lypsey Posted March 17, 2008 Share Posted March 17, 2008 It says "Around 1.4m face an average monthly rise of £200 while others could be asked for £500 more. The hardest-hit are already being advised to sell their homes before they are repossessed" http://www.thisismoney.co.uk/mortgages/art...e_id=8&ct=5 Very sad really!!!!! Quote Link to comment Share on other sites More sharing options...
itzoverrover Posted March 17, 2008 Share Posted March 17, 2008 the mainstreem news outlets have certainly changed their opinions of late. Too late to save that lot though. Perhaps the mods should change this subforum to "The PAIN discussion on house prices" Quote Link to comment Share on other sites More sharing options...
southsea13 Posted March 17, 2008 Share Posted March 17, 2008 the mainstreem news outlets have certainly changed their opinions of late. Too late to save that lot though. Perhaps the mods should change this subforum to "The PAIN discussion on house prices" I`m waiting for the tumbleweeds to start rolling through.... Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted March 17, 2008 Share Posted March 17, 2008 It says "Around 1.4m face an average monthly rise of £200 while others could be asked for £500 more. The hardest-hit are already being advised to sell their homes before they are repossessed"http://www.thisismoney.co.uk/mortgages/art...e_id=8&ct=5 Very sad really!!!!! This is going to hurt. It's a shame we won't know how much until year end / early next. My betting is if it doesn't change direction pretty damn soon, a lot. Too late for house prices though IMHO. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted March 17, 2008 Share Posted March 17, 2008 This is going to be a nasty shock to Gordon's miracle: http://www.thisismoney.co.uk/mortgages/art...e_id=8&ct=5 Rising mortgage rates mean fixed-rate loans taken out a few years ago at 4.3% will be charged at a new fixed rate of 5.6% - or at a standard variable rate of 8%. Property analysts believe the higher repayments will cause a surge in home repossessions, which could send the property market into a downward spiral not seen since the 1990s crash. How much longer are the Vis going to be telling us house prices are dropping my fractions of one percent in the face of the most serious housing meltdown since records began? With IR soaring by double we are going to go down harder than even the US market. Quote Link to comment Share on other sites More sharing options...
I Told You So Posted March 17, 2008 Share Posted March 17, 2008 The only sad thing about this story is that its shows just how stupid/uneducated (financially) the vast majority of people are in this country. If ever there was any debate about including personal finance classes in schools then this surely ends it. Quote Link to comment Share on other sites More sharing options...
grey shark Posted March 17, 2008 Share Posted March 17, 2008 It says "Around 1.4m face an average monthly rise of £200 while others could be asked for £500 more. The hardest-hit are already being advised to sell their homes before they are repossessed"http://www.thisismoney.co.uk/mortgages/art...e_id=8&ct=5 Very sad really!!!!! Yes it is sad especially for all the kids of the repossed , but for those of us who want a crash/correction these people MUST lose there homes for prices to come down , sad but true . Quote Link to comment Share on other sites More sharing options...
Not Long Now Posted March 17, 2008 Share Posted March 17, 2008 It says "Around 1.4m face an average monthly rise of £200 while others could be asked for £500 more. The hardest-hit are already being advised to sell their homes before they are repossessed"http://www.thisismoney.co.uk/mortgages/art...e_id=8&ct=5 Very sad really!!!!! It is quite sad. A HPC is coming and I hope to benefit when it does, but I've no desire to see hard working people looking to get on get hurt. BTL's = let 'em fry in financial hell. However, it's amazing the number of people that are now saying that they have bought for the long term and they are not concerned by short term price changes. They are unlikely to have borrowed for the long term, however, meaning these situations are going to be common place. The primary thing I've learnt from this housing bubble, is that people have NO SENSE. People will continue to buy into what is a falling market and clearly bubble market. If the banks will lend, people will borrow. If they stop lending, people can't buy. This will be the compelling factor this time. Quote Link to comment Share on other sites More sharing options...
DrBob Posted March 17, 2008 Share Posted March 17, 2008 Wow! Is that the first media picture of a boarded-up house illustrating the current house price crash? A picture speaks a thousand words... Quote Link to comment Share on other sites More sharing options...
juvenal Posted March 17, 2008 Share Posted March 17, 2008 The only sad thing about this story is that its shows just how stupid/uneducated (financially) the vast majority of people are in this country. If ever there was any debate about including personal finance classes in schools then this surely ends it. I agree 200%. Wasn't this put to the government some time ago, but they wouldn't see it as a compulsory part of the school curriculum? Quote Link to comment Share on other sites More sharing options...
Cold Snail Posted March 17, 2008 Share Posted March 17, 2008 The last sentence is the real eye opener. In many cases they could stay in the same home, paying rent. They can't be recommending what I think it means. Can they? Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted March 17, 2008 Share Posted March 17, 2008 Buying is dead money Quote Link to comment Share on other sites More sharing options...
headmelter Posted March 17, 2008 Share Posted March 17, 2008 The last sentence is the real eye opener.They can't be recommending what I think it means. Can they? BMV vultures or banks renting repossesed homes back to 'owners' to minimise losses? Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted March 17, 2008 Share Posted March 17, 2008 This is going to be a nasty shock to Gordon's miracle:http://www.thisismoney.co.uk/mortgages/art...e_id=8&ct=5 Rising mortgage rates mean fixed-rate loans taken out a few years ago at 4.3% will be charged at a new fixed rate of 5.6% - or at a standard variable rate of 8%. Property analysts believe the higher repayments will cause a surge in home repossessions, which could send the property market into a downward spiral not seen since the 1990s crash. How much longer are the Vis going to be telling us house prices are dropping my fractions of one percent in the face of the most serious housing meltdown since records began? With IR soaring by double we are going to go down harder than even the US market. For a while I think. In my experience, the asking prices are dropping, but they are still not selling. Until they sell, there will be no price falls in the indeces. Example: http://www.rightmove.co.uk/viewdetails-164...=1&tr_t=buy I would guess its one of the best value properties in the town currently. Originally on for 325K, which was to much. Went down to this level a couple of weeks ago and I really thought it would sell. It is pretty much the best area and the lowest prices 5 bed in the town. Two weeks now. Not sold. It's pretty grim top end this way. Quote Link to comment Share on other sites More sharing options...
Guest X-QUORK Posted March 17, 2008 Share Posted March 17, 2008 (edited) I'm obviously a callous b@stard as I'm finding it hard to drum up any sympathy for the sheeple who helped create this sh*tstorm. Stupidity is not an excuse. Edited March 17, 2008 by X-QUORK Quote Link to comment Share on other sites More sharing options...
eric pebble Posted March 17, 2008 Share Posted March 17, 2008 (edited) If the banks will lend, people will borrow. If they stop lending, people can't buy.This will be the compelling factor this time. i.e. House "prices" are merely a tool of the Vested Interests - they are not related in any way to reality -- houses are just bean-pieces/pawns on the casino betting table.... and PEOPLE are just corks bobbing in the water.... Edited March 17, 2008 by eric pebble Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.