Housing market is realy bucking up!

I have a permanent short list of 'saved properties' on RightMove. Permanent, that is, in the sense that it has rarely changed from one month to the next over the past year. Now things are different! In the last couple of weeks there have been six properties turning red for sold, all different - some houses, some bungalows, various prices, various locations (though all in Lincolnshire). This included one bungalow, one of my favourites, being sold ten days ago, then coming back on the market, and today being marked as sold again!

So I would suggest that the housing market IS at last picking up and that the latest optimism from the Halifax and others is well-founded.

MM

Reply to
MM
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LMAO - go check out

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- the article about the guy who runs American Express describing the housing market as "the mother of all bubbles" is interesting and articles from the likes of The Economist, Moneyweek and others forecasting a crash in prices of up to 60% - YES, SIXTY PERCENT in the next few years. The housing market is nothing more than a giant pyramid selling scheme. Easy credit as a result of 911 and the Western Governments not wanting a global recession has basically indebted the West's populations to a point where the recession is likely to be the first global depression since 1929!

Sorry mate, but too many of the World's top economists are now predicting a huge housing price crash but also a global economic disaster not seen in over 70 years! Why do you think gold is now worth $500 an ounce!????

Reply to
John Smith

So American Express is somehow whiter than white and not involved at all in facilitating this bubble?

60% in some areas would simply take prices back to where they were a couple of years ago, not a huge deal with low interest rates and lots of opportunities for those that didn't overstretch.

Because demand is outstripping supply. A billion Chinese wanting a bit of bling tends to cause things like this. The same thing is happening with the copper price as demand for hot water cylinders in Japan is going through the roof due to them dumping their old outdated combi systems in the skip.

Reply to
Matt

I wasn't aware that it had slumped.

Within something like 30,000 extra construction workers needed to build the Olympic facilities I don't know where 'they' are going to put them all. Any B&B landladies in east London must be rushing out to buy extra laminated "no overalls or boots in the residents' lounge" notices and rubbing their hands in glee.

Owain

Reply to
Owain

PMSL.

You mean those Rinsaid ones (or whatever they're called).?

Reply to
Andy Hall

Andy ROT13

(Ab vg'f whfg n jvaq hc sbe Qevooyr ohg vgf n cvgl ur qvqa'g ovgr, zhfg unir orra na rneyl avtug sbe ybpxhc)

Reply to
Matt

Jura Wbua trgf gbgnyyl gebhaprq nf ur unf orra bire gur ehoovfu bs gur qvrfry chzc qevivat n fcrrqb ur bsgra yvrf ybj sbe n juvyr. Ur arire nqzvgf n zvfgnxr. Fb jvgu n ovg bs yhpx crnpr naq dhvrg sbe n srj qnlf - be ybbx bhg sbe n arj anzr fcbhgvat gur fnzr byq penc.

Reply to
Dave Plowman (News)

Hz, vf guvf n cevingr pyho?:)

Reply to
Ophelia

Stop being naughty you two boys at the back!!!

Reply to
Tony Hogarty

Oh, yes. My RightMove shortlist didn't shift a single property for six months. The list was getting overly long, because I kept adding properties, but none was being sold. Prices were reduced, sometimes twice. Then there was one sold one week, another a couple of weeks later. Hardly an improvement. But in the past couple of weeks, there has been a noticeable change. Since this ties in with other reported optimism, I can only say that the market is on a slightly rising trend now.

MM

Reply to
MM

Make your mind up. Is it "slightly rising" or "really bucking up"?

MBQ

Reply to
manatbandq

Volume of sales increasing, fine. Price rise? The last thing needed.

Reply to
Chris Bacon

Reply to
Andy Hall

Experts never agree, I think because they know they are guessing, and if they all guess differently one of them will be right, then they can claim the experts are right! See the latest is that global warming is going to set us back to the ice age. What I could not understand with that argument it seemed to centre around the Gulf Stream cooling because the North pole is warming. Fine but surely as it gets cold "Up 't North" the gulf stream will get warm again.

Reply to
Broadback

Price falls/ rises happen in a free market. Whether you need them or not is irrelevant. Alas the housing market is not "free" because the gains from it aren't taxed. Imagine if we had to find other ways to make money

Reply to
Stuart Noble

The message from Broadback contains these words:

AIUI why they think the gulf stream my falter or even abandon our shores entirely is is because what drives the circulation of the gulf stream is the colder water sinking at the northern end of its run. With more icebergs melting off Greenland and now more fresh water flowing into the Arctic Ocean from Russia the salinity of the northern seas is reduced and with is the tendency to sink. I doubt if the gulf stream has much effect on the calving rate of Greenlands glaciers and it would have even less on the weather of Central Europe but if we lose the gulf stream we end up like Newfoundland and Labrador at a similar latitude on the other side of the pond.

Reply to
Roger

Yeah - I'm banking on them halving in the next few years or I'll be renting for the rest of my life the way it is right now.

Oh for 1995 prices. Or even 1969.

I did a calculation based on what my Dad paid for his old house in north Surrey in 1969 compared to what it's worth now (since moved, but estate agent websites have plenty for sale in the same road).

After inflation adjusting, I believe the price in 2005 is at least 5 times greater than 1969 in real terms.

That's insane.

Tim

Reply to
Tim S

And what would you income have been in ten years ago or your father's in

1969?

House prices have risen to match incomes or, more precisely, the amount available to pay a mortgage now interest rates are lower. Whether that will be a good deal in the long run, with no inflation to wipe out the debt is another matter.

Reply to
DJC

I have vague recollections of him getting 100 / week in the early 70's. Haven't got the inflation tables to hand but back tracking on my calculations I reckon that's worth maybe 40K / month now.

His house in 69 cost 6000. Now, it's more than 300,000, ie 50 times, allowing cumulative inflation in that period being a factor of 10, leads me to the 5 times in real terms.

There's no way he could afford the same house at today's prices, not even with a 35 year mortgage.

As for me, I know what my salary was in 1995 - bugger all due to being a civil servant - well when the JobCentre offers you a job you don't have a

*lot* of choice! Several job/employer/profession changes and incremental pay scales later it's considerably different. I don't know what my current scale point would have been in 95, but I'm damn sure it wasn't a third of what I get now which is how much my flat in Sutton went up 95-2004.

If you took my actual salary in 95, the I could comfortably afford my little flat and have a reasonable amount of padding in case if interest rate changes. If I bought my little flat today, I could only just afford it, despite a couple of promotions and a pay hike.

That's why it's crazy.

I feel sorry for people starting out.

Now where's that lottery ticket...

With respect, not in London they haven't. Furthermore, anyone maxing out a mortgage on a 35 year term, borrowing 5 x salary at today's rates has got to want their head examined. People were practically topping themselves in the late 80's when rates went up. Even in the early 90's I remember friends finding themselves with negative equity.

What's actually happening is that lenders are lending recklessly and people are being encouraged to max out with absolutely no comfort zone left. Couple of percent on rates and I reckon many will be bankrupted.

Tim

Reply to
Tim S

I've always felt that the inflation rate is something massaged by the government of the day to make themselves look the best they can.

A better measure would be how does the average house price compare to the average wage

or even

how does the average house price x the typical mortgage interest rate compare to the average wage

i think someone posted the chart here a few years ago, and the former figure suggested that prices had peaked, but the latter figure suggested that prices had a long way to go.

Reply to
Richard Faulkner

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