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U.k. House Prices Fall At Fastest Pace In Two Years

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http://www.bloomberg.com/apps/news?pid=206...&refer=home

Oct. 11 (Bloomberg) -- U.K. house prices fell at the fastest pace in two years in September after higher interest rates and concern about the outlook for economic growth sapped homebuyers' confidence, the Royal Institution of Chartered Surveyors said.

...

Today's RICS survey `` is likely to heighten concern that the correction could ultimately be sharp'' in the housing market, said Howard Archer, an economist at Global Insight in London. He said he's particularly concerned about the drop in new buyer inquiries.

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``With a lack of supply in the market it's hard to envisage a material decline in prices,'' said Simon Rubinsohn, chief economist at RICS.

It doesn't matter how many neew instructions there are.... the old ones haven't sold yet..... supply is rocketing.... what a dickweed! lol

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It doesn't matter how many neew instructions there are.... the old ones haven't sold yet..... supply is rocketing.... what a dickweed! lol

Supply isn't rocketing, it's falling. There are more houses being sold than are coming onto the market.

That usually means one thing.

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Supply isn't rocketing, it's falling. There are more houses being sold than are coming onto the market.

That usually means one thing.

Ah yes, but the supply of money is being choked off

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Supply isn't rocketing, it's falling. There are more houses being sold than are coming onto the market.

That usually means one thing.

Prices are falling when supply is low? Incredible.

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Supply isn't rocketing, it's falling. There are more houses being sold than are coming onto the market.

That usually means one thing.

Roy , re arrange these word sinto a well known phrase ........ talking, your, backside, of, out, are , you

Just go back to staring out of the window wondering where all the punters have gone ... you'll need to get used to it.

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There are 22 lenders still offering 100% mortgages.

A few 125% mortgages.

doesnt mean youll get one- they got deal at local supermarket, buy one get one free on loaves- but i went there and theyd sold out, but while i was there........

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Guest DissipatedYouthIsValuable
Supply isn't rocketing, it's falling. There are more houses being sold than are coming onto the market.

That usually means one thing.

There are still a few brainless bricks and mortar loving tossers left?

Demand for Ferraris amongst 8 yr old boys is pretty high. Pity they can't get the loans.

Edited by DissipatedYouthIsValuable

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Prices are falling according to RICS ~ who have a very long history of being wrong.

I guess time will tell. But I don't think its just RICS. There seems to be a general lack of confidence in house prices at the moment. Whether that will translate into a fall or even a crash I don't know.

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There are 22 lenders still offering 100% mortgages.

A few 125% mortgages.

As with most of these things, it's a matter of the relative size of these effects, plus the effect of sentiment.

So, is the number of high LTV mortgages falling, and the multiples falling such that that effect is bigger or smaller than the alleged reduction in stock supply? Only then can you answer whether prices will rise or fall. Then you have to add in sentiment. Which I suspect would cause a downward adjustment to the first computation.

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It will be a little while yet till we get some honesty from the real estate brigade like that coming out form the US.

Not until they are losing their jobs and facing the reality of the environment they themselves have fostered.

http://siliconinvestor.advfn.com/readmsg.aspx?msgid=23957245

"I've seen some tough times, but I've never seen anything like this," Davis told members of the Economic Forum of Palm Beach County.

Davis, a Palm Beach County native who has been a banker and mortgage broker for 37 years, said this slowdown has proven more painful than even the crunch of the early 1980s, when mortgage rates topped 18 percent.

He blamed a combination of factors. A speculative bubble that peaked in late 2005 artificially inflated prices. The subprime mortgage meltdown of recent months has made it tougher for borrowers to land loans. And homes remain priced above what the typical family can afford.

The result, Davis said, is a downturn that's likely to deepen in 2008. He noted a glut of homes for sale.

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Guest grumpy-old-man
Prices are falling when supply is low? Incredible.

sometimes a one liner says it all. :D

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Doesn't make sense: "..falling at the fastest pace in two years...".

This implies that prices were falling during those 2 years, just not as fast?

And I thought they were rising...

Edited by Red October

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Guest grumpy-old-man
Doesn't make sense: "..falling at the fastest pace in two years...".

This implies that prices were falling during those 2 years, just not as fast?

And I thought they were rising...

exactly, it's all in the wording. ;)

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