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BubblesBurst

House Price Crash 1989-1996 & 2006-2013

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The HPC front page is a great time line for then and now comparisons. Is it really so “different this time”?

The Times FRI 05 AUG 1988 (Compare this with July 2004 the Peak of the boom)House price rises may be past peak

House price rises may have peaked after increasing by 28per cent throughout Britain in a year, the Halifax Building Society said yesterday. Many regions had seen prices rise by more than 40per cent in the year to last month.

The Times TUE 25 APR 1989 (This also started happening around Jan 2006 around 10-15%)

House owners have to cut prices to secure sale

House owners in many parts of the country are lowering the price of their homes in order to sell them, the Royal Institution of Chartered Surveyors (RICS) states in its survey for the quarter ending in March, published today.

The Times TUE 23 MAY 1989 (We’re just starting to see this type of comment from some EA’s in 2006)High house prices

People who ask unrealistically high prices for houses are probably the main reason for the slow property market, Mr Peter Miller, for the Royal Institution of Chartered Surveyors, says in a comment on its latest house price survey published today.

The Times SAT 01 JUL 1989 Owners drop house prices by 20% to encourage sales (We’re not at this point yet, but EA’s are now suggesting offering up to 15% less than the asking price)

House prices are being cut by thousands of pounds to sell properties that have been on estate agents' books since last year. Vendors, still influenced by last summer's prices, are having to reduce asking prices by as much as 20per cent to sell.

The Times TUE 25 JUL 1989

Buyers cash in by cutting their offers on House prices ( This also made the headlines late 2005 with FTBs gazundering)[/b]

Gazundering, a practice in which house-buyers put in a lower offer just before exchanging contracts after previously agreeing a price, is becoming increasing common, the Royal Institution of Chartered Surveyors reports in its latest house price survey.

The Times FRI 04 MAY 1990 (Are we looking at July/August this year for a final BS admition of this ?)

The end of house price inflation

HOUSE price inflation has finally ended nationally, nearly two years after the market peaked, with the latest figures from the Halifax Building Society yesterday showing that the annual rate at the end of April was minus 0.2 per cent.

The Times THU 12 JUL 1990 ( I do believe similar hype is being regurgitated right now Feb 2006)

Society says return of first-time buyers lifting house prices

THE return of first-time buyers, enticed partly by a wide variety of mortgage discounts and other inducements, helped house prices to rise in June, but only by a modest 0.3 per cent, the Halifax Building Society says in a house price survey published.

The Times WED 11 JAN 1995 (Will we really have to wait until 2012 for the public to remember this one)House price optimism

A FUNDAMENTAL change in the public perception of property ownership is revealed in the latest Abbey National Housing Survey. More than two-thirds of those surveyed said that they now believed that a house was primarily a home rather than an investment

Don’t forget that it was a gradual slide, right down to the trough of 1996 before prices started to climb again and then it took 8 years to peak…. again!

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Anyone who seeks reassurance from VIs that the economic cycle has been eliminated is suffering from delusional fantasy on a grand scale.

Hands up all those that believe NuLabour

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Interest rates soared from about 8% to around 14% from 1988 to 1990.

No wonder prices fell.

You seem to have omitted this tiny detail from your timeline comparison.

So 'YES' it's different this time.

(although rates may creep up soon, they are not going to nearly double in the space of a year or two)

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Interest rates soared from about 8% to around 14% from 1988 to 1990.

No wonder prices fell.

You seem to have omitted this tiny detail from your timeline comparison.

So 'YES' it's different this time.

(although rates may creep up soon, they are not going to nearly double in the space of a year or two)

DONT NEED TO DOUBLE WITH THE SIZE OF THE DEBT TAKEN ON NOWADAYS!!!

+1% WOULD BE DEVASTATING!!!

Even you should know that! :blink:

TB

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Interest rates soared from about 8% to around 14% from 1988 to 1990.

No wonder prices fell.

You seem to have omitted this tiny detail from your timeline comparison.

So 'YES' it's different this time.

(although rates may creep up soon, they are not going to nearly double in the space of a year or two)

Ah but.....Interest rates are the highest they have ever been in the history of housing markets if you look at it from the "value" perspective and weigh price to earnings ratios. The only true measure of "value."

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  • 301 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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