Saturday, October 31, 2009

Guess it’s time to close down this website then

HOUSE PRICE SLUMP IS OVER

EXPERTS last night hailed the end of the property slump as figures showed house prices rose year-on-year for the first time in 19 months. Values are now higher than they were a year ago for the first time since the start of the recession, says Nationwide. There is now no doubt homes will end the year more expensive than they were 12 months ago, confounding gloomy predictions of a 10 to 15 per cent price fall. Nicholas Leeming of Propertyfinder states: "It’s official! Positive annual house price growth marks the final nail in the coffin of the housing downturn.The recovery will do the wider economy a power of good"

Posted by little professor @ 01:52 AM (2471 views)
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36 thoughts on “Guess it’s time to close down this website then

  • I cannot help noticing the picture to the right bottom of the page, subtitled: “Michael Caine: Why I am scared by today’s Britian”

    I doubt Michael Caine was talking about property but it’s very appropriate.

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  • James In London says:

    David Smith, of property consultancy Carter Jonas, said: “ […] rising unemployment and, at some point, higher interest rates, could see a further stabilisation, or even reverse, in prices.”

    Er, so the SLUMP might be over, but the CRASH will continue?

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  • Come on BrowniesBillions and sold out start cheering, that would be very funny!

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  • Daily Express Delivery!

    Hot off the press and fresh on your doorstep. Like a steaming turd.

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  • voiceofreason says:

    So my colleagues on HPC, when is this House Price Crash actually really going to happen then ?

    Been waiting for 2 years now, getting kind of tired of being screwed over by the banks devaluing my cash stash…

    Maybe I need to get real and blow it on an Aston Martin DB9, or invest it all in Africa http://www.myc4.com.

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  • I think the crash will start some time after the election.

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  • 5. voiceofreason

    Buy a small forest and a dark green caravan.

    Buy a double decker bus and stay on the move.

    Buy an old narrow boat and simplify your life.

    But don’t ever expect to simply buy a house.

    I will leave your other question for the digital money conjures.

    The fluctuations of house prices at present mean nothing to me but a joke.

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  • As Louise Lucas wrote in yesterday’s FT (See yesterday’s blog “House prices still horribly out of kilter with real life”)

    “Prices are still horribly out of kilter with real life. Homes cost two-thirds more than they did in 2001, but wages are just one-quarter higher.”

    The rest is just down to waiting, waiting until interest rates go back to normal.

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  • At least, for those of us waiting to buy, we are not burdoned by a huge mortgage like so many.

    Interest rate rises will expolde the housing market when they begin to rise – soon.

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  • greenshootsandleaves says:

    My bet on Gordon Brown winning the next election looks increasingly promising. I must admit, though, I never expected the Daily Express to highlight his achievements.

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  • House prices in numerical and in real terms are still falling. The pound has lost 25% of its value against the Euro and prices according to the Land Registry are 5.6% lower than they were a year ago, average house price 158,337 GBP. Prices are still falling and considering that demand has returned to the market and there is a lack of supply of properties for sale, along with a 0.5% base rate, the crash is still on. I believe that interest rates will rise quickly after the next election as whoever wins will no longer have to care about the property market, they can do what they want for 5 years. Also QE will be scrapped for the same reason, public sector workers will be made redundant in abundance, people will not be able to pay there mortgages in general ( I can see a base rate of 20% in the next parliament, down to QE and hyperinflation caused by it, also the public debt) There will be a glut of repossessions on the market (worse than any other crash that has gone before) along with Retail mortgage rates in excess of 20%. The average house price will be around 80,000 GBP if not less. How are the people who took on insane mortgages going to pay them when after the election the government (whoever wins) will no longer help them and we see a base rate of 9% within 2 years?

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  • So in the end BoE did listen to the property experts as assets are inflating again. BoE has officially confirmed that they will not be targeting assets inflation. Who was the author of the bubble then?

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  • Well done Daily Express, for reporting the truth, its over folks.(and you misery guts)
    I

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  • 13. sold out

    Love it!

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  • mark wadsworth says:

    I ran a fun online poll asking what was the best way to dampen house price bubbles, I’m please to say that only 6 people out of 88 chose the option “None of the above. High house prices are good for the economy”.

    Re Crunchy @ 7, that looks a bit tinfoil hat to me, but in economic terms, we’d be better off if we all lived in static caravans and paid a site rent for every square yard of your ‘pitch’ (including surrounding garden) to the local council (the rents to be set by ordinary auction process every time a new site becomes vacant and all surrounding sites uprated accordingly).

    If you think they are charging too much, you and your neighbours shuffle together a bit to occupy a smaller area each (and get your rent down) or you move a bit further out of town; if you find a job elsewhere, you just decide how much rent you want to pay, and then choose between a smaller site in a more attractive area or a larger site in a less attractive area (depending on your own preference between size of garden and convenience).

