Uk's Housing Crash !

[happylarry]

Housing market meltdown as number of new mortgages plummets by 70%

Home loan approvals slump 70% in a year <LI>Repossessions soar by 300% <LI>Estate agents report dramatic fall in home sales <LI>Ratesetter voted to INCREASE interest rates, BOE minutes show

UK's going to the dogs....for all its faults here in Thailand I for one am very glad to be here.

It looks like the property business in the UK is really heading for a crash. Some are saying its good because it will bring prices down so that the younger people can afford to buy again, but you have to feel sorry for the ones that have bought in the last couple of years using big big mortgages.

Any views?

HL

[tw25rw]

I think it's great, personally. It's been coming and anyone could see it. Looking forwards to realistically priced real estate soon.

[Chaimai]

Housing market meltdown as number of new mortgages plummets by 70%

Home loan approvals slump 70% in a year <LI>Repossessions soar by 300% <LI>Estate agents report dramatic fall in home sales <LI>Ratesetter voted to INCREASE interest rates, BOE minutes show

UK's going to the dogs....for all its faults here in Thailand I for one am very glad to be here.

It looks like the property business in the UK is really heading for a crash. Some are saying its good because it will bring prices down so that the younger people can afford to buy again, but you have to feel sorry for the ones that have bought in the last couple of years using big big mortgages.

Any views?

HL

Another mis-leading heading (or at least premature).

A crash relates to prices ie as in 1990- where prices dropped 30% +

Now we have a correction in the order of 7% - 10% but the credit squeeze, press sensationalism, lack of confidence etc has resulted in buyers going to ground. As long as buyers can tough it out there is no rationale for a crash (remember 1990 we had high unemplyment -3m?- double digit inflation and double digit interest rates).

The OP has probably identified the area that any recover will come - stimulation of the FTB end of the market.

Gordon Brown, where are you

[Kevin17]

Housing market meltdown as number of new mortgages plummets by 70%

Home loan approvals slump 70% in a year <LI>Repossessions soar by 300% <LI>Estate agents report dramatic fall in home sales <LI>Ratesetter voted to INCREASE interest rates, BOE minutes show

UK's going to the dogs....for all its faults here in Thailand I for one am very glad to be here.

It looks like the property business in the UK is really heading for a crash. Some are saying its good because it will bring prices down so that the younger people can afford to buy again, but you have to feel sorry for the ones that have bought in the last couple of years using big big mortgages.

Any views?

HL

Another mis-leading heading (or at least premature).

A crash relates to prices ie as in 1990- where prices dropped 30% +

Now we have a correction in the order of 7% - 10% but the credit squeeze, press sensationalism, lack of confidence etc has resulted in buyers going to ground. As long as buyers can tough it out there is no rationale for a crash (remember 1990 we had high unemplyment -3m?- double digit inflation and double digit interest rates).

The OP has probably identified the area that any recover will come - stimulation of the FTB end of the market.

Gordon Brown, where are you

As far as I am concerned prices can't fall far enough. For one the payout to my cheating ex wife will be less and so what if my house isn't worth as much as it used to be. Makes naff all difference at the end of the day. At least my kids will stand half a chance of buying somewhere.

[haltes]

I don't hope it falls, I hope it plummets.

Greed and willingness of banks to overextend themselves have caused this situation. If the FSA had had any balls they would have stopped banks lending such huge amounts and that would have stopped house prices rising to such unrealistically high levels.

It's been a long time brewing but it's going to be a rough ride and hopefully prices might be more affordable for normal people.

[glyph]

bingobongo, known as "koko the monkey", is a moderator of a website that gleefully covers this situation in mind-numbing detail.