Tradefair & Financials
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UK housing market 2008 and beyond .........
UK housing market 2008 and beyond .........
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Replies: 5,668
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LOL
The number of new tenants signing up for rental property soared to an unprecedented 50,480 in the second quarter of 2010, according to the UK’s largest lettings agent Countrywide. The group reports that, after this 16% rise, a further record 20,000 new entrants to the rental market subsequently registered during the month of July alone. This burgeoning demand is in stark contrast to the number of rental properties coming to the market. In the three months to June 2010 the number of homes available for rent dropped by 6%. Countrywide's latest quarterly survey also indicated that this June‘s hike in Capital Gains Tax for buy-to-let investors (from 18% to 28% for higher rate taxpayers) has done nothing to deter new landlords entering the sector, with 6% more first-time investors coming to the market in Q2. Excess demand has pushed up average rents, with four bed family homes seeing the greatest price of 4% compared to the first quarter to £1,090 per calendar month. You are talking out of your backside Sharky as usual |
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Washington
I can assure you that living in Bognor is andf infinately better lifestyle than living in the City. As a family man , teh beach is great , teh parks are good and most decent homes have a nice bit of space with a garden. Roads are quiet and it is a safe place to live. If you earn decenmt money in a place like Bognor you can have a great life!! Problem is , wages are low, with maufacturing and Agricultural jobs being the norm. |
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Sharky was only replying to your comment that there was NO rental properties available in Bognor.
You said there was NONE and Sharky found 80+ available. How does that equate to Sharky talking out of his backside? Why did you say there was none when you knew that it was untrue? |
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Utd Fan 11 Jul 10 15:35
My house is up for sale and I popped into my estate agents yesterday and directed them to remarket the property with a 2.5% lower asking price. I was in the estate agents for around an hour and the phones were very quiet and nobody called in during that hour. In 2007 the house next to me went for 22% higher than mine is asking at. I live in one of the most desirable places in the north of england ten minutes walk from the city centre. If it is like this in my area then I would expect it to be much worse around the country. People cant keep talking up the market and throw incorrect stats around. London has its own market so that cant really compare to the rest of the UK. Great anecdote from Utd Fan on the reposession's thread telling it as it is , it chimes well with what is happening here on the south coast , supply increasing , tight lending condition's , lot's sale's falling through and sentiment growing that worse is to come Super Happy Update on this, since lowering the price I recieved my first offer on Tuesday 14% under the asking price from an investor. I am taking my house off the market on Tuesday, nothing is moving at the moment and I am just glad I am not desperate to sell. I thought I could get a quick sale before the slump with a brand new kitchen and bathroom and competitive price - but I failed. Anyone that tries talking up the market is talking out of ones backside, its on the slippery slope down just like the early 90s. I live just outside the City walls of York for anyone interested to compare with respective UK prices. |
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Bring out your chisel. Bring out your chisel.
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And Charlie Bean, the Boe Deputy Gov, has issued a paper at the Jackson Hole bankers' conference which is interesting reading for the future of the UK housing market. He is proposing 'direct constraints' on lenders to regulate the maximum LTV ratio. The FSA has said this does not go far enough and wants all borrowers to be checked to ensure any loan they take is affordable, in the FSA's eyes, ie under a variety of interest rate scenarios. Given were rates are now, that is another negative for lending.
Osborne has promised legislation in this area in the autumn. It seems the coalition and the financial authorities are at one here - they all want to put measures in place to prevent another house price boom and its inevitable bust. Short-medium term painful for some, but surely common sense for the longer term. |
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"The FSA has said this does not go far enough and wants all borrowers to be checked to ensure any loan they take is affordable"
Eh, whats this all about then ;) |
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"The FSA has said this does not go far enough and wants all borrowers to be checked to ensure any loan they take is affordable"
These guys at the FSA are just so on the ball , 6 years after it was clear the market was overheating and 3 years since the credit markets seized up they want to go back to the old ways of making sure borrowers can afford to pay back their debts .... |
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The Government’s new regulators will be tougher on firms than the FSA in a bid to prove their worth ahead of the 2015 election, says City law firm Reynolds Porter Chamberlain. The Government announced in June that the FSA is being transformed into a prudential authority as a subsidiary of the Bank of England. A new body, the Consumer Protection and Markets Authority, will regulate all authorised firms. The transition is due to take place in 2012. You lunatics simply do not understand teh cahnges over the past 3 years. ALL mortgages require advisers to have proof of income. ALL lenders have affordability calculators to confirm customers affordability. There are no 95% mortgages. It is simply astonishing that any of you believe things can get ANY tougher for mortgage lending. 90% mortgages are so expensive that borrowers need to be desperate to consider them. There is no signo of things getting easier at high loan to values , although for those with 25% equity you csan now get a FIxed rate for 5 years under 4%! This is a great rate. I still maintain that interest rates can not increase , and will not increase for a prolonged period of time. The economy is stalling, and is nowhere near getting back to pre recession level.Auterity has barely started and some clowns are talking Base rate increasing to 8%... I will agree with you all and say that if Interest rates increase to 6% any time in next 3 years there WILL be an almighty property crash. I f rates stay where they are there will be No crash |
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For some strange reason I have a mental image of a sombre looking man in a suit standing on a charred piece of grass where a stable once stood. He has a bolt in his hand and he is looking at a horse wondering how he is going to get it back into the charred remains of said stable. Politicians, generals, civil servants all have one thing in common. They all fight the last war, election or crisis.
