Thursday, July 10, 2008

Get back to work, Nooneo and STR2007!

House sales fall by half

This article will not have you in stitches, no, not at all! "One leading firm of London estate agents said house sales in the capital had halved this year and prices were already 15 per cent down. But a City analyst forecast much worse to come and said property values would plummet 35 per cent before hitting the bottom in 2011."

Posted by mark wadsworth @ 03:56 PM (1603 views)
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14 thoughts on “Get back to work, Nooneo and STR2007!

  • Can today actually get any better…..

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  • “In the City, profits at Sports Direct halved last year, while budget clothes retailer Primark said it had seen sales growth come to a shuddering halt”

    & primark sells the cheap clothes!!

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  • Right , i’m definitely off to the pub now, I just can’t take all this good news in one day.

    2% fall – wow
    0% rise in interest rates – Shoulda gone up, will soon.
    Every newspaper reporting bad/worsening news – I just can’t take any more.

    Thankyou http://www.housepricecrash.co.uk, sorry liver….

    (I’ve got the widest grin I wish y’all cud c)

    ;-}

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  • Hey Nooneo, you seem to have forgotten that Stuart Laws believes all is well for UK house prices. Actually that equates to even more reason to celebrate cos if he’s saying it you can bet it’s wrong!

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  • And this is your definition of work is it Mark ! (Thanks for the name in lights btw).

    Hey nooneo, I hope they’re still doing self cert interest only mortgages in 2 years time when it hits the bottom, I’ll have spent so much time reading HPC I won’t have made any money to get a normal mortgage !

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  • I’ve read a couple of trade articles saying that auction prices of coins and tokens have gone up. Art and memorabilia prices are also on the rise. I guess people are still trying to find a safe haven for their pension funds (the stock market is very gloomy).

    As prices drop in London people with cash to spare are looking elsewhere. BtL is certainly not the place to be for at least another 6 months…

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  • Alan
    6 months ?
    I don’t think any BTL numbers will add up for at least 18 months and even then don’t expect any capital gains for quite a long time 5-7 years.
    And some on here will call that bullish.

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  • See what I mean

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  • it_is_going_with_a_bang says:

    Stuart Law obviously has his head up his Assets Arze

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  • it_is_going_with_a_bang says:

    “Tough new rules about mortgages, with lenders demanding huge deposits, means many cannot get the loan needed to buy.”

    huge deposits? What does he mean ? I think what he meant was …

    “A DEPOSIT” and then prove you CAN AFFORD IT.”

    Wow what a really tought regime this really is…. what did people do before this?

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  • little professor says:

    Caroline Flint got skewered on the Today programme – interviewer pressed her on whether she wanted prices to fall further, to create more “affordable housing”, or whether she wanted house prices to stop falling.

    Linky

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  • HBOS have really shot themselves in the foot with this delay – recently the Nationwide figure has gotten all the big headlines, while the Halifax has generally just been reported as an afterthought. But today we get full opening feature on channel 4 news including a 3 strong “expert” panel interview to dissect the fall, and more bearish headline fodder for the papers this evening / tomorrow. Someone recently linked Evan Davies on here saying that he thought the media were partly (“partly” – that’s funny) responsible for all the boom time hype because they reported 4 different surveys a month making it seem like prices were rising 4 times as fast. This near two week gap between Nationwide and Halifax will be likely to have a similar effect on sentiment. People might just start accepting reality twice as fast as they would have.

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  • At what point in time will it be reported that this is now a “housing crash” not just a further decline in prices.
    If prices are falling faster than the last housing crash in the 90’s which has been reported all day today.
    Then by definition, this must be a “HOUSING CRASH”.
    Any bets on which media will call a spade a spade, first?

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  • LP @ 12

    What a load of waffle she speaks! Typical politician just reading the same old soundbites from their script, but managing to say very little. I don’t think she was pinned down to express an actual opinion on any one of his questions.

    With people like this in charge of housing policy all we need to do it sit back and watch the carnage continue to unfold!

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