Monday, January 17, 2011

Housing nose dive for the Geordies – There is no hope

Hopes amid the property prices nosedive

“It’s the worst negative signals I’ve seen in 30 years, and it’s hitting people’s confidence." Oh I do hope so... But the reporter still tries to put a positive spin on this story. I think the prices up North will crumble and slowing infect the South.

Posted by the number cruncher @ 01:05 PM (1455 views)
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8 thoughts on “Housing nose dive for the Geordies – There is no hope

  • A chain is only as strong as it’s weakest link.

    Welcome to 2011 brothers.

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  • sibley's b'stard child says:

    Blimey, that’s actually a rather bearish article. EAs admitting that a falling market is of benefit to FTBs, who are required “to kick-start the market.”

    Shome mishtake shurely?

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  • Dont worry everything will be just fine – RM reports asking prices are up YoY on new property’s to the market….

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  • Eventually there will come a point where houses in e.g. Coventry are cheap enough that priced-out Londoners will consider commuting in from there. Coventry is one hour from London; an annual season ticket to London zone 1 costs £8,000. If buying a house in Coventry means saving more than £8,000 per year in interest costs (i.e. saving £160,000 in house price difference at 5%) then it might be worthwhile.

    Obviously inflation will be the killer – at historical inflation rates, the cost of that season ticket will rise to £21,435 over 20 years; while the mortgage will remain fixed.

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  • I like the bit where the estate agent explains what 1% means. “To put it in perspective, a 1% drop on a £100,000 home is just £1,000.” Not worth bothering about really.

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  • cyril

    Reminds me of Jamie Oliver last night cutting something up.

    First we cut it in half, then quarters, then halve the quarters. For a moment aI wondered if he new that was an eigth.

    I suppose you don’t tend to say cut this into eigths.

    Just made me laugh, Jamie certainly knows how to add something up.

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  • 4. str 2007

    I’m sure he said it tongue in cheek. :b

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  • They are talking about Teeside (Smoggers/Smoggies) rather than Tyneside (Geordies) however when you lump the areas together as the North-East of England then you will generally find this region to be the first into a recession and the last out and I expect the same to be true regarding a house price correction.

    I was talking to someone yesterday regarding their 4 Bed (NE postcode) detached that has been on the market for approx 18 months and Halifax (EA) are now suggesting marketing the property at below £160K – there is definite downward price pressure in this part of the country.

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