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tuggybear

House Price Downturn Worst Since Slump Of 1990s

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The housing market experienced its most severe downturn since the housing slump of the 1990s last month, the Royal Institution of Chartered Surveyors (RICS) will say today.

Cont.

Link : http://business.timesonline.co.uk/tol/busi...icle3505950.ece

And another here from the Metro

Link : http://www.metro.co.uk/money/article.html?...ticle_id=114954

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Anyone suspicious that this news is being promoted by New Labour to justify the actions they intend to take tommorow to keep the housing market inflating ?

Actions? Ah what is it budget day ?

They'd better reduce fuel duty with oil just hit US$107 a barrel, it's getting beyond ridiculous.

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Actions? Ah what is it budget day ?

They'd better reduce fuel duty with oil just hit US$107 a barrel, it's getting beyond ridiculous.

I have it on good authority that rescue packages for bad debtors will be in the pipeline very soon, similar to those that GWB ordered in the US.

From what I understand Banks are being pressured to cut the rate of interest for people who are sub prime.

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R4 news said worst for a decade, prices CONTINUE to fall. But rising in Scotland. Looking at the listing I think they may have put undue weight on that last point:

Proportion of surveyors reporting changes in price over the past three months

North-39%

Yorks and Humber -64%

North West -41%

East Midlands -70%

West Midlands -62%

East Anglia -61%

South East -53%

South West -55%

Wales -49%

London -40%

Scotland 25%

Northern Ireland -95%

Source: RICS

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I have it on good authority that rescue packages for bad debtors will be in the pipeline very soon, similar to those that GWB ordered in the US.

From what I understand Banks are being pressured to cut the rate of interest for people who are sub prime.

Ah yes, that old tactic. Support the bad debt be it home owners, banks or whatever. Create a nation of zombie debtors, home owners, banks and companies kept alive on a Government drip.

No where have we seen that before? Time for song!

[.......]

I'm turning Japanese I think I'm turning Japanese I really think

so

Turning Japanese I think I'm turning Japanese I really think so

I'm turning Japanese I think I'm turning Japanese I really think

so

Turning Japanese I think I'm turning Japanese I really think so

I've got your picture, I've got your picture

I'd like a million of you all to myself

I want a doctor to take your picture

So I can look at you from inside as well

You've got me turning up I'm turning down I'm turning in and

I'm turning 'round

I'm turning Japanese I think I'm turning Japanese I really think

so

Turning Japanese I think I'm turning Japanese I really think so

I'm turning Japanese I think I'm turning Japanese I really think

so

Turning Japanese I think I'm turning Japanese I really think so

No sex, no drugs, no wine, no women

No fun, no sin, no you, no wonder it's dark

Everyone around me is a total stranger

Everyone avoids me like a psyched lone ranger

Everyone

That's why I'm turning Japanese I think I'm turning Japanese I

really think so

Turning Japanese I think I'm turning Japanese I really think so

I'm turning Japanese I think I'm turning Japanese I really think

so

Turning Japanese I think I'm turning Japanese I really think so

Turning Japanese I think I'm turning Japanese I really think so

Turning Japanese I think I'm turning Japanese I really think so

Turning Japanese I think I'm turning Japanese I really think so

(think so think so think so)

Turning Japanese I think I'm turning Japanese I really think so

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I have it on good authority that rescue packages for bad debtors will be in the pipeline very soon, similar to those that GWB ordered in the US.

From what I understand Banks are being pressured to cut the rate of interest for people who are sub prime.

What about those of us who have forgone new cars and 6' plasma TVs in order to service the mortgage?

Or are NS&I going to introduce the new 0.5%, 25 year fixed, up to 150% LTV mortgage for mirror-foggers?

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Council of Mortgage Lenders figures are due out tomorrow; a leading indicator.

HPC members are advised to get a large box of Kleenex in preparation......

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Downturn worse than 1990? How does this align itself with the majority of VI reports recently suggesting the market is dropping, if at all, by microscopic amounts (0.3% etc.)?

It has always been my view that reality and the VI reports are disconnected and that the actual prices of houses have been falling sharply since the middle of last year. By at least 10-15% in my area.

