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Realistbear

Mirror: Houses Dropping By £38 A Day

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http://www.mirror.co.uk/news/money/city/20...89520-20336281/

Houses cheaper again

1/03/2008
House prices fell by an average of
£38 a day
last month.
February was the fourth month in a row that prices tumbled, according to Nationwide Building Society, the first time that's happened since 2000.

Even though £38 a day (£13,870 p.a.) isn't much the sense of loss it brings is a HUGE psychological factor. People fear loss more than they desire gain.*

Soon it will be over £100 a day, then £2000 a week.......................

http://www.guardian.co.uk/money/2008/mar/0...prices.property

New data fuels house price fears· Nationwide reports 0.5% fall in February
· Mortgage lending at lowest level since 1995
"This means that the average house has lost more than £6,500 since October," said Seema Shah, economist at Capital Economics. "Annual house price growth appears to be fast approaching negative territory."

YoY negative will be here very soon. The psychological fallout from that will be huge as the VIs will no longer be able to refer to the market as "growing" or "slowing."

________

* Which helps to explain why not many people go to church these days.

Edited by Realistbear

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http://www.mirror.co.uk/news/money/city/20...89520-20336281/

Houses cheaper again

1/03/2008
House prices fell by an average of
£38 a day
last month.
February was the fourth month in a row that prices tumbled, according to Nationwide Building Society, the first time that's happened since 2000.

Even though £38 a day (£13,870 p.a.) isn't much the sense of loss it brings is a HUGE psychological factor. People fear loss more than they desire gain.*

Soon it will be over £100 a day, then £2000 a week.......................

________

* Which helps to explain why not many people go to church these days.

Same story is reported in The Sun.

http://www.thesun.co.uk/sol/homepage/news/...ticle862550.ece

Infact it's the second from top story on the Sun Money homepage, after the stripper who has earned a mint by advertising tuition on her website! Gotta love The Sun! :blink:

http://www.thesun.co.uk/sol/homepage/news/money/

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A different spin to Nationwide who emphasised houses had grown by *£12 a day over the last twelve months.What a shocking bias Nationwide has ,using the growth before April 2007(ancient history)to present their case.Will they be using the daily growth figures for say the last two years and then the last three years and then the last four years as the crash progresses just keep the figures positive.Is there no limit to Nationwide's creative accountancy.

*what a s**t return ,could have got £24 a day just leaving the money in the Bank.

Edited by crashmonitor

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The sun have spoken, the cat is now out of the bag..... ;)

Once The Sun have made it FRONT PAGE Gordon's HPI-MEW-BTL miracle will be offcially over in the minds of the sheeple.

They need to go front page and use the "c" word. Not sure that this has happened yet?

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Once The Sun have made it FRONT PAGE Gordon's HPI-MEW-BTL miracle will be offcially over in the minds of the sheeple.

They need to go front page and use the "c" word. Not sure that this has happened yet?

No, it hasn't happened yet. I'm crossing my fingers for Mar, or more likely April when Nationwide figures go negative yoy. More an more people are waking up the reality of the situation. Even my Grandmother advised me against buying last week!!

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She's probably from a generation who knows how hard money is to earn and once earned treasures life more than some 4x4 and tacky life style trying to replicate the life of a wanabee WAG.

Your lucky to have people like that in your life, enjoy it :)

No, it hasn't happened yet. I'm crossing my fingers for Mar, or more likely April when Nationwide figures go negative yoy. More an more people are waking up the reality of the situation. Even my Grandmother advised me against buying last week!!

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Although the headline helps in the fight to reverse the brainwashing of the last few years, halfway through the article they have to say "could strenghen the case for interest rate cuts". Do many or most of the sheep still believe that "They" will not allow the kind of crash pridicted on HPC to happen? I believe they do, because otherwise there should by all logical reasoning be a lot of people very very keen to sell and get out of the market by getting their prices down. I don`t see this yet. The fact that houses are being reported as a thing which LOSES you money is very important though.

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There have been some wonderful stories this week. EA's going out of business (ALWAYS FUNNY PEEPS), declining prices and deposits now being demanded. Seriously funny week. So today is my birthday, now what would any hpc'er being doing on their birthday? Of course I am going to view a £240k house that has been on the market for 2 years. I am then going to make an offer too.

