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UK House prices: News & Views


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Does that mean there won't be any more MEWing to buy the newest SUV? :o

 

http://www.telegraph.co.uk/finance/economi...ive-equity.html

Bank of England says 1.1m homeowners in negative equity

...

The number of homeowners whose mortgage is more expensive than the value of their property has reached the peaks of the 1990s recession in just 18 months. In the last recession, "it took almost six years" to 1995 for the number of those in negative equity to hit 1.1m, the Bank said in its quarterly bulletin, published on Friday.

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  • 2 weeks later...

BTLet-ers? Hit 'm with a brick - Reality !

Bullish sentiment in BTL. Is that really a buy sign?

==================================

 

(Bubb tells it like it is on the "dark side", the LandlordZone. Will they publish the post?)

 

You don't get it, do you?

The best time to BUY will be when prices are low, and sentiment is NOT bullish.

 

Bullish sentiment, during this brief "false spring" Dead Cat bounce of 2009, is just another reason to stay away.

I'm a landlord, making money, and selling down. But I'm not in the UK, which is only a place for fools and suckers.

 

(in responds to this nonsense):

Buy-to-let investors maintain positive sentiment

June 23, 2009

 

Research by the Young Group has revealed increasing numbers of buy-to-let investors are keen to return to the market as they believe property prices will stabilise and rise during the next 12 months.

 

Results from its Q2 2009 survey of investor market sentiment show that increasing numbers of residential property investors are considering purchasing additional UK properties within the next 12 months.

 

London remains the preferred location for investors; 52% are considering buying additional property in the capital – an increase of 12% on the previous quarter (although still 8% down on Q2 2008). The trend is not only confined to London, with 30% of investors considering adding UK assets outside of the capital to their portfolios – compared to 24% in the Q1 this year.

 

The outlook for property prices shows a similar trend, with investors becoming increasingly positive; increasing numbers predict that prices will stabilise and/or rise over the next twelve months. Almost three-fifths of investors believe that London prices will be at current levels or higher by this time next year

 

/more: http://www.landlordzone.co.uk/blog/news/bu...itive-sentiment

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LOL.

Very good. Captures the HPC mentality perfectly.

the right time to buy will be when everyone is afraid, perhaps because of the spread of BFC thinking

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  • 2 weeks later...

http://www.bloomberg.com/apps/news?pid=206...d=axMDObJEk6eA#

Delinquencies on U.S. Home-Equity Loans Reach Record (Update1)

 

By Margaret Chadbourn

 

July 7 (Bloomberg) -- Late payments on home-equity loans rose to a record in the first quarter as 18 straight months of job losses and a slumping economy left more borrowers unable to pay their debts, the American Bankers Association reported.

 

Delinquencies on home-equity loans climbed to 3.52 percent of all accounts from 3.03 percent in the fourth quarter, and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group reported today. An index of eight types of loans rose for a fourth straight quarter, to 3.23 percent from 3.22 percent in October through December, the group said.

 

The number one driver of delinquencies is job losses, which we’ve seen build and build,” James Chessen, the group’s chief economist, said in a telephone interview. “Delinquencies won’t come down without a dramatic improvement in the economy and businesses will have to start hiring again.”

 

http://finance.yahoo.com/taxes/article/107...od=taxes-filing

In the Inland Empire of California, near Los Angeles, Joylette Lynch, 70, is challenging the assessed value of her home as she tries to scrape together $1,158 a month to pay her mortgage, taxes and other bills. Her two-bedroom house in a community for older residents was worth as much as $280,000 three years ago, but houses on her block are now selling for less than $100,000.

-30% my @rse.

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-30% my @rse.

In the Inland Empire of California, near Los Angeles, Joylette Lynch, 70, is challenging the assessed value of her home as she tries to scrape together $1,158 a month to pay her mortgage, taxes and other bills. Her two-bedroom house in a community for older residents was worth as much as $280,000 three years ago, but houses on her block are now selling for less than $100,000.

 

The state is depopulating! Prices are still too high for that

 

Where are they going?

Houston, Denver ... Energy places

 

California has "shot its wad", betting on cheap oil, and Suburbs forever ! Its soooo over!

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The state is depopulating! Prices are still too high for that ...

These houses in Madison, IN, that I wrote about some time ago and that are listed at such incredibly low prices, they still have to go further as well IMO. And there it is not necessarily because of the demographics. Some of the houses in Indiana, in the middle of an unfinished subdivision in the middle of nowhere, they might have gone from $300,000 to $150,000, but I see no reason why they should be worth more than $50,000 - $70,000.

