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Realistbear

Mirror: " Housing Gloom"

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http://www.mirror.co.uk/news/money/city/20...89520-19528529/

Housing gloom

Five rate rises are starting to hurt buyers
27/07/2007
More City
THE housing boom has juddered to a halt as interest rises start to bite.
The Nationwide building-society said house prices edged up a tiny 0.1 per cent this month - the smallest rise since April last year.
Other figrores showed the number of new loans for house-movers fell 11 per cent last month compared to June 2006.
The average price Is still £16,537, almost 10 per cent up on a year ago, at £184,270.
But Nationwide chief economist Flonnuala Barley said home-buyers are starting to feel the pinch from rising Interest rates. This month's 0.25 percentage point increase was the fifth in under a year.
And
real take-home pay has fallen for six months
because pay rises have not kept pace with inflation and mortgage interest payments.
The average homebuyer having to remortgage now faces a £135 increase in their monthly repayments.
"Household
finances are coming under considerable pressure
and house prices and consumer spending will both see a slowdown in the second half of the year," said Ms Barley.
"The
sharp slowdown in July's house price
numbers could show that potential homebuyers are thinking twice about overstretching themselves in a higher interest rate environment."
Oliver Gilmartin of the Royal Institution of Chartered Surveyors said: "The expected slowdown in the housing market is now upon us. We anticipate a sluggish period going into Christmas."
:o
The British Bankers Association reported an
11 per cent drop in new mortgages
for house purchase last month and a sharp slowdown in remortgaging.
Borrowing on credit cards fell for the fifth month running, with cardholders repaying a net £78million.
Meanwhile, there has been a six per cent increase in four-bedroomed homes up for sale, according to home-buying website www.propertyfinder.com

A gloomy picture indeed. All signs now negative. IMO, the last one is very very significant. The all important supply numbers are up. People are trying to get out.

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Naughty Mirror are beginning to sound like d23 now:

http://www.mirror.co.uk/news/topstories/20...89520-19530649/

House prices fall around the country
- but London prices still rise
By Mirror.co.uk 27/07/2007
HOUSE prices are falling in several areas of Britain – prompting fears that the housing boom is over for many.

Those words: "fall all around the country" have a pleasant ring to them. "Prompting fears" would have been better stated in the singular IMO for dramatic effect.

Whatever happened to the EA language: "soaring" "up up and away" "stupid FTBs priced out again" "Houses soaring 200 pounds day" :lol::lol:

Cue d23: But the article really says HPI is going up in London........... :P Hard even for the Neithers to rain on the parade being presented by the Mirror.

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Naughty Mirror are beginning to sound like d23 now:

http://www.mirror.co.uk/news/topstories/20...89520-19530649/

House prices fall around the country
- but London prices still rise
By Mirror.co.uk 27/07/2007
HOUSE prices are falling in several areas of Britain – prompting fears that the housing boom is over for many.

Those words: "fall all around the country" have a pleasant ring to them. "Prompting fears" would have been better stated in the singular IMO for dramatic effect.

Whatever happened to the EA language: "soaring" "up up and away" "stupid FTBs priced out again" "Houses soaring 200 pounds day" :lol::lol:

Cue d23: But the article really says HPI is going up in London........... :P Hard even for the Neithers to rain on the parade being presented by the Mirror.

Now..... Lets have it as a front page headline!

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