Pressure Mounts For...........

[deadman]

"If the rate of decline is sustained, this time series will approach zero in a handful of months' time."

Bring it on.

drivel

[Jack Sparrow]

"If the rate of decline is sustained, this time series will approach zero in a handful of months' time."

Bring it on.

drivel

If the taxpayer is going to be exposed to this risk, does this mean that we also get the rewards, i am looking forward to my city bonus.

[bobthe~]

The flow of net mortgages into the market stood at £4bn, down from £5.2bn in May. David Dooks, the BBA's director of statistics, said that "the whole market is likely to be at its least active since the early 1990s Stone-Age".

[VacantPossession]

Usual rubbish in this report:

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: "The continuing lack of availability of mortgage finance is proving a major drag on the level of property transactions and is increasingly being felt in the real economy."

No, No and again NO. What is stopping transactions is people waiting for PRICES TO DROP TO REALISTIC LEVELS. It's nothing to do with "lack of mortgages". There are PLENTY of mortgages. When is this media spin about mortgages going to end?

VP

[JustAnotherProle]

Usual rubbish in this report:

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: "The continuing lack of availability of mortgage finance is proving a major drag on the level of property transactions and is increasingly being felt in the real economy."

No, No and again NO. What is stopping transactions is people waiting for PRICES TO DROP TO REALISTIC LEVELS. It's nothing to do with "lack of mortgages". There are PLENTY of mortgages. When is this media spin about mortgages going to end?

VP

Disgusting really isn't it, I'm afraid you will not see anything like the truth about the state if the market UNTIL the media simply stop with the endless misinformation, although to be fair the quote "proving a major drag" doesn't suggest that the "lack" of mortgages is the deciding factor, they just fail to mention the real Elephant in the room, over inflated and unaffordable prices.

[joey]

A Bail-out Gordon Clown will have to do a Mugabwe and print more money and increase inflation . There is no money in the coffers and the people's debt is not just in mortgage arrears but the credit card debt and car/luxury loans which the bailiffs are baying blood for. Will the bail out include these as well. The challenge is alot of people have overpaid in the price frenzy and finding they are paying 2 to 3 times as much more in mortgage payments than rent, and thus maxed out their credit cards, taken out sprurious loans along with these.

Solution just give every family in the UK 100K and that should sort any problems out. Hey who cares if inflation runs at 1000%

Edited July 24, 2008 by joey

[Thread Killer]

Usual rubbish in this report:

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: "The continuing lack of availability of mortgage finance is proving a major drag on the level of property transactions and is increasingly being felt in the real economy."

No, No and again NO. What is stopping transactions is people waiting for PRICES TO DROP TO REALISTIC LEVELS. It's nothing to do with "lack of mortgages". There are PLENTY of mortgages. When is this media spin about mortgages going to end?

VP

??Are you sure about that?

Are you saying that people are applying for mortgages at the moment at the current high prices and being refused by their lenders. But that those lenders are saying they would give a mortgage if the price for the same property was much lower?

[Justice]

Goverment can look after

1. Bankers

2. Savers

3. Home owners

And i think i know who they are going to look after.

Goes to show our MP's have forgoten who their masters are and if you think the Cons are going to be any better then forget it.

The reasons for a revolt are stacking up by the day.

[interestrateripoff]

Labour helping to give taxpayers money to bankers. We must keep City profits up.

http://query.nytimes.com/gst/fullpage.html...;pagewanted=all

Perhaps it was the bottle of 1947 Château Pétrus for £12,300 ($17,500). Or maybe it was the 1945 vintage from the same vineyard for £11,600 ($16,500). During dinner at a fashionable restaurant here, six investment bankers lapped up £44,000 ($62,700) in fine wines, and now they are suffering from a huge hangover.

Their employer, Barclays Capital, has fired all but one of the bankers since the dinner last July at Pétrus, a restaurant in London named for the vineyards that produced the wine.

Initially the bankers, who paid the bill with their own money, received only a slap on the wrist for having spent so lavishly -- and having been documented doing so in newspapers at the time -- while Barclays, like other banks here, was trying to project a new sobriety as an antidote to the excesses of the 1990's.