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So either property prices hold up and we pay £10 a litre for fuel and £5 for a can of baked beans OR we have a property crash.
Hmmm, best get myself a bike and start growing my own veg. |
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If you are paying those kind of prices for fuel and food how do you suppose property prices are going to be maintained in real terms? Or are you suggesting crash by monetary default?
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Are we not in a period of monetary default by stealth already, RPI up over 5%, CPI above 3% and interest rates languish at 0.5%
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Yesterday the BoE announced that July net mortgage lending was £86 million, the 3rd lowest monthly figures on record since the data series started in 1993. Last year the monthly net figure averaged £1 billion, and at the peak of the market it hit £1o billion.
People are not stupid - they are aware things are going to get a lot tougher before they improve. PS the Charlie Bean and FSA comments refer to FUTURE changes in the lending market. The tightening of lending criteria are going to be legally enforced. The authorities want to make mortgage lending tougher and they have the tools to achieve it. |
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I had to check that story out Pangloss, apologies you were completely right.
http://uk.reuters.com/article/idUKLNE67U01220100831 The sentence that really made me laugh in this article: "A relative bright spot was unsecured lending to consumers, which rose by 173 million pounds last month versus economists' forecasts for it to remain little changed on the month." How is that a relative bright spot? |
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You lot make me laugh . The number of mortgages approved was actually up to 48722. You are mis interpreting the figures I am afraid. The nw figures are net of money repaid , and suggests that many are paying chunks off of their mortgages or paying extra each month.
If you take teh figure sas read it suggests that the average mortgage is just £1765!! Contrary to what you say, this reduction of net lending suggests that the banks must now have more money on tehir balance sheets as more money is repaid by consumers. Rtaes are definately improving at 80 and 85% , and it must be only a matter of time before 90% rates are reduced also. Finally, I can stress to you that the banks are very thorough with regards to how much they are able to lend. I masure that they will have no fears at all about any replacement to teh FSA.. I certainly have no fears at all! |
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http://www.guardian.co.uk/money/2010/sep/02/house-prices-fall-second-consecutive-month
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http://www.guardian.co.uk/money/2010/sep/
02/house-prices-fall-second-consecutive-month |
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Thanks Chisel,
I did know the meaning of the word "net" before your slightly illiterate explanation but glad you found your own confusion funny, probably for the best, maybe the reason for your constantly sunny disposition. |
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does express newspaper live on diff planet
they said house prices going up £91 a day is that princess dianas late mortgage |
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House prices fell for the second month in a row in August, according to the Nationwide building society.
Prices fell 0.9% last month, following a 0.5% decline in July, Nationwide said, adding that it was the first time that prices had fallen for two consecutive months since February 2009. I thought chisel would have been along to explain when a crash isn't a crash. |
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Two down momnths certainly do not make a crash!! I actually stated that prices were not going to rise and would probably dip slightly.I can see very little house price growth for the forseeable future as I have mentioned various times this year.
Flats are the big problem. No one seems interested in them these days. I would say that the last 2 months has seen 10% knocked off most in my area. Houses are actually holding up quite well, and I have seen an increase in teh number of sales being set up over the past 2 weeks. Not much buyer interest , but generally THose that are looking are serious buyers |
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Well pin your colours to the mast. From the high point give us a prediction of how slightly they will "dip". That way it will be preserved for prosperity. I say at least another 15% off from here.