 

OMG..... still got a mortgage at 70!

That's the other thing I don't get. Also, what bank would dish out mortgages that run for longer than, say, an age of 70?

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http://www.telegraph.co.uk/finance/persona...nd-on-rent.html

Tenants fall behind on rent

Letting agents are reporting seeing a rise in the number of tenants struggling to pay their rent as unemployment rises, research showed today.

 

 

Published: 11:33AM BST 06 Jul 2009

 

Around 65pc of agents said they had seen an increase in the number of people falling behind with their rent in the past six months.

 

A further 93pc said they had also seen a rise in the number of tenants haggling with landlords about rent since the beginning of the year, according to the Association of Residential Letting Agents (Arla).

...

also likely to be due to people trying to cash in on falling rents due to an oversupply of properties available to let.

...

“There’s been a lot of talk about the Homeowner Mortgage Support scheme of late but as far as I can see, tenants are being forgotten completely. That’s inexcusable in a climate such as this.”

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... This should effect sentiment if it is not ignored by the media. ...

BBC reported it. Still, most articles always try to put a positive spin on housing data releases. When will these idiots understand that only cheap houses are good houses? :o

 

http://www.bloomberg.com/apps/news?pid=new...id=aMwEo6DH4TP4

UK June Home Values Unexpectedly Fall, Halifax Says

Dude, yeah, unexpected, but only for people working at Halifax (substitute any other UK bank name). :lol: Excuse my French, but FFS, why is the whole banking system full of retards?

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http://www.telegraph.co.uk/finance/economi...lifax-says.html

House prices drop to 2004 levels, Halifax says

House prices have returned to 2004 levels after a drop in prices last month, Britain's biggest mortgage lender has disclosed.

I remember, the first time someone in the UK told me that I would have to buy a house because prices only ever went up and one would have to get on the "property ladder" was in 2004.

 

"Ladder" my @rse. It's a bl00dy precipice (see forecast in signature).

 

Peter Bolton Kind, chief executive of the National Association of Estate agents, said: "It is no secret that many people consider bankers to be responsible for the mess the economy is in. The very least they should do is to take appropriate steps to help us to recover."

Heck, no, let's not blame it all on the banksters. Yes, some of them are retarded, but so are some estate agents and some property buyers.

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... the banksters. Yes, some of them are retarded, ...

You couldn't make this stuff up, could you?

 

http://www.guardian.co.uk/money/2009/jul/0...gage-nationwide

Nationwide offers 125% mortgages

 

Nationwide says 'negative equity' mortgage will only be available in special circumstances

I sincerely hope Nationwide will go bankrupt asap with no bailout.

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You couldn't make this stuff up, could you?

 

http://www.guardian.co.uk/money/2009/jul/0...gage-nationwide

 

I sincerely hope Nationwide will go bankrupt asap with no bailout.

 

:angry: :angry: :angry: FFS! I Moved my current account from HBOS to NW to get away from this $h!t.

 

The offer is only being made to existing Nationwide mortgage customers who are in negative equity but want to move home and borrow more.

:angry: Why don't they buy a house costing LESS?

 

Those who fit the bill will be able to take out a fixed-rate deal, borrowing 95% of the new property's purchase price, plus all of the negative equity relating to their existing property.

...

Ray Boulger at mortgage broker John Charcol described the case of a family who sell a house for £180,000 with a £200,000 mortgage on it to move to a property costing £250,000. Under this deal, Nationwide would lend them 95% of £250,000, £237,500, plus £20,000 of negative equity, which adds up to £257,500.

:angry: Hang on a sec. In the above example; the person has £12.5k. They could have paid 63% of their NE by themselves! AND saved up to pay the remaining 27%

 

It's not about additional borrowing or additional risk

:blink: You really couldn't make it up :rolleyes:

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:angry: :angry: :angry: FFS! I Moved my current account from HBOS to NW to get away from this $h!t.

 

 

:angry: Why don't they buy a house costing LESS?

 

 

:angry: Hang on a sec. In the above example; the person has £12.5k. They could have paid 63% of their NE by themselves! AND saved up to pay the remaining 27%

 

 

:blink: You really couldn't make it up :rolleyes:

 

I'm lost for words.

 

Just finished watching Newsnight. It seems the banking white paper is a toothless tiger and will basically change nothing.

 

There was also a feature on pensions and a discussion on the financial illiteracy of those in their teens and 20's. The pensions minister (or whoever she was) was going on about how we need to develop programmes to educate people on their financial options: she then gave the following example "for instance, people should understand that if they save in an ISA their money will be safe and will not be lost"!! WTF.