    We wouldn’t need any taxes at all; councils just collect all the site rents, pay for what needs to be paid for and dish out the rest as a citizen’s dividend. There’d be no negative equity (because just about everybody can afford a caravan or tent of some description). And so on.

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  • “The last time prices were growing this rate was just before the recession” lol.

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  • 15. mark wadsworth

    I did not mention the tinfoil hat version. I am keeping that one under wraps.

    I like your caravan system. However, I can’t imagine hearing the (fail to se the irony now ) Brits saying an Englishman’s home is his

    caravan, or “caravan deluxe,” come to that.

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  • brownsters_billions says:

    I actually would rather houses came down to a more affordable level, and only rose with inflation. I’m not precious about my deposit or ‘money’, I’d rather a fairer system for all.

    I’m also still hoping to negotiate down if (when) the bank decides to undervalue it. If the surveyors read the express then that plan’s screwed!!

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  • Gordon Brown may have succeeded in preventing a housing bust, but he has put the UK economy at risk of bankruptcy to do so.

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  • Hard to compete with

    F R E E C H O C O L A T E

    I guess.

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  • Time for a dodgy graph (month on month figures from nationwide on a 3 month moving average and annualised):

    I think the thing we’re in at the moment looks like the spikes of exuberance in 2002 and 2004 that pretty much returned to trend soon afterwards. If so, then we should be back to -10 to -15%pa very soon imo. Of course, I’m usually wrong about these things, so this is probably no different.

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  • greenshootsandleaves says:

    [email protected] ‘Hard to compete with F R E E C H O C O L A T E’

    Also a few inches offheadline: The editor may be skating on thin ice. It might dawn on readers that by not buying the daily express or the sunday express they stand to save far more than 95p a week. I see a threat of further redundancies in the newspaper delivery sector. Splodge and his fellow hamsters had better watch out!

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  • landofconfusion says:

    – Redudancies are up
    – Industrial unrest is up.
    – Pay is down.
    – Banks are still having problems with solvency liquidity.
    – Deflation is occouring.
    – The stock market is overvalued.
    – We’re still in recession and are the only ‘major’ economy still in recession.
    – IR’s are at historically low levels.
    – Housing transactions are still not at ‘normal’ levels
    – My next door neighbours have had no interest in their house (as it nothing at all) even though it’s been on the market for > 6 months.

    Oh, but house prices are up.

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  • gone-to-colombia says:

    HOUSE PRICE SLUMP IS OVER – My ar$e

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  • What’s that on the front page? “Win a laptop worth over £330. 3 to be won.”

    That’s a bit tight — is the Express short of cash? Only three cheapo laptops?

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  • Whats the red poppy all about?

    Servicemen should be compensated by the profiteers surely.

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  • happy mondays says:

    @ crunchy, sevicemen are not supplied with the right / enough equipment, so why would they be compensated ! Also fed bulls**t on why they are there in the first place….
    Corrupt corrupt from the bottom to the top, & they tell me it’s the law…

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  • 28. happy mondays

    poppycock!

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  • happy mondays says:

    ? Cockpoppy..

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  • Downsizing Diva says:

    All the houses listed on RM in my area are either a) new in the last 4 days, b) reduced in price within last 7 days, c) still on at original price and no “SSTC” in sight

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  • It’s the Express for folks sake – get a life.

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  • I don’t understand the bulls, take #24 comment

    WHERE is all this money going to come from and where are the population getting it ???

    Why does history always repeat itself, yet some people don’t realise the facts. The market can’t be maintained at this level, those who say rubbish, is this because you are worried about your investments or your just unhappy that you can’t make £100k profit anymore from turning a house over within a year and selling way over value.

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  • mark wadsworth says:

    @ Crunchy 17.

    If you have a bit more money, then buy two or three static caravans and link them together. You only need two or three to have something as big as an average English semi-detached.

    If you want to show off how rich you are, then rent a few neighbouring plots as well and spread yourself out – as long as you are prepared to pay the rent every month, then you have a perfect right to that space.

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  • 32. mark I am all for the wooden (New Orleans) house structure myself, that has now come a long way with modern materials.

    I would have no problems with renting, so long as I had some residencial security. I think that is a big issue for most that are renting.

    Tenants feel that they have no stake in the place they live, which is fine for a few months or so, but long term?

    Is this where the lure of ownerism begins, as there is no other alternative?

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  • @ 33 – Is this where the lure of ownerism begins, as there is no other alternative?

    Pretty much hit the nail on the head. This country is pretty backwards when it comes to renting. I have no problem renting but there is no long term certainty (of offers of such a tenancy). If only we were more like France in that respect…..

    Most common argument I hear from others regarding renting:

    – Renting is dead money (although actually I wouldn’t call putting a roof over your head dead money….)

    I’m glad to see we have another bubble being inflated. Great stuff, obviously NO-ONE has learnt anything. There goes any hope that I had for reform of the general British attitude towards greater personal responsibility.

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