Recession

[User removed 4]

If you think they'll drop 35% you're living in Cloud Cuckoo Land...

if you are convinced they wont then i think you are mate

 

[trueblue]

These are all people who have taken advantage of or benefited from of the amount of cheap credit available. I think your attack might be better aimed at those who provided it,

1) Politicians
2)Bankers
3)The Financial Services Industry

Spot on. These are the ones - particularly in the financial sector - who've made fortunes and now seem set to walk away scot-free while the rest of us deal with the mess. And when we reach the worst points of the downturn, they'll be laughing with all those cheap shares on offer.

 

[hitony]

I feel sorry for the honest hard working day to day people who get laid off, and people with large mortgages. However I don't feel any sympathy for

1) Property Developers
2) Solicitors
3) Estate Agents
4) People that own streets of houses

Sorry to be a bastard, but they are one of the reasons we are in the mess. Lets be honest they have had it bloody good, time to take the rough with the smooth.

I'm 33 years of age and still living at home and for me a recession is good news, if it brings the properties down to a reasonable price. Like so many other people in there 30's, I'm not looking to make money from any property, all I want is a roof at a sensible price.

What do you do for a living ?

 

[Chicken Run]

If you bothered to read what I said at the start I said that I feel sorry for the day to day average worker.

15 years ago I was about to buy a house, then the owners put the price up overnight and told me on the phone, "That's business". Then after this it happend again with another property.
In the process I lost over £1000 in solicitors fees. Then I lost my job on top of this twice. So this is why I show no sympathy, and why I think propery developers, solicitors and estate agents are greedy bastards.

People with rows of houses have pushed prices up, along with their estate agents and solicitors, they have all profited with minimal work.

And people have got greedy.

I am not interested in money whatsoever. All I want

1) Is to buy a house at a sensible price
2) A steady income
3) And most importantly my health.
4) I don't care for any profit on selling houses.

You need to vent your spleen on the consumer, the people in your naughty list were providing a service that most people were happy to pay for, why not have a pop at petrol stations while your at it for being greedy, or mayby airlines for pushing tix prices up?

 

[Uncle Spielberg]

At the end of the day it all comes down to greed.
Banks got greedy. [Lending to people who could not afford it]
Estate agents got greedy.[Bumping up property prices]
People got greedy.[Using there Houses as ATMS with two bedrooms attatched]
Now people are paying for the consequences of that greed.
Banks are going bust.
Esatate agents are closing down.
People are losing there houses.
The party is over.

Estate agents did not " bump up property prices ", houses sold for the value people were prepared to pay for them. Are the same estate agents now " knocking down property prices " for our benefit

 

[Uncle Spielberg]

I don't know where this 60% fall in the USA and 35% average has come from but it is Daily Mail/Express headline reporting to cause more hysterical and not based on fact at all. Prices fell 11% across the USA in the last 12 months. My best hunch at the moment is this is going to be a short sharp shock. I think the upturn will happen next Summer and happen FAST, in the meantime prices will fall 15-20% tops. The thing is to time your move right as when it turns prices could go up 15-20% just as fast. I predict property prices will be higher than they are now in 2 years time.

 

[Stumpy Tim]

if you are convinced they wont then i think you are mate

Not a chance. They might fall, but not that much. A far larger proportion of mortgages were subprime in the US than in the UK (and Australia). Also, the economies in UK & Australia are far stronger than in the US where Clueless George seems to have rundown everything.

I'm not saying tricky times aren't ahead, but I am convinced prices won't drop 35%

 

[Uncle Spielberg]

Stumpy Tim is right.

 

[tip top]

I predict property prices will be higher than they are now in 2 years time.

Pretty safe bet that they will be lower then.

 

[User removed 4]

I don't know where this 60% fall in the USA and 35% average has come from but it is Daily Mail/Express headline reporting to cause more hysterical and not based on fact at all. Prices fell 11% across the USA in the last 12 months. My best hunch at the moment is this is going to be a short sharp shock. I think the upturn will happen next Summer and happen FAST, in the meantime prices will fall 15-20% tops. The thing is to time your move right as when it turns prices could go up 15-20% just as fast. I predict property prices will be higher than they are now in 2 years time.

i really think that is an overly optimistic view, the present fall in house prices is based on the lack of credit available , this will( in my view) accelerate over the next few months as sellers panic and the next slew of falls will be recession based as unemployment becomes more and more prevalent.

