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rantnrave

Land Reg Oct

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Last 3 sales in my street (all 3 bed terraced houses in various states of repair) in cheapest part of Cambridge:

None had broken the £250k barrier until 2012.

£285k

£335k

£340k

Insanity.

Was chatting to a friend yesterday. Her sister (early 30's) is moving in with her partner, both in full time work, healthy deposit accumulated over a decade of saving. However even with this they cannot even get near to owning a 2 bedroom place within 15 miles of where they both grew up and work. They don't want a huge mortgage as kids are on the agenda. It just doesn't seem fair that they literally cannot afford anything when they have a household income of £50k and a decent deposit (£30k) or so.

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Wasn't it £186,553 last month - I don't want to get over-technical with the LR, but surely being £200 lower means it is a fall?

Unless of course they have revised last month down. <_<

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Wasn't it £186,553 last month - I don't want to get over-technical with the LR, but surely being £200 lower means it is a fall?

Unless of course they have revised last month down. <_<

Seasonal adjusting covers a multitude of sins

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Wasn't it £186,553 last month - I don't want to get over-technical with the LR, but surely being £200 lower means it is a fall?

Unless of course they have revised last month down. <_<

The oldest trick in the book! ;)

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Mavioni, on 26 Nov 2015 - 3:52 PM, said:

snapback.png

Wasn't it £186,553 last month - I don't want to get over-technical with the LR, but surely being £200 lower means it is a fall?

Unless of course they have revised last month down. <_<

Seasonal adjusting covers a multitude of sins spins

corrected for you :D

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Looking to buy a bargain repo? Good luck finding one...

yicDZTM.png

forbearance at work?

or buy to letters getting in before they miss out?

given what happened in 2007 and the level of housing costs, this makes no sense.

I smell a rat

Edited by TheCountOfNowhere

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General rule of thumb - sales across England & Wales of less than 60k per month equals price falls, sales in London of less than 6k a month equals price falls. Sound about right based on these charts?

Edited by rantnrave

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Forbearance numbers make sense to me. In a full recourse mortgage market like the UK they are never all that high to begin with, but the low mortgage rates mean that even non-conforming borrowers (who are typically on svr or indexed to LIBOR or the base rate) are paying half what they did in 08 or 09. a friend of mine had a 100% mortgage and very poor credit when he bought in 07, and things have been better once he rolled off his fixed period.

Plus I guess with House prices at all time highs in much of the country, troubled borrowers might be able to sell their house and fully repay their debt if they can't meet their payments, or (perhaps more likely) refinance at a higher valuation and use some of the proceeds to pay off their arrears.

The last of these was very common in the U.S. Subprime market (which I used to know quite well) in the early-to-Mid 2000s, and hid many of the problems until house prices started going sideways and then down.

I think by far the biggest reason is interest rates though

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pt6MHg1.png

Such a huge difference between 200-250 and 250-300. Almost as if the effective lowering of stamp duty above 250k has increased prices and left a huge void below it.

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