:D 60k LOLZ

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Bring it on- I separated from my partner last year because she was having an affair, and I let her keep our house, taking my half of the equity in cash. We agreed a value of £180k in about september of last year, and the house has already dropped by over £5k in value. Meanwhile my money is doing very well- cash savers seem to be the banks' new best friends.

When I agreed to let her have the house, I did so because I could see the black stormclouds looming on the horizon and I wanted to set a trap for her from which there would be no way out and which would ultimately destroy her, and my cunning plan has so far been totally successful.

Not that I'm bitter in any way of course!

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Bring it on- I separated from my partner last year because she was having an affair, and I let her keep our house, taking my half of the equity in cash. We agreed a value of £180k in about september of last year, and the house has already dropped by over £5k in value. Meanwhile my money is doing very well- cash savers seem to be the banks' new best friends.

When I agreed to let her have the house, I did so because I could see the black stormclouds looming on the horizon and I wanted to set a trap for her from which there would be no way out and which would ultimately destroy her, and my cunning plan has so far been totally successful.

Not that I'm bitter in any way of course!

The Monk highlights the doubling up effect of STR.Assuming the property was mortgage -free his ex is now worth 85K and he has savings plus accrued interest of nearly 95K.10k up,20K up after a year.S**t you need a job paying 27K per year gross to just keep up with the monk if he decides to just go on the doss these next twelve months like his avatar.

And before you say you haven't factored in the rent,I pay £55.25 per week for my flat.Cheaper in fact than living mortgage free. : :P

Join me and the monk on easy street and lets torch those house prices.

Edited by crashmonitor

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And before you say you haven't factored in the rent,I pay £55.25 per week for my flat.Cheaper in fact than living mortgage free. : :P

Join me and the monk on easy street and lets torch those house prices.

I do actually pay more in rent (£525pcm) than I did for the mortgage (£395pcm with 40k left on it)

But I calculate things as follows. Interest on my savings (£67k) comes to about £300pcm which I put (theoretically) towards the rent. So I have to subtract £225 from the amount which my ex-house loses in value each month. Last month for example the house value dropped by about £1100 so I have "earned" £875 by renting this month.

Edited by Harry Monk

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Bring it on- I separated from my partner last year because she was having an affair, and I let her keep our house, taking my half of the equity in cash. We agreed a value of £180k in about september of last year, and the house has already dropped by over £5k in value. Meanwhile my money is doing very well- cash savers seem to be the banks' new best friends.

When I agreed to let her have the house, I did so because I could see the black stormclouds looming on the horizon and I wanted to set a trap for her from which there would be no way out and which would ultimately destroy her, and my cunning plan has so far been totally successful.

Not that I'm bitter in any way of course!

I bought half the equity in my house in similar circumstances in 1994 for £12,500. We are the two sides of the same fortunate coin you and I. I hope your money turns out to be as good an investment as my house has been. Normally I would regard it as wrong thinking to consider the investment performance of your home but emotional self defence is ample justification.

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I like this way of quoting the price drop per period - it avoids the percentage drop being more than a percentage rise thing. For Joe Sun/Mirror reader, this would likely make a big difference in their perceptions of how much they are actually dropping!

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Bring it on- I separated from my partner last year because she was having an affair, and I let her keep our house, taking my half of the equity in cash. We agreed a value of £180k in about september of last year, and the house has already dropped by over £5k in value. Meanwhile my money is doing very well- cash savers seem to be the banks' new best friends.

When I agreed to let her have the house, I did so because I could see the black stormclouds looming on the horizon and I wanted to set a trap for her from which there would be no way out and which would ultimately destroy her, and my cunning plan has so far been totally successful.

Not that I'm bitter in any way of course!

Good man! - Maybe next year, when the hpc has wiped off another 20pct you could make her an offer of 144k and buy the property back. I am in a similar situation to you hm, waiting with cash, and by next year cash will be king!!!!

Best regards

Carrington

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When I agreed to let her have the house, I did so because I could see the black stormclouds looming on the horizon and I wanted to set a trap for her from which there would be no way out and which would ultimately destroy her, and my cunning plan has so far been totally successful.

Not that I'm bitter in any way of course!

