, voids will be permanent and BTL speculators will go bust and be dumping left, right and center . London will be complete and utter carnage.

Get yer popcorn ready!

Edited by Wurzel Of Highbridge

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Those professionals would pay £10m for it if the bank would lend them £9,950,000

Those "perfessionals" can't afford Islington, and now, can barely afford a 2 up 2 down in Walthamstow. Houses built for shit shovellers by the way.

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Those professionals would pay £10m for it if the bank would lend them £9,950,000

Yup, that's about the height of it. People are more than willing to pay silly prices as long as someone will lend them the money to do so with a reasonably affordable looking monthly payment (at least, for the first two years).

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Let's see how well properties are selling in central London. See the trend, it is your friend ...

Yet a new report from estate agency Savills predicted that house prices will rise by 26% in the five years to 2018.

See trends don't matter, Savills says that HP's will keep on going up, up and away! :P doesn't seem to matter that supply has gone up 4 fold! :blink:

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Do you think that there are strong indications that this level is possible over the next year or two?

Know you asked wiser KB... but it could cascade at any moment couldn't it.... even with a trigger from a China HPC / commodities slowdown.

I'm just wondering how political authorities can change from being so cuddly to the VI, to being hard. Some banks seem to be itching for it, to happen. Seeing hints here and there, this time authorities preparing for it (turning tough), and it will be a shock to many who complacently think authorities always stand behind their massively inflated house prices / excess over-expansion. Hope it's sudden and quick, rather than dragged out. No ECB QE hopefully, and if it does come, only to see banks survive... for volume lending into a new cycle against crashed-value VI assets to redistrubute to the young at much lower prices.

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Those "perfessionals" can't afford Islington, and now, can barely afford a 2 up 2 down in Walthamstow. Houses built for shit shovellers by the way.

Still being used for the same purpose then :-)

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It's an indicator that those "professionals" are now dispensable.

+100

It has been obvious for years. now, that the Elites are systematically eradicating the middle classes.

Either through 'tick box-isation' of their jobs, targeted immigration or both. This turns an £80k job into a £25k job.

Even previously 'hallowed' professions like medicine or law are now under concerted attack.

The phrase 'We're all middle class now' is used more and more - the irony is that it describes downward mobility not upward! :P ROFL!

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Chartered Accts seeking jobs via recruitment consultancies now normally OFFER to work for 30% lower pay than they've been earning...

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+100

It has been obvious for years. now, that the Elites are systematically eradicating the middle classes.

Either through 'tick box-isation' of their jobs, targeted immigration or both. This turns an £80k job into a £25k job.

Even previously 'hallowed' professions like medicine or law are now under concerted attack.

The phrase 'We're all middle class now' is used more and more - the irony is that it describes downward mobility not upward! :P ROFL!

Become a rentier, it's the only long-term career. There are some family businesses that are nearly 1000 years old!

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