Wednesday, May 7, 2008

They call price falls of 1.5% a slump?

Luxury house market hit by slump

They ain't seen nothing yet!

Posted by mark wadsworth @ 12:33 PM (1172 views)
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9 thoughts on “They call price falls of 1.5% a slump?

  • Landedgentry says:

    In the style of an sonorous Hollywood film trailer voiceover:

    “They said that this sector of the market was immune….. They were wrong”

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  • Landedgentry says:

    Doesn’t also help when a mad deranged gunman is randomly opening fire into your “£3 million” house.

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  • “There will still be wealthy buyers, but there’s a big gap emerging between what a seller expects to get for a property and what a buyer expects to pay.” = No transaction.

    The transaction takes place at the margin when either seller or buyer HAS to sell/buy. hmmmm i wonder which side it will gravitate to?

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  • techieman – the majority of the main lenders have in recent months all cut their max loans – £500K+ isnt easy to find anymore and part of the thinking behind this is that house prices at the top end of the market will be hit hard in a downturn.

    “i wonder which side it will gravitate to?” – maybe our friend Landlord Expert could comment on this as part of his understanding of Einsteins theory of gravitation (LOL)

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  • Surely you mean Newton’s theory of relativity? Something to do with the square of an apple – or is that Lemon – innit?

    FTSE and Dax still looking good! – (thats the kiss of death!) I obviously chose the wrong one (Dax) although one point away from 7100. Actually more bullish (but that worries me!!) at this mature stage. Pound obviously not reached Euro targets :-(. (still got to 7766 – and has now [today] bounced off the 20DMA)

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  • TM – after the rant from Landlord Expert the other day you should be shorting lemons !!

    FTSE might have some way to go yet as rumours are now circulating that we might see a BOE cut tomorrow rather than a hold.

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  • hey Jack – yea you have a point! re FTSE i said (and im not talking my own book – or maybe i am ) when i first said 6200 that i thought that a bit conservative (better to try to take out the middle that try to get in and out at the extremes [although thats what we aim for!]). FTSE also has a weighting in oil v dax (eg BP) so that might be a reason….

    Im off on holiday soon (friday) so will probably close out or do a oco order before i go. Good luck with your holding…

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  • TM – we’ve gone slightly off topic here however I’m still holding despite FTSE rising above 6200 – BAT industries is also helping

    Enjoy the holiday – thought you might have went for one of greenbays holiday cottages in Wales rather than Italy (LOL)

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  • Mortgage – to be sung to the tune of Thriller by Michael Jackson

    It’s close to midnight
    something evil’s lurkin’ in the dark [Kirstie & Phil]
    Under the moonlight
    You see a sight that almost stops your heart [Rate Hike]
    You try to pay
    Inflation takes the payment before you make it
    You start to freeze
    As horror looks you right between the eyes
    Wage paralyzed

    ‘Cause this is Mortgage
    Mortgage night
    And no one’s gonna save you
    From the rate about to hike
    You know it’s Mortgage
    Mortgage night
    You’re fighting for your life
    Inside a killer
    Mortgage tonight, yeah

    You hear the door slam
    And realize there’s nowhere left to run
    You feel the cold hand
    And wonder if you’ll ever see the sun
    You close your eyes
    And hope that this is just imagination
    Girl, but all the while
    You hear a creature creepin’ up behind [Kirstie]
    You’re outta time

    ‘Cause this is Mortgage
    Mortgage night
    There ain’t no second chance
    Against the thing with the forty bips girl
    (Mortgage)
    (Mortgage night)
    You’re fighting for your life
    Inside a killer
    Mortgage tonight

    Night creatures call
    And the dead start to walk in their masquerade [Wolftons & Vamptons]
    There’s no escaping the jaws of the alien this time
    (They’re open wide)
    This is the end of your life

    They’re out to get you
    There’s bailiffs closing in on every side
    They’ll repossess you
    Unless you change that number on your dial
    Now is the time
    For you and I to cuddle on that DFS sofa
    All through the night
    I’ll save you from the terror on the screen
    I’ll make you see

    That this is Mortgage
    Mortgage night
    ‘Cause I can lend you more
    Than Mervyn King would ever dare try
    (Mortgage)
    (Mortgage night)
    So let me hold you tight
    And share a
    (killer, diller, chiller)
    (Mortgage here tonight)

    ‘Cause this is Mortgage
    Mortgage night
    Girl, I can lend you more
    Than Mervyn King would ever dare try
    (Mortgage)
    (Mortgage night)
    So let me hold you tight
    And share a
    (killer, Mortgage)

    I’m gonna thrill you tonight

    Darkness falls across the land
    The midnight hour is close at hand
    Creatures crawl in search of blood [Estate Agents]
    To terrorize y’all’s neighborhood
    And whosoever shall be found
    Without deposit for putting down
    Must stand and face the hounds of hell
    And rot inside their house’s shell

    I’m gonna hike you tonight
    (Mortgage, Mortgage)
    I’m gonna hike you tonight
    (Mortgage night, Mortgage))
    I’m gonna hike you tonight
    I’m gonna hike you tonight
    Mortgage night, babe

    [Rap]
    The foulest stench is in the air [Nu Labour]
    The worst results in 40 years
    And grizzly ghouls from every tomb [bankers, bailiffs and other villains]
    Are closing in to seal your doom
    And though you fight to stay alive
    Your wallet will haemorrhage
    for no mere mortal can resist
    the evil of the Mortgage

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