Tuesday, November 10, 2009

Gordon prevents the bust

RICS: House prices running at boom levels

RICS suvey show pries have pretty much recovered to boom levels. So Gordon Brown has prevented a housing bust, but how will he now deal with the bubble?

Posted by will @ 12:05 PM (1942 views)
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34 thoughts on “Gordon prevents the bust

  • this wont last, so few houses being sold and a lot of BS

    you only need to look at how long many houses have been on market, how they appear to be STC then come back on market a little cheaper, we are being played by estate agents..

    the fundamentals do not support these prices and the crash , the real crash will start as soon as the election is over… clear as day .. corrupt labour government…

    i am betting on drops of 40% now

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  • mark

    Not sure what area you’re reporting from, but to be honest I’ve hardly seen anything coming back to the market once sold – and they’ve been selling alot, although the September rush didn’t seem to happen and I would guess it seems to have slowed down a little now.
    South Hampshire.

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  • So where is this crash!

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  • cheshire area, i am keeping track of 168 properties on rightmove, they vanish as if they have been sold, then re-appear with a different agent at a lower price or re-appear with same agent 3-4 weeks later at a lower price.

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  • Mark, so much anger! These are rash statements that you make. 40% in Cuckoo land perhaps.
    I have not stated – as others seem to believe that I have – that prices will go up and up. It would be foolish to think so.
    Especially with the way that our leaders have propped up the financial system – and housing – in order to pander to their voters.
    You have to adjust your decisions based on sound and calculated judgment, and generally, I find a good level of logical thinking on this site.

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  • smugdog??? what are you talking about? what anger? you seem to be childlike in your statements!!

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  • Mark

    I agree with you regarding the realities of the housing market.. Houses in Devon have hardly dropped since the peak. I sold to rent in 2005, and many houses that were listed then are still listed now. Whilst rates are so low many can hold on. Monthly mortgage payments will double and triple very quickly when rates have to be raised to deal with the massive Government debt – post election.

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  • I am a child Mark, in a proverbial sweet shop. Your Cheshire life sounds idilic, But now that your Borough encompasses Wallasey and Runcorn and the ilk, it’s no wonder the statistics confuse you.

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  • waitingfor hpc says:

    yep but this is a report by RICS – and they are bound to tell the truth!!

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  • Cheekie Charlie says:

    This is getting beyond the joke ! The end of the world is nigh but not to worry houseprices are rising. Smugdog – law of economics will dictate that house prices will revert to mean.

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  • Bearinthewoods says:

    [email protected]
    I guess the IMF are “angry” too and given to making “rash statements” or is there another reason for their UK housing market prognosis mmmm?

    [email protected]

    It’s “idyillic” …. even in Runcorn & Wallasey 🙂

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  • smugdog

    you have shown how stupid you are by that statement, you clearly have no idea where cheshire is or even wallasey which is in mersyside…

    hahahaha

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  • I feel that things are rather more calm than they should be; feels artifical……I cannot help feeling that something very nasty is impending.

    We all feel it on these boards.

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  • Mark

    It’s been really crazy down here since about March April, There are a few greedy sellers who’s overpriced properties are sticking but Ithink things are calming down a bit now.

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  • Sorry Mark, I stand corrected, I am so stupid. I no not of the North, but Merseyside, at least I can spell it!
    Now off you go and ferret out some further job loss data in order to make your day once more.

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  • @2 I’ve seen a few in South Hampshire, For sale ->Sold -> For sale ->Sold. A flat almost like mine ( GF converted), which was listed at a slightly lower asking price than mine (which I have now sold) is now listed again with an asking price around 3% lower than original. It just doesn’t tally up with what the media is reporting about demand and prices rising. I have noticed more ‘For Sale’ signs going now. People want out of property it seems. I can’t help feel an impending collapse but I am still skeptical. I don’t think it’s greedy sellers, I think many are selling as soon as they are out of negative equity. This puts pressure on those who are still in negative equity and want to sell but *need* higher prices…just my opinion.

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  • edit – I have noticed more ‘For Sale’ signs going *UP* now.

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  • Edit- Line above should read “I have noticed more ‘For Sale’ signs going *UP* now”

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  • smugdog

    a typo does not indicate stupidity…

    why don’t you p***off you idiot and stop wasting blogs with stupid estate agent speak

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  • smugsy has a point…. ya always seem to get the job loss figs first mark… any joy in it?

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  • @ 12

    “I no not of the North, but Merseyside, at least I can spell it!”

    well done

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  • mark wadsworth says:

    My experience is much like Mark’s or Estrader’s (Essex/London border).

