Tuesday, May 18, 2010

Beyond comment

HOORAY! HOUSING MARKET ROCKETS

BRITAIN’S resurgent housing market showed further signs of strong recovery yesterday with evidence that mortgage approvals have almost doubled.The increase provides more proof that the housing market is regaining momentum. David Newnes of Your Move said "Values have climbed back to their previous heights and confidence has surged back."

Posted by little professor @ 12:25 AM (4301 views)
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26 thoughts on “Beyond comment

  • Frankly amazed anyone can think prices are going up over the next 2 years.

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  • 1. str 2007 said… Frankly amazed anyone can think prices are going up over the next 2 years

    if everyone thinks they will, then they will

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  • Bidin'matime says:

    That’s the point, Devo – not everyone will or does – my ‘Hooray’ is that they say prices have recovered to previous heights, so a lot of people who were shocked by the last ‘collapse’ will see this as the time to sell – mainly those leaving the market, such as over-stretched BTLs, deceased estates, people who have moved into care – all those people who were waiting for things to get ‘back to normal’ before selling…

    Bring it on…

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  • where is the money coming from to buy these houses, everybody i speak to seems to be scared of losing their jobs, then there`s the no payrise, no overtime, wage cuts ect: maybe it is meeeeeeeeeeeeeeee

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  • However, the CML stressed that no trend could be inferred from this because the figures were distorted by transactions on lower-value properties being completed before the stamp duty “holiday” ended on January 1.

    Anyone who parts cash to buy this paper must be stupid enough to believe anything.

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  • Whoops, missed a bit

    Overall, 112,000 loans were advanced during the first quarter, down from 171,000 during the last three months of 2009.

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  • if everyone thinks they will, then they will

    Not if you don’t have a job or money….though it didn’t stop people in 2006

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  • Joyous times indeed. When I drove onto the industrial estate this morning I saw yet another unit up for let. Two years ago they were all occupied but now its like a ghost town. What we see in the real world and what we are being told is happening in the ‘houses only ever go up’ fantasy world are two very different things. I’m expecting the two worlds to collide at some point, but if Merv prints up another £200bn then the Sheeple can continue to believe whatever they want to believe.

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  • Bahhhh bahhhh bahhhh, better go out and buy a house then, bahhhh

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  • charlie brooker says:

    And we all know what tomorrow’s Daily Excrete headline will read, don’t we?

    House Prices Falling.

    Quelle suprise.

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  • One of the great wise mantras of investment runs thus:

    ‘Bubbles don’t burst when sane rational people think they should. They burst when sane rational people no longer believe there is a bubble’

    Now, sane and rational are not words one associates with Express headline writers, but maybe we’re getting there!

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  • I think the front page is amazing. One headline reads “No money left in the treasury” and the other one reads “Housing market rockets”. No irony there then.

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  • mrflibble highlights an excellent point regarding the accelerating closure of various businesses up and down the country – it will take several months to filter through to the housing market but make no mistake (unlike the ridiculous Express headline) prices are not “rocketing” – in any event most rockets run out of fuel and fall back to earth.

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  • Unbeliveable. Quite incredible.

    A Muslim Miss America !

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  • Surely it’s time now to adopt some dirty tactics? Stoke the panic a little….
    If we each set up 5 anonymous profiles and start targeting housing news articles.

    Do what they do. Lie

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  • LJ
    Yes, but beware the omen, how many earthquakes will she cause?

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  • I’d be really interested to know how many people at the Express genuinely believe this. Surely there can’t be that many that would agree with this headline. Some may think/hope that all is well with the housing market but understand the reality of the situation and realise how idiotic the Express headlines look.

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  • mark wadsworth says:

    What LJ says :p

    Re what Iguana says, some Australian women called the Mullahs’ bluff and had a “Worldwide skimpy top day”. Unfortunately for them, there were two minor earthquakes on that very same day.

    Anyways, the important bit in that article is that 17,300 FTB’s took out mortgages with average 24% deposits. Given that about half a million young couples reach FTB age each year (being old fashioned about it and assuming that single people don’t buy a house or flat) that means there are only about 200,000 FTBs each year, i.e. only 40% “get on the ladder/treadmill”, i.e. landownership is becoming concentrated in ever fewer hands, which is the inevitable endgame of Home-Owner-Ism.

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  • ..and how many of those FTB’s were being counted for the second time, having split up, sold up, and started over with a new partner?

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  • Paints me as a dull man but I have been keeping tabs on the properties in my area up on Find a property since March and the number of houses > 3bedroom priced between 320-420k have increased 44% since mid-march. I appreciate that there is a lot of chaff on FAP but all things being equal and the chaff levels being consistent that is a fair hike, this is in the TwickenhamHampton area.

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  • landofconfusion says:

    14. mark wadsworth said…
    i.e. landownership is becoming concentrated in ever fewer hands, which is the inevitable endgame of Home-Owner-Ism

    Sadly this is a function of not taxing land values, allowing BTL’ing, allowing virtually penalty-free second home ownership, increased immigration, a lack of house building and unconstrained population growth.

    In other words it’s the effect of about 30 years of Tory and Labour ineptitude.

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  • LJ @ 14…. not if you look at her!

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  • mark wadsworth says:

    @ LOC, yes of course;

    Home-Owner-Ism is the economics of the madhouse: leave land values largely untaxed; tax BTL more lightly than other businesses (although to be fair they are taxed slightly more heavily than owner-occupation); increased immigration; choking off supply of new buildings etc.

    This is all part of some cunning plan, one of the purposes or inevitable outcomes being that land and buildings are concentrated in ever fewer hands.

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  • landofconfusion says:

    @MW

    tax BTL more lightly than other businesses (although to be fair they are taxed slightly more heavily than owner-occupation)

    I watched a working lunch episode a few weeks ago. They had a piece on the tax changes surrounding so called ‘holiday lets’. The owners were as you say running a business and were up in arms about having their very generous tax benefits removed. In their defence they wheeled out all the usual non-arguments but conviniently failed to mention the bit where they use the property themselves for 2 weeks.

    This is all part of some cunning plan, one of the purposes or inevitable outcomes being that land and buildings are concentrated in ever fewer hands.

    They’ve found a way to enable the wealthy to make money from doing nothing. As I’ve said before, this suits Labour as the poor are their demographic so if they can push more people into this gategory then great. And as for the Tories, they’ve always seemed to be against wider social-economic mobility and I doubt this has changed with this latest lot.

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  • mark wadsworth says:

    LOC: ” this suits Labour as the poor are their demographic so if they can push more people into this gategory then great.”

    That is an excellent theory – it ties in with state education being rubbish and the whole welfare state being geared up to be a massive poverty trap.

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  • Bored With. . . says:

    Thank you gentlemen for the discussion above, my very close reading of the Express front page is: camel toe meets camel brain.

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