But when some of the bankers secretly tried to pass off their part of the bill as client expenses, Barclays began firing them one by one. The firings were reported on Sunday in newspapers here.

Even by the standards of the last decade, such a bar bill would have been considered shocking, bankers in London said. But given the stark backdrop of shrinking fees and mounting layoffs, running up such a bill was brazen, they said.

''Even by New York standards, it's extravagant,'' said a banker, who has worked in London and New York but declined to be named for fear of joining his peers in unemployment.

The extravagance occurred as banks were instituting what some complain are draconian measures, requiring employees to fly economy class on business trips and limiting the amount spent on entertaining clients -- sometimes to as little as £100 a person, or $140 -- as business suffers one of its worst slumps in two decades.

Reminded me of this although I didn't know they ended up getting fired for it.

[StuB]

Usual rubbish in this report:

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: "The continuing lack of availability of mortgage finance is proving a major drag on the level of property transactions and is increasingly being felt in the real economy."

No, No and again NO. What is stopping transactions is people waiting for PRICES TO DROP TO REALISTIC LEVELS. It's nothing to do with "lack of mortgages". There are PLENTY of mortgages. When is this media spin about mortgages going to end?

VP

Its the new lack of houses, supply and demand.. don't you know...

[Concrete Jungle]

Usual rubbish in this report:

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: "The continuing lack of availability of mortgage finance is proving a major drag on the level of property transactions and is increasingly being felt in the real economy."

No, No and again NO. What is stopping transactions is people waiting for PRICES TO DROP TO REALISTIC LEVELS. It's nothing to do with "lack of mortgages". There are PLENTY of mortgages. When is this media spin about mortgages going to end?

VP

I shall take him to task over this point

[Dylan]

??Are you sure about that?

Are you saying that people are applying for mortgages at the moment at the current high prices and being refused by their lenders. But that those lenders are saying they would give a mortgage if the price for the same property was much lower?

That's exactly it. There isn't a credit crunch, banks have gone back to offering sensible income multiples and sensible LTVs. When house prices drop to the levels that brings them back in to line with what the banks will lend then the number of mortgages will go back up.

[Concrete Jungle]

The economics department of the RICS can be contacted on econ@rics.org

[Blah]

There isn't a credit crunch, banks have gone back to offering sensible income multiples and sensible LTVs.

Agree - but the prospect of this government getting involved to maintain the housing bubble is a real worry. Since Northern Rock was nationalised the British public effectively own a huge amount of housing debt. The temptation to maintain the value of property - at least until the next election is out the way - may prove too much for Darling and Brown given their weak position.

[Jadoube]

Agree - but the prospect of this government getting involved to maintain the housing bubble is a real worry. Since Northern Rock was nationalised the British public effectively own a huge amount of housing debt. The temptation to maintain the value of property - at least until the next election is out the way - may prove too much for Darling and Brown given their weak position.

Not just Darling & Brown. There are many more voters purchasing a house with a mortgage than there are renters or prospective buyers so maintaining property value might be popular - temporarily

Its Brown's job to be re-elected. Equally its Cameron's to be elected. How likely is either to advocate stuffing millions of homeowner voters? (Fact they're stuffed already isn't relevant)

[natasha's dad]

What terrifies me in our so called democracy is that there i nothing we can do about this.

How do I stop this government giving away my money ! (think NR, war in Iraq etc) Roll on a general election.

But wait- is the House of Commons impotent ???

[Blah]

Not just Darling & Brown. There are many more voters purchasing a house with a mortgage than there are renters or prospective buyers so maintaining property value might be popular - temporarily

Its Brown's job to be re-elected. Equally its Cameron's to be elected. How likely is either to advocate stuffing millions of homeowner voters? (Fact they're stuffed already isn't relevant)

When the BBC performed a survey as part of The Truth About Property back in May, more people wanted prices to fall than didn't. Surprised me at the time, but then even property bears can be affected by the constant VI spin, I suppose.

I'm more inclined to believe that the major factors that would lead to government intervention are the economic effect on consumers (ie house price falls effecting spending) and the Northern Rock effect I posted about.