Sunday, Aug 06, 2006

Will this be the week referred to as the 'tipping point'?

Firstrung: First time buyers, the week in focus 31/07/06 - 06/08/06

The Firstrung team had yet to witness such a spectacular week of news and events as this week, particularly in relation to those looking to get onto the first-rung of the ladder.

Posted by converted lurker @ 01:30 PM (504 views)
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1. Dave Lammi said...

What should happen is that the BTLers sell up and the market goes into freefall. This won't happen because it isn't their money, it's money from the bank so they can't put it in a savings account. They can't do a Malcolm Glazier and buy a football team with it, so they stay put. They won't cash in while they think it's all going well and the first time they'll know that they're in trouble is when they can't meet the repayments and it's mortgaged to the hilt. Too late and that's when it will crash.

Judging by the amounts of personal debt it's not that far off. Greed will be the downfall, but is why it hasn't fallen down yet.

I hope that not too many businesses are affected but fear the worst. I'm guessing it will take another rate rise and Christmas overspending.

Sunday, August 6, 2006 07:20PM Report Comment

2. The Bald Man said...

Dave. My estate agent told me that several buy to losers are trying to get out. Interest rate rise will only contribute to this increase.

Sunday, August 6, 2006 10:14PM Report Comment

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