Tuesday, June 10, 2014

Property is heading for a correction

London property is heading for a long-overdue correction

Demand I being restricted by tighter lending controls

Posted by neil @ 07:35 PM (3466 views)
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8 thoughts on “Property is heading for a correction

  • sibley's b'stard child says:

    Money Week are long overdue calling it right.

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  • Well, I’m putting through a mortgage application with nationwide right now, decided to take the plunge, and the process is very easy. MMR questions were not difficult for me.

    Incidentally, whilst borrowing applicants were down, actual lending was not. This suggests that those who pass MMR will benefit from better interest rates than before, not having to compete with morons, and they will borrow more.

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  • Well, I’m putting through a mortgage application with nationwide right now, decided to take the plunge,

    EVERYONE is bullish on UK house prices these days. It’s wonderful…..and it IS different this time.

    What could possible go wrong?

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  • bidin'matime says:

    When the last bear turns bull…

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  • The cover story on the latest issue of moneyweek also speaks of an 18 year property/economic cycle which estimates the next proper crash happening around 2025. Will be interesting to see who’s correct.

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  • I’m not suddenly bullish. Its just that I landed a well paid job, got offered some cash from parents, and found a good value, doer upper that I can afford. One I can extend to turn from a two to a four bedroom house without even requiring planning permission. Have been offered a 10 year fixed rate mortgage, so just thought to go for it.

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  • I would be interested to know if the amount your lender would let you borrow was less post MMR?
    In support of the housing correction in the emails property alerts I receive from Rightmove 8 out of the 15 properties in the Tooting area were marked as ‘reduced’ presumably because the previous buyer couldn’t get the funds. Plus the share price (which I always think is a good leading indicator) of both Rightmove and the builders are down over 20% from their peak earlier in the year.
    If only the BOE would actually act on increasing interest rates rather than just talking about it and then maybe there may be some significant drops. Anyone would think there is an election coming up…oh hang on!

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  • I’m not suddenly bullish. Its just that I landed a well paid job, got offered some cash from parents, and found a good value, doer upper that I can afford. One I can extend to turn from a two to a four bedroom house without even requiring planning permission. Have been offered a 10 year fixed rate mortgage, so just thought to go for it.

    Nice one, but what area are you buying in?

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