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  • “No” should read “know”, you stupid smug git! Give him a slap Mark!

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  • Me? Smug?

    Check your own name out.

    Go lick your own smug balls somewhere else dogbreath. Trolls are always welcomed here on the condition they bring intelligent debate. You bring nothing but a smell of pre-digested horsemeat.

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  • There is something which is weighing heavily on my mind and I was wondering if anyone can enlighten me:

    I am experiencing 2 unique things at the moment, 1) I have never sold a property and 2) I have never experienced a Bank Run/failure.

    My questions are: Where does the money ‘sit’ until it is transferred into my account and what happens if the deposit taker of the money fails before it it is put into my account? Do I lose everything over £50K?

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  • mark wadsworth says:

    estrader, if in doubt open several accounts and ask for £50,000 to be paid into each one. Pay the extra £15 for instant payment. Job done.

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  • Jackas, sorry, you thought @19 was a poke at you?, fear not, a poke at myself @ 12. I see little intelligent debate on this site of late, just fearful souls and heads full of emptiness.

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  • @22 Mark W – Thanks, I have done that but my question more specifically is where is the money and how is it protected before it gets deposited into my accounts? Is it in the Solicitors account and would the full amount be covered? I didn’t check with him, it is just something I thought about recently.

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  • Gents. An interesting fact happened to a colleague of mine the other week when he was selling his property in Clapham. The seller and buyer both agreed on the price, but the bank wouldn’t lend against that valuation and forced the price down 15% – could have been a ploy by the buyer, but if not, then it makes sense that banks in reality are not aiding and abetting the ramping of prices. And I would imagine that there’s a very tight rope they’re walking currently in that ‘officially’ everyone wants prices to go up (well those VIs) which helps the government and helps banks (as they hold a lot colateral), but realistically things are at best flat – for the moment. I see this as evidence of the duality of reality – or something like that.
    As we keep saying, the wild card is when, not if, interest rates rise and repayments are double or triple, and can people save enough now to off-set the forthcoming repayments?
    The fundamentals aren’t just still terrible, they’re getting f***g worse by the day, so all this talk of recession over etc., is nonsense. However, it isn’t all bad news for everyone – but mainly only those global corps which are 1 – 3 in their industry. SMBs are getting hammered and personal insolvency too.
    So in my opinion, it is still far too dangerous to go into the water yet.

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  • mark wadsworth says:

    estrader 24, you have to make sure that the money does NOT go into the solicitor’s account first – you are only guaranteed up to £x and it you months to get it back from Law Society (a solicitor with £30k of my cash was once struck off half way through buying, all very ugly).

    So your solicitiors gets a bank transfer from your buyer’s mortgage co and you just stipulate lots of separate ones for £50k.

    But apart from that I don’t know the exact mechanics. Perhaps the money HAS to go into your solicitor’s account, so I’d get other people’s opinion as well.

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  • 2 smugblob @ 23.

    “I see little intelligent debate on this site of late, just fearful souls and heads full of emptiness.” Or antogonistic daily mail fodder feeders, who are either a plants from the management or some sort of escapee from the fiscal doom .

    Perhaps that reflects the “little intelligence” that the “Great Property Scam od 2009” appears to carry!

    Lloyds announce (another 5000) jobs lost, the population of a small town and that’s perfectly in line with house prices rising. Wow, and I thought that the stazi had packed all their propaganda in in 1989.

    You are Erik Honiker and I claim my free loaf of bread.

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  • greenshootsandleaves says:

    Nothing to stop people from purchasing a property and putting it up for sale again immediately afterwards (a nice little earner for lots of people, including the Chancellor!). Nor is there any law against withdrawing a property from sale and re-advertising it a little later. It’s a different matter altogether, however, if the stats are skewed by the practice of regarding ‘sold STC’ as a sale even when the sale does not then go through (as I suggested yesterday in a comment in connection with a Savill’s forecast). Why, if I had a vested interest in prices going up, I might even consider engineering a few of these ‘sales’ myself! I don’t think I would have to, though. There are still plenty of people who, when they see prices coming down (and the prices of the properties the cherry pickers are not interested in certainly are coming down!), can be panicked into making an offer in the belief that it’ll be their last chance ever to get on the proverbial ladder.

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  • No apology for your rant earlier @20 Jackas? I explained and have apologised for been unclear @23.

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  • tenyearstogetmymoneyback says:

    estrader @ 13

    Been following the bungalow at the end of the road with interest since moving in here.
    In the last six months it has gone For Sale – Sold – For Sale – Sold
    Then amazingly it went For Sale again but they INCREASED the price by £15000.
    It is currently shown as under offer on the estate agents web site.

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