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probably not preserved for chisel's prosperity....i say they'll drop to at least 15.01% below the present level at some time in the next five years ;)
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I would say no chance of a fall in excess of 10% . I would say a 30% chance of 5-10% and a 60% chance of 0-5% and a 10% cvhance of them being higher in 1 year than from YESTERDAY .
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What if we were to measure house prices by the price of a litre of diesel, the price of a loaf of bread, or the price of an ounce of silver?
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chisel Joined: 19 Sep 08
Replies: 1525 05 Mar 10 08:52 3 month sincluding the one just passed. Pesonally I do not think we will see two consecutive falls but just covering my arse. If pices fall 3 months in a row with record low interest rates then we are in more trouble than I imagined Just one month to go then! |
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Two question here that need answering:
‘’How much inflation are we going to get because of QE?’’ ‘’How much inflation will they allow before they push up interest rates?’’ I can’t be sure about either, but inflation looks very likely because of QE, and I don’t think they will hang about before they raise interest rates. You can put me down as a housing market bear if that is correct. |
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chisel 03 Sep 10 10:37
Flats are the big problem. No one seems interested in them these days. I would say that the last 2 months has seen 10% knocked off most in my area. Hey chisel , remember your local vicar and the 70 year old guy you told us about from a year ago who were both unhappy about the return on their savings and so with your advice and guidance took out BTL mortgages on a flat each that you now say are valued at 10% less plus if their flats become vacant their be competing with over a 100 other flats in your town to find a good paying tenant , bet these 2 amateurs wish they'd stayed in cash earning 3% than facing a capital loss etc. etc. . They must feel a right pair of chumps but at least you got your commision .... you disgusting individual  |
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Blimey, is this thread still going? 25k for a flat just 30 minutes from central London:
http://www.rightmove.co.uk/property-for-sale/property-29607962.html |
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Sharky
The vicar bought a good quality flat at a very good price. He would easily make a tidy profit desopite recent falls . The 70 year old chap bought a bungalow for 165k , which he could easily sell now for £195k. They have actually done very well, as they bought at the very bottom of the market(or not far off it!!) Why do you think that everyone has done badly out of property the past 2 years?? Why do you think that they have not done well? Are you on some kind of narcotic these days. You still claiming benefits as you have no taxable income to speak of? |
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Stars in your eyes, little one
Where do you go to dream To a place, we all know The land of make believe. |
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They must feel a right pair of chumps but at least you got your commision .... you disgusting individual
There you go again, getting personal!! I will not stoop to your level. I have made it clear on numerous occasions that I beleive people are capaable of making their own financial decisions, and as long as someone doesnt lie to accomodate their aspirations there is no problem. I look after my customers as well as I can, and despite a tough few years I have had no complaints.. |
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chisel 07 Sep 10 10:11
The vicar bought a good quality flat at a very good price. He would easily make a tidy profit desopite recent falls . ONLY LAST WEEK YOU WROTE ..... chisel 03 Sep 10 10:37 Flats are the big problem. No one seems interested in them these days. I would say that the last 2 months has seen 10% knocked off most in my area. So clown what your saying is flats are a big problem UNLESS it's a quality flat bought by a vicar ?? |
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You still claiming benefits as you have no taxable income to speak of?
Getting the same benefits as you know doubt, child benefit and child tax credits ....... and despite a tough few years I have had no complaints.. As if your going to admit to any unhappy customers on here ...... |
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The vicar bought a good quality flat at a very good price. He would easily make a tidy profit desopite recent falls .
You have been making a mug of yourself for so long you seem to have become addicted to it! |
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Boys
The vicar bought a falt at the very bottom of teh market, and although prices are falling they have not fallen to the level that he bought at!! And absolutely I would admit it if I had unhappy customers. I have no problem in being honest. Did you also notice that Halifax house price index rose again, for teh second month running. It appears that the traditionally Northern lender is seeing rises and the Southern lender based in Swindon is seeing falls. This suggests that theri figures may be slightly skewed by where they do business.. Not all bad news though is it. Certainly no crash coming!! |
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Sharky , if you have no taxable income because you choose not to work you may well be recieveing very high amounts of tax credits. You probably claiiming job seekers allowance also? Some would say it is cheating the system?
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The vicar bought a falt at the very bottom of teh market, and although prices are falling they have not fallen to the level that he bought at yet
Corrected for you. |
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chisel Joined: 19 Sep 08
Replies: 1531 26 Feb 09 14:49 My 70 year old guy is buyina 2 bed semi det bungalow being marketed for 165k . They are paying £135000 for it! |