Thursday, November 12, 2009

That word “crash” again

House sales set to crash to lowest level since World War II as fewer homes hit the market

"The CML said it expects around 48,000 people will be repossessed this year, the highest number of evictions for 14 years." "The biggest losers in the rising tide of repossessions are Britain's army of buy-to-let landlords who are losing the battle with mortgage payments."

Posted by letthemfall @ 03:28 PM (1946 views)
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15 thoughts on “That word “crash” again

  • one of the comments–very interesting

    Being someone that visits people daily to discuss their mortgage arrears, I can tell you the lenders are currently playing a very very softly approach with some still sending me out when they haven’t even had a payment for 12 months. In normal circumstances these properties would hvae been repossessed months ago. Lenders also frequently ‘capitalise’ arrears when their books are looking bad to make their figures look better. The general concensous is that the lenders have been asked to put repossesions on hold until after the elections. Perhaps then they would like to add the ones that didnt happen as predicted in 2009 to the 53,000 they expect in 2010. Believe me next year is going to be horrendous for repossessions and I am not looking forward to it.
    – bear220, UK, 12/11/2009 12:31

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  • mark wadsworth says:

    Depressing. Labour have messed up, and what do the spokespersons for the other parties* suggest?

    They suggest even more bail-outs for “hard-pressed borrowers” to ensure the bubble stays as inflated as possible as long as possible, of course! So if you’re looking to buy, you’re paying the taxes to cover the bail outs to keep prices unaffordable.**

    * The blue and yellow wings of the Home-Owner-Ist Party.

    ** I am not whining personally, I could buy any time I liked out of cash, I am just pig headed and waiting for prices to drop properly. But there are millions of young people who are really being sh4fted.

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  • nah. don’t believe a word. the daily express just said it’s all over, what more evidence do you need?

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  • waitingtobuy

    Thanks for your comments. Interesting to hear views from the front line, so to speak.

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  • There are several valid comments on the article. As time goes by it is looking more and more likely that the election will be the turning point for the housing market. I just hope the tories get it over with quickly in their attempt to point the finger at Labour. I’m not a favour of political point scoring but we need to wipe the slate clean.

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  • cat and canary says:

    “No, No, No bloggers, Britain doesn’t have a subprime problem” remarked Gordon, concealing a large bulge under the carpet

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  • I had to rub my eyes and re-read the headline…”fewer”…it does say “fewer”? I suggest you switch off your computer and take a walk/drive outside. I have seen with my own eyes the exact OPPOSITE of what this article suggests. I went out to look at a property todau and I couldn’t believe the number of NEW “For Sale” signs wihin a 5 mile radius of where I live. When you drive up and down the same roads for over 11 years these things literally jump out at you! I have also been browsing rightmove and more and more properties I like are appearing in my search criteria. Just like when trading the stock market, you need to do your OWN reasearch and figuring.

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  • I would also add, I’ve noticed a number of properties on Rightmove stating the words “Reduced” and Cash buyers only. I find that interesting in a time when EA’s are talking the old pent up demand etc…So many ‘To Let’ signs as well….where exactly is the shortage?

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  • little professor says:

    Waitingtobuy – an interesting point, and confirms what I have heard from my own friends who work on the frontlines in banking – they are being told by management to go easy on defaulters, offering extra time to repay, ignoring missed payments for the moment, and reducing interest rates. All this is doing is storing up a wave of repossessions to be released next year, as so many of these people have no hope of ever paying back the capital – they overborrowed massively.

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  • Vive la recovereh; praise to citizen brown.

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  • The ‘mountain of repossessions in 2010’ theory fits in perfectly with what’s expected in the US.

    BTW If 810,000 sales this year = 1 sale per estate agent per week, 1.3 million sales in a ‘normal’ year = only 1.6 per EA per week. Clarification?

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  • Fewer houses coming to the market? In Exeter there are over 600, many of which have been unable to sell for a long while.
    Maybe high prices has something to do with it?

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  • Maybe this site should be called housesalecrash, and then revert to HPC after the election.

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  • Just an observation. The whole situation is like the phoney war 1939 to 1940. I suspect a lot of lies and misinformation is being put out to keep us from the awful truth. Let us see how Mr Brown and Mr Darling’s Maginot Line holds up after the election. History will probably repeat itself.

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  • tenyearstogetmymoneyback says:

    Something I noticed interesting recently was on the long row
    of Terraced Cottages as you head out of Ringwood (Hampshire).
    At least 10% of them were for sale. From appearances these are
    classic First Time Buyer properties so with none of these I guess
    no one can sell.

    It would be very interesting to have a breakdown of what types of properties
    have been selling and which haven’t

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