 

[Hunting 784561]

House prices DID drop on average by -30% in the 90's recession, but most pundits are saying things will not be nearly so bad this time.

Interest rates are a lot lower now, compared to then, for example.

 

[lighthouse]

Estate agents did not " bump up property prices ", houses sold for the value people were prepared to pay for them.

Correct. Ultimately the state of the economy is a reflection of human behaviour; as is the fact that when things aren't going so well they look for someone else to blame.

 

[Uncle Spielberg]

i really think that is an overly optimistic view, the present fall in house prices is based on the lack of credit available , this will( in my view) accelerate over the next few months as sellers panic and the next slew of falls will be recession based as unemployment becomes more and more prevalent.

Its all about supply of money I agree, I should know I am trying to get supply of money for my clients but I think the players will be back in by mid 2009 and when they do and the mortgage rtes come down and the criteria slackens, first time buyers will get on board and people will move . one of the huge obstacles in this country is stamp duty at 3-4% , if Darling reduced that to 1% acorss the board the market would move even more.

 

[lighthouse]

People with rows of houses have pushed prices up, along with their estate agents and solicitors, they have all profited with minimal work.

Are you mad with these people, or mad with yourself for not having the foresight to have been part of it?

 

[Uncle Spielberg]

Estate agents have had an easy ride but my god they are not now and are working 60 hours a week to survive , not sure how the estate agents are slagged off as they do a heck of a lot of work on a proeprty transaction and some of it is vital and if they screw up your purchase could turn to hell.

 

[Uncle Spielberg]

Estate agents have had an easy ride but my god they are not now and are working 60 hours a week to survive , not sure how the solicitors agents are slagged off as they do a heck of a lot of work on a property transaction and some of it is vital and if they screw up your purchase could turn to hell.

 

[User removed 4]

Its all about supply of money I agree, I should know I am trying to get supply of money for my clients but I think the players will be back in by mid 2009 and when they do and the mortgage rtes come down and the criteria slackens, first time buyers will get on board and people will move . one of the huge obstacles in this country is stamp duty at 3-4% , if Darling reduced that to 1% acorss the board the market would move even more.

i understand what your saying but just dont think the taps are going to e turned on again any time soon, the Bof E has tried pumping liquidity into the interbank market to bring down libor but they( the banks) are just using this cash to shore up their balance sheets rather than the purpose it was intended for , i.e lending.

 

[Uncle Spielberg]

Estate agents have had an easy ride but my god they are not now and are working 60 hours a week to survive , not sure how the solicitors are slagged off as they do a heck of a lot of work on a property transaction and some of it is vital and if they screw up your purchase could turn to hell.


3rd time lucky

 

[beorhthelm]

Certain countrys in Europe have no mortgages, The government lend you the money for your house INTEREST FREE over as long as you need to pay it back. If you can't pay it back your kids get the house and they finish paying it back

where, not heard of that before. and is it open to all or effectivly along the the idea of right to buy?

Estate agents did not " bump up property prices ", houses sold for the value people were prepared to pay for them.

what do you call it then when estate agents go round towns and villages leafleting everyone that the prices in their street are up 10, 20, 30 % on last year to drum up business, somtimes even when there hasnt been a sale on the road? those that didnt sell remortgaged. you cant blame them for people believing it, but you blame the estate agents for seeding the idea and fueling the price inflation.

 

[Monty]

Estate agents did not " bump up property prices ", houses sold for the value people were prepared to pay for them. Are the same estate agents now " knocking down property prices " for our benefit

Spielberg you are about the only person who ever speaks sense (apart from your tips). How stupid must you be if you seriously think estate agents bumped up the prices?

Plus does everyone who hates estate agents seem to think they are earning a mint. I am a senior neg at a top estate agents, and trust me, the money isn't great, even at the peak of the market, we wernt rolling in it. So i work 8:30 til 6:30 and 6 days a week but apparently cant be included in the harfd working day to day category.

adrian29uk - u cock - why do you not like estate agents. Is it that you lost out on a house because someone bidded more and you, so just had to blame the estate agents.