Wow. If my marriage ever runs into difficulties, I pray that I never feel this way........ :ph34r: Anyway, I hope that your experience does not cloud your view over the longer term and that you go on to have a more happy and rewarding relationship.

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Wow. If my marriage ever runs into difficulties, I pray that I never feel this way........ :ph34r:

I hope so too, but cheating, lying and cowardice are three qualities which have never endeared me to a person. In fairness, I did explain to her that we were in for a severe correction in house prices, but I think her mind may have been on something else at the time.

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Wow. If my marriage ever runs into difficulties, I pray that I never feel this way........ :ph34r: Anyway, I hope that your experience does not cloud your view over the longer term and that you go on to have a more happy and rewarding relationship.

Nothing better than a happy trustful, respectful and rewarding relationship....marriage or no marriage. ;)

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I hope so too, but cheating, lying and cowardice are three qualities which have never endeared me to a person. In fairness, I did explain to her that we were in for a severe correction in house prices, but I think her mind may have been on something else at the time.

Know how you feel Harry. Now kickback, open a cold one and let the market do its work. I remember ringing my ex wife up to tell her how pleased I was that one of the low life scum she left me for was dead. Moments like that are genuinely cathartic. Perhaps yours will come when she gets re-posessed. In the meantime, have fun and live well or the bad people have won.

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Well had a look around the property, with the agent and the owners. Cornered smug ******* and his victims in the kitchen after I spent an hour scrutinising every inch, nook and cranny. So we all sit around the table and we are chatting.

It went like this :

Me: Well it's OK. I would like to look at the paperwork before I get my surveyor in. (All three of them look really happy at this point).

Agent : Well it is in the perfect place for your commute to the office.

Me: Yes and obviously I will have to factor in the rising fuel costs for that. (I scribble on my 'househunter' notepad that I need to buy a bottle of champagne on the way home).

Me: Just one thing puzzles me. (Cue nervous glances between all three of them) I was looking at the land registry figures for the price you paid when you moved in 30 months ago. What makes you think it has risen in value by £100k? (Cue very floored expressions, and also my pocket BS meter starts flickering)

Agent: Well it reflects the values of homes in this area.

Me: (Pointing to agent) So you're telling me this guy valued it and you didn't htink it was a tad too high?

Seller Man : Well you know house prices are always rising at the moment.

Seller Woman : Plus we've already put our deposit down on our new house in Cornwall

Me: Really? Well you are very lucky that I am a no chain buyer then. (Scribble in notepad 'must get fish and chips tonight too' also this seems to relax them.

Seller Woman : So you want to make an offer.

Me : Yes I do. Taking into account the factors I've mentioned plus this (pull out the trend from 50's showing house prices against average wages) there is obviously a down swing on it's way and I am afraid I am not willing to take the risk. So with what you have said I am happy to make an offer of (confused faces all round are now being worn) £75k.

(Stunned silence)

Seller Man : Get out, get out, you ****** get out or I will call the police.

At this point I hear woman crying and screaming as I go out the door : But name what are we going to do we can't come up both.....

Cut off and I couldn't hear anymore coz I started the motorbike.

Much fun. Really you should all try this. Better than any known drug I tell you.

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Nothing better than a happy trustful, respectful and rewarding relationship....marriage or no marriage. ;)

Agreed - and not marrying, or some kind of pre-nup makes the whole thing less of a pressure-cooker...........an economic one, in particular.

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Agreed - and not marrying, or some kind of pre-nup makes the whole thing less of a pressure-cooker...........an economic one, in particular.

Given the noises the Govt have been making, I don't think just not being married will be a protection much longer ( it's already irrelevant for things like benefits & student loans). A decent pre-nup / cohabitation agreement would simplify things all round. As I've posted elsewhere, I'd like to give my daughters some cash at a point in time when they need it, not when we turn our toes up and they are already 50. But thanks to the possible skanky son-in-law scenarios, it involves complicated trusts etc which are disproportionate to the amount of money involved. A pre-nup saying each party stuck to what they both had before marriage or by inheritance; joint gains to be split down the middle would remove a lot of bitterness from break-ups (& keep money out of the hands of lawyers, which is also always good news!)

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  • 293 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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