It may be a psychological ploy to get the sheeple to believe the terrible crash has come and, yes, the value of their houses has plummeted by as much as .5% in some areas. But never mind, things will turn around and the horrible losses of .5% will soon be a thing of the past as demand picks up. IN other words, report it as a crash but redefine "crash" as a tiny percentage down and hopefully mask the real drops through seasoning, adjusting and otherwise manipulating the data.

I just don't know. Worst since 1990 and there are no VI reports to back that up. :blink:

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No sex, no drugs, no wine, no women

No fun, no sin, no you, no wonder it's dark

Everyone around me is a total stranger

Everyone avoids me like a psyched lone ranger

Everyone

I always thought that it was "cyclone ranger" :huh:

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Why all the comparisons with 1990 suddenly?

We were in a ******ing superb economic state compared to now. So good the economy could deal with double digit interest rates to snuff out the inflation caused by just a few short years idiocy and profligacy.

Now, we can't, in fact with real inflation rising rising into double digits, the knobs at the central banks that have created this mess (and wrecked most of the economy, savings, pensions and real tangible income and job creating activities are desperarately trying to fool the poepl into thinking that more of the same low rate shit is going to save them.

It won't, it will utterly destroy wealth across the board, and give everybody the debt disease.

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ex-pats forum concurs with this view, it's all the evidence I need anyway :P

Downturn worse than 1990? How does this align itself with the majority of VI reports recently suggesting the market is dropping, if at all, by microscopic amounts (0.3% etc.)?

It has always been my view that reality and the VI reports are disconnected and that the actual prices of houses have been falling sharply since the middle of last year. By at least 10-15% in my area.

It may be a psychological ploy to get the sheeple to believe the terrible crash has come and, yes, the value of their houses has plummeted by as much as .5% in some areas. But never mind, things will turn around and the horrible losses of .5% will soon be a thing of the past as demand picks up. IN other words, report it as a crash but redefine "crash" as a tiny percentage down and hopefully mask the real drops through seasoning, adjusting and otherwise manipulating the data.

I just don't know. Worst since 1990 and there are no VI reports to back that up. :blink:

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Guest Steve Cook
Why all the comparisons with 1990 suddenly?

We were in a ******ing superb economic state compared to now. So good the economy could deal with double digit interest rates to snuff out the inflation caused by just a few short years idiocy and profligacy.

Now, we can't, in fact with real inflation rising rising into double digits, the knobs at the central banks that have created this mess (and wrecked most of the economy, savings, pensions and real tangible income and job creating activities are desperarately trying to fool the poepl into thinking that more of the same low rate shit is going to save them.

It won't, it will utterly destroy wealth across the board, and give everybody the debt disease.

Completely agree

Steve

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Why all the comparisons with 1990 suddenly?

We were in a ******ing superb economic state compared to now. So good the economy could deal with double digit interest rates to snuff out the inflation caused by just a few short years idiocy and profligacy.

Now, we can't, in fact with real inflation rising rising into double digits, the knobs at the central banks that have created this mess (and wrecked most of the economy, savings, pensions and real tangible income and job creating activities are desperarately trying to fool the poepl into thinking that more of the same low rate shit is going to save them.

It won't, it will utterly destroy wealth across the board, and give everybody the debt disease.

Agree. Today's similarity with the crash of the 1990's is like comparing a hand grenade goliong off with a 2000kg bunker buster being detonated.

The "wealth" Gordon has created for us through his miraculous economic policies of the past decade is not illusion, it is DEBT. Debt is real folks, Merv said so and he is right.

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In a way so was the UK housing market.

you can't leave the women out of the drive for home ownership, they are one of the biggest influences.

but excessive masturbation in general sounds about right.

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Anyone suspicious that this news is being promoted by New Labour to justify the actions they intend to take tommorow to keep the housing market inflating ?

Bang on the money. According to RICS, prices have been falling at their fastest rate ever in the south west. As much as i would love that to be the case, the local property rag for Plymouth does not reflect this. New instructions are still coming on at "peak" prices.

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I can't remember much of a downturn since 1990.

But then again I'm all confused with this thread and the talk of 1990 with a song from 1980 as a recurring theme.

The Vapours.

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  • 294 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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