Thursday, December 20, 2007

Still no mention of the ‘r’ word.

Mortgages slump as repossessions set to surge

Simon Rubinsohn, chief economist at RICS, said: "The effect of the credit crunch will dissipate slowly, meaning that those seeking to obtain finance in the first half of 2008 may struggle. “However, the employment picture should remain firm throughout the year, helping to prevent significant numbers of repossessions and the subsequent influx of supply into the market."

Posted by hpwatcher @ 12:09 PM (731 views)
Please complete the required fields.



5 thoughts on “Still no mention of the ‘r’ word.

  • wonder what david smith has to say, lol lol lol

    Reply
    Please complete the required fields.



  • “However, the employment picture should remain firm throughout the year”

    Hmm. I imagine lots of EA jobs will go, some baking, and hopefully a couple of TV presenter roles.

    “Prices will be bolstered by expected interest rate cuts by the Bank of England and by pent-up demand from prospective buyers biding their time for a softening in the market.”

    I have waited a few years already, and can wait a few longer. Anyone else on here been waiting for a while suddenly feel the need to jump in next year? BTL is what has been proping the market up, first time buyers have dropped off, and are probably waiting, but are probably a lot more patient than stupid.

    Reply
    Please complete the required fields.



  • Yes, Simon. I’m sure everything will be okay. No really.

    Reply
    Please complete the required fields.



  • “The employment picture should remain firm throughout the year”. I would like these people to show some understanding of the grave dangers of the credit crunch and of how the financial institutions got into this mess (by creating and using new means of massive credit expansion and profit without tying up their capital). Banks are not lending now because of the fallout from this – they need all their resources to meet their capital requirements and there is therefore a greater likelihood of stockmarket crashes than there is of a ‘firm employment picture’.

    Reply
    Please complete the required fields.



  • it_is_going_with_a_bang says:

    Employment picture. I think they need to get real about what funds the employment of this country, when you realize it is rampant property inflation – not stagnation – then you soon begin to realize the employment picture is not quite so good.
    The effect of the credit crunch will be long lasting, bottom line is a lot less shady lending.
    A 50% increase in reposessions and the picture is Rosy?
    There has been a 2% + drop in average prices in the last 3 months and yet the prediction for the whole of 2008 is -3% ?????
    Lets be honest if its at -3% then why would you buy property as an investment, on a 200k property you’ve just lost 6k!!!! + the loss of interest on your money.
    Even if you are buying a property for yourself – it is still an investment and therefore a bad one.
    I think they just look for the best stats they can find and the only positive ones are the employment figures.
    When they go the other way what will they use next – migration figures of birds heading to the East???

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>