Thursday, December 11, 2008

A little Optimistic, one hopes.

Market Will Bottom Out In Spring: Hamptons

No recovery until 2010, we'd all better rush in now to secure the bargains. What are these people on, do they not understand the coming recession, unless ofcourse they are waiting for buyers from the eurozone to take up all these lovely "cheap" bargains. (in euro terms, properties are around 40-50% cheaper than 2007, for dollar purchasers 50-60% and for the British saver 20% - rip-off britain continues apace).

Posted by bystander @ 06:28 PM (1322 views)
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11 thoughts on “A little Optimistic, one hopes.

  • They seemed to have missed out on a point – namely the economic collapse that is now starting to happen is going to cause unemployment on a scale not seen since the great depression, perhaps even worse. This will mean that many, many thousands will be unable to pay their mortgages. This in turn will kick off the secondary and even larger tsunami of repossessions. I don’t believe that anone can predict with any degree of accuracy how or when this economic collapse will all start to turn around. Brown certainly won’t be the saviour of the world, the UK or anything else.

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  • Still waiting for any falls in Devon.

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  • 1. greytornado said…
    Brown certainly won’t be the saviour of the world, the UK or anything else.

    I wonder if the dinner speech circuit pays as much for failed ex chancellors as it does for war criminal ex PMs?

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  • when property prices collapse by more than 20% on average in a few months, it generally means a deep recession is on its way. I cannot see how the property market could pick up when debt rises and income dont. That is what deflation means, taking more and more people into negative equity, ie debt. That is without talking of credit card and personal loan debt!

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  • I use this site quite a bit. I notice a lot of the comments seem to quite welcome the recession. everyone has there own views but just don’t see many positive ones here

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  • @Will. Here in North Devon many screen prices remain stubbornly high, in one case I can think of the price is as per Spring 07. I suspect the idea is to make a buyer for 90% think he’s getting a bargain, but as little actually seems to be selling this would seem to be a fairly pointless strategy – especially as there is a slow trickle of EA’s shutting up shop or rumoured to be about to.

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  • Its repossessions and auctions that will start to dictate prices in Spring.

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  • @Hursty
    “everyone has there own views but just don’t see many positive ones here”

    I regard affordable housing as cheerful news. Things are getting better by the day.

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  • 5. Hursty said…
    I use this site quite a bit. I notice a lot of the comments seem to quite welcome the recession. everyone has there own views but just don’t see many positive ones here

    rubbish. Bust follows boom. We turned our nose up at the boom because we knew that flat screen tellys and BMW X5s don’t actually improve anyones standard of liveng, and because we knew the bust would surely follow – and that would certainly decrease everyones standard of living.

    So long as I can afford a home to house my family I will be happy. Falling house prices is a good thing.

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  • Hursty

    Very few here actually want a recession if thats what you mean, like them i would rather IRs had been kept higher for longer and the Uk run differently as i know house prices would be lower, business would have been harder ( as real life not the past 10 years of milk and honey ) and we would be more stable, as it is the reserves and some have been sold, the family silver pawned and the piper will have to be paid.

    Not at all happy but we all knew it was coming and shamefull it is people will loose houses and jobs, lfe savings and god know what else – it could all have been avoided.

    Who to blame >>> Well who was running the finances? who is now responsible for a generation 20 and 30 years from now living in poverty in retirement? GORDON BROWN thats right the same one that said he “Saved the World”, I really dont want to be vindictive but i do hope to read of a letter to his family and a smoking gun in the night……..Sadly i dont think he is honerable enough.

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  • propertysnake showing literally hunderds of 20% + price drops in north devon.

    my old stomping ground north somerset appears to be the same – very little shifting, but the odd bizarre purchase at near top of the market levels meaning lots of prices stuck very high for a long time.

    It’s all a bit ‘phoney war’ at the moment though as sellers just aren’t engaging brain. Landlord has had my old place on for over 520 days now, originally at 500k, now 400k. that’s a 20% drop from a lunatic June 2007 asking price. He might just possibly (after all this time) still find a mug but he’s always been too slow dropping. Let’s say the achievable price was that june was actually 420k. A 20% drop from that is 336k – to sell it that’s where he should be right now at a maximum. Another six months, at -30% is £294 or getting on for half his stupidly high 2007 asking price – where it’s probably headed this time next year.

    And that’s about what a 4-bed d garage new-ish build in a not very twee village 15 miles out of Bristol with a post office and pub but no train station and 20 minutes from the M5 ought to be ….

    Who knows I might even move back and pick up the place at that.

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