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othello

Has The Bubble Burst?

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I found a graph charting the number of repossessions in this country. It seems to indicate that the housing buble has finally burst and that lower prices will follow shortly. Or have the bulls got a different prognosis to put forward? Sad for all those losing tyheir home but good for those who can't afford one.

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the rules have been recently relaxed, is easier and less painful to go bankrupt, were still along way off the repossessions in the last crash

Edited by moosetea

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Not too long, and the wait will be worth a laugh.

Just as I've found out I'm one or 4.3 million in this country. That's 1 in 12 folks. Either 1 in 12 saving like crazy not willing to play the debt game of life or 1 in 12 consuming lots. Either way the housing market is ready for many of us. They just need to drop in price.

Poker faces anyone :ph34r: .

If saving for another 3 years so I have a minimal mortgage helps then by 'eck it'll be great. I may even buy a nice 2 bed flat around this way for £50K. After all that's all they're worth.

Have an auctiontastic few years people and things could be interested.

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nrepo27.gif

Or have the bulls got a different prognosis to put forward? Sad for all those losing tyheir home but good for those who can't afford one.

I'm no bull, I however would say that those repo's are going to be more of a credit card cause... as the house prices have remained fairly static in the time that the repo's have shot up.

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I'm no bull, I however would say that those repo's are going to be more of a credit card cause... as the house prices have remained fairly static in the time that the repo's have shot up.

Or the people that have been losing their jobs?

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Guest muttley

the rules have been recently relaxed, is easier and less painful to go bankrupt, were still along way off the repossessions in the last crash

You still lose your house though.

In don't think the figures indicate a HPC is imminent, as the figures are still relatively low.

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You still lose your house though.

In don't think the figures indicate a HPC is imminent, as the figures are still relatively low.

But its the start of a trend from the 'have now pay twice as much later ooops I cant' brigade.

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Guest muttley

But its the start of a trend from the 'have now pay twice as much later ooops I cant' brigade.

I would agree with that. However, these figures are still very low and unlikely to impact on something as big as the housing market.If you look at the graph then you can see that the number of repossessions stood at approx 15,000 at a time when HPI was rampant. Now the figures are approx twice that. If you distribute the extra 15,000 repos around the country, it's difficult to see how they would have much of an effect.

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Actually, the graph is wrong and does not tell the whole picture. I compiled these stats from DCA & OPDM figures for another post:

Year...Possession Actions Commenced..Orders Made (incl. suspended)...Properties Repo'd

2001...67,448......................................47829......................................18,280

2002...64148.......................................41,279.....................................11,970

2003...67,029......................................40,682.......................................7,700

2004...77,856......................................46,409.......................................6,030

2005..115,353.....................................70,844......................................10,250

2006Q1.33,442....................................21,997......................................Not yet available

The "orders made" figure is just 3,000 off the peak of the last crash. The Repo'd figure is way lower however.

Looks like we might soon be in for a bumper repossession period!

Edited by nimmmm

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Actually, the graph is wrong and does not tell the whole picture. I compiled these stats from DCA & OPDM figures for another post:

Year...Possession Actions Commenced..Orders Made (incl. suspended)...Properties Repo'd

2001...67,448......................................47829......................................18,280

2002...64148.......................................41,279.....................................11,970

2003...67,029......................................40,682.......................................7,700

2004...77,856......................................46,409.......................................6,030

2005..115,353.....................................70,844......................................10,250

2006Q1.33,442....................................21,997......................................Not yet available

The "orders made" figure is just 3,000 off the peak of the last crash. The Repo'd figure is way lower however.

Looks like we might soon be in for a bumper repossession period!

SO the reality is even worse? That's a shame for all those people but good for those who can't afford to buy. Responding to Gel - isn't the rise the result of credit tightening in general?

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I know this could be wrong but after all this time wont`t there be millions of pent up FTB`s who will all buy at once if prices come down? They would go straight back up again wouldn`t they? or is this wrong.

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I know this could be wrong but after all this time wont`t there be millions of pent up FTB`s who will all buy at once if prices come down? They would go straight back up again wouldn`t they? or is this wrong.

If the sentiment in the press, and at most people's dinner parties changes, then people will tend to avoid buying houses unless they are willing to take a gamble on a high-risk investment, or they just don't care about losing cash.

You are right in that there is great FTB demand, but many of them are SO priced out that the proce would have to drop significantly in order for them to comfortably buy.

Does this make sense to you?

tc

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I know this could be wrong but after all this time wont`t there be millions of pent up FTB`s who will all buy at once if prices come down? They would go straight back up again wouldn`t they? or is this wrong.

After the last crash the sentiment turned from 'you must get on the property ladder' to 'why would you want to buy a house you fool a mortgage is a millstone round your neck'. It's amazing how fickle fashion can be.

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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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