 

I dispair at these banking and political f&ckwits.

 

Am off to watch The Wire.

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I'm lost for words.

 

Just finished watching Newsnight. It seems the banking white paper is a toothless tiger and will basically change nothing.

 

There was also a feature on pensions and a discussion on the financial illiteracy of those in their teens and 20's. The pensions minister (or whoever she was) was going on about how we need to develop programmes to educate people on their financial options: she then gave the following example "for instance, people should understand that if they save in an ISA their money will be safe and will not be lost"!! WTF.

 

I dispair at these banking and political f&ckwits.

 

Am off to watch The Wire.

 

Newsnight made my blood boil tonight. That arrogant pensions' minister really annoyed me…..

 

and the blonde girl. She was a ‘Senior Pensions Researcher’. They asked her a load of patronising questions because she was young. FFS! she’s a pensions researcher (a senior one)…. Why the **** didn’t they ask her any thing about her research?

 

“Have you got a pension little girl? :mellow:

 

gggrrrrr.

 

I was hoping she would reply with…

 

“I can’t save because I’m over taxed paying for your ******* benefits package and overpriced property pensions :angry:

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...some of them are retarded, but so are some estate agents and some property buyers.

 

SingingPig.co.uk is full of them... and they think themselves as "oh-so-clever" contrarians to be buying now.

 

Enthused bag-holders, more like !!

 

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I remember, the first time someone in the UK told me that I would have to buy a house because prices only ever went up and one would have to get on the "property ladder" was in 2004.

 

"Ladder" my @rse. It's a bl00dy precipice (see forecast in signature).

 

More like "property snakes and ladders" :lol:

 

Snakes-and-Ladders-Map.jpg:lol:

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Wow - that Nationwide story - make me boil too !

 

This part:

"

Nationwide seemed keen to dampen excitement about the move. It described the new mortgage as a "very niche" offering which it was not actively promoting. The offer is only being made to existing Nationwide mortgage customers who are in negative equity but want to move home and borrow more.

. . .

Nationwide's deal could be particularly useful for people who needed to move because of a new job or a baby on the way."

 

So here may think me a right wing fanatic.

But should they be having a new baby AND MOVING TO A BIGGER HOME, if they cannot afford it?

 

Some people are more responsible than that.

 

It greatly p---es me off that the responsible one will wind up picking up the pieces for the irresponsible

 

Bring back debtor prisons and orphanages !! (ok, time to crawl back into my cave.)

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I’ve come up with a brilliant idea for a TV show. It’s called ‘Celebrity House Price Crash’

 

The owner of JJB has his put his house up for sale. Burn baby :P

 

http://www.rightmove.co.uk/property-for-sa...ncludeSSTC%3Don

 

(I actually think he’s got a good chance of shifting it for around his asking price. I know people who live in the area and they have little sense and lots of money)

 

More like "property snakes and ladders" :lol:

 

[image]

Joking aside: They’ve renamed the TV show to ‘Property Snakes & Ladders’ this year

 

http://www.channel4.com/4homes/on-tv/property-ladder/

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I have recently been thinking about houseprices, and put together some TA charts. I almost never put this up because I feel the results are not what I 'expected' and I was afraid you lot would think I was a few fries short of a happy meal.

 

Anyway, publish and be damned as they say:

 

First pic - HPC chart with Fib retracement from high to low.

 

2e4kf3d.png

 

Nothing too worrying there; but it made think about the earlier peaks and so I added some fib retracements to them...

 

2enrxq1.png

 

So, what does it mean?

The leftmost green fib shows that the 70's peak fell to the 38.2% level with 3 years up and 4 years down.

The middle red fib shows that the 89 peak fell to the 23.6% level with 6 years up and 7 years down.

The rightmost blue fib is where I go a bit loony tunes and try and predict the future based on my observations of the past. So the next fib in the sequence would be 14.6%, and as we had 11 years up it will take 12 years down (again following the past up-down sequence/pattern). This is around the £91k mark for the average house in 2019.

 

Now, the reason I am perplexed is that one side of me does not believe that the powers-that-be would allow so much pain. They 'should' be able to debase our currency and inflate us out of this mess. Good for my gold and silver...

 

The other side of me worries that maybe 'they' can't do anything about this, due to other foreign banksters, and the best to hope for is a slow 12 year grind to the bottom. Not good for my general well being...

 

Please discuss, shoot down but don't ignore!

:lol:

 

 

 

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