Sunday, December 30, 2007

How low will it go?

How low will it go?

The UK property market ends the year on a cliffhanger — are we headed for an almighty crash or a steady slowdown? This time last year, as agents and analysts gathered around their spreadsheets and crystal balls, everyone was breathing a sigh of relief. The housing-market crash predicted by the gloomy Jeremiahs had not come to pass. What’s more, at the tail end of 2006, prices in some areas had even begun to turn upwards. The boom years were back on track.

Posted by doomwatch @ 01:15 PM (1694 views)
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7 thoughts on “How low will it go?

  • “… Those who buy well in 2008 will emerge as the property gurus of the next boom.”

    Flogging a dead horse springs to mind from the unbiased estate agent “expert”.

    Personally I’m sticking with cash savings accounts and waiting till 09 when the market is on it’s knees and
    Poxtons ladies will offer “extras” for a sale, if there’s any left in a job by then.

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  • “The slowdown is a flattening-off, but nothing more dramatic than that,”

    Yes, love of course it is. Turkeys love the run-up to Christmas because that’s when they get really fat and happy.

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  • “Seven months on, Sweeting’s studio is still for sale. Frost’s, the agency marketing it, describes the market as “totally dead””.

    So…….. try cutting the price really low…!

    I’m sure some hardworking NHS staff will jump at the opportunity to join the ranks of the property speculators, especially with their really big 2% pay rises..

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  • I for one anticipate that this collapse will be the most interesting so far, with the previous ones the pattern of the fall only became evident years after the event. During the falls the press and govt reports were full of spin and exagerated claims both positive and negative making it impossible to be certain of the position reached. I am really looking forward to an updated ‘Nationwide’ blue graph to see if the exponential red line changes course, reality predicts that it should properly shadow the line made by the bottom of the ‘troughs’. 60% anyone?

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  • hi all

    i have just had my rightmove email updates for liverpool a wad of flats has just come on the market… all new ones, some with only steel structures…lol

    it is crashing big time there…lol

    oh yeh the council are planning to build 25,000 affordable houses in liverpool too….lol

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  • Evan Davies says 15% Assuming he may be 20% optomistic then I reckon 15 x 120% = 18% say 20% for goodluck…

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  • What the press don’t want to see is this: 50% lower mortgagae uptake means less transactions in the offing. Those transactions that are taking place were probably agreed 2 months ago. Other owners are waiting to see how Spring goes. I know people who have been advised to do this. What will happen in Spring is a glut of houses coming up as everyone has been advised to “hold on until Spring”. With lack of cheap credit, 1.4million people up for renewals, no FTBers, BTLs fleeing and now a lot of aspirant vendors putting their properties on, it will either all boom (as the EA’s think) and we’ll be wrong again – or MUCH more likely the market will seriously bomb. I live in a hot spot and know of at least 6 houses not sold and reduced a few times. In the happy days they’d have been long gone sold. Once the luxuries have been sold: like 2nd homes in Cornwall, classic cars, the boat – it’ll be time to sell the house to make ends meet. Expect to see the market flooded with cheap luxury goods in Jan-March…

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