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Thread: House prices drop 1.9% in March

  1. #1
    Regular Member Deadman's Avatar
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    Default House prices drop 1.9% in March

    http://newsvote.bbc.co.uk/1/hi/business/7980813.stm

    Normal service resumed ladies and gentlemen. Beware of false dawns.

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    Administrator Big-Pete's Avatar
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    Im so glad your intent on cheering everyone up...

    Surely if ANY GOOD news on the recession was highlighted more people would start to feel more secure and hopefully spend again
    Doom and gloom threads like this will do nothing but make people feel insecure..

    Quote Originally Posted by Deadman View Post
    Nationwide says house prices are up and
    We have ghost towns from the Sun,
    http://www.thesun.co.uk/sol/homepage...cle2353113.ece
    1000 jobs are lost at a plane maker in Belfast,
    http://uk.biz.yahoo.com/02042009/140...aft-maker.html
    More pain from money week
    http://www.moneyweek.com/news-and-ch...omy-14706.aspx
    Gilts are looking shaky
    http://www.bloomberg.com/apps/news?p...p;refer=europe
    Cost of everyday essentials going through the roof
    http://www.dailymail.co.uk/news/arti...ual-bills.html
    Manhattan real estate tanks
    http://money.cnn.com/2009/04/02/real...ion=2009040204
    Some Swiss thing is cutting 1000 jobs
    http://news.bbc.co.uk/2/hi/business/7978199.stm

    Ho hum.

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    Regular Member Deadman's Avatar
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    Doom and gloom or realism Pete?

    I'll be sure to include some pictures of some flowers and a teddy bear in future posts to keep the forum fluffy.

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    Regular Member 67688c's Avatar
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    The Land Registry's report on the fall in house prices is the most reliable guide, and they too show another signicant fall in house prices.

    I think they will continue to fall a little further before bottoming out around Autumn. Although one or 2 area's may show some promise before then.
    Due to the very low interest rates on savings, my wife and I recently decided to make a offer on a property in Bredenbury, which is a small village about 4 miles from us, and this morning received a confirming letter back from the estate agent saying it had been accepted.
    As the offer was 15k under the asking price I think I've had a good deal especially as I thought the asking price was fair in the first place.

    Its our intention to rent it out once everythings been sorted, as rental properties in this area are rarer than hen with teeth. Makes more sense for us to do this than just seeing savings earning a pittance, also I believe the UK will have to devalue the pound before this year is out making it worth even less.
    Just hope I made the right decision..lol

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    Regular Member Deadman's Avatar
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    I hope you didn't pay more than the equivalent 2004 value Cameron.

    Good luck anyway

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    Administrator Big-Pete's Avatar
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    Well, I just wonder how come we are supposed to just dismiss yesterdays "slightly upbeat" news about a rise by Nationwide and we are supposed to believe todays "doom n gloom" news from Halifax who have lost billions of pounds and needed to be rescued by the Govt and Lloyds TSB..

    Nationwide are afterall the worlds largest Building Society, so surely they are more trustworthy than the Halifax, which is a company that deals in money and investments that has actually lost a hell of a lot of money? (the very thing its supposed to specialise in)
    Just confused a bit, I sold my house last year so its not of any interest to me at the moment, but i can't understand why people highlight the doom & gloom.. There's enough of that of TV which can't do the current climate any good!

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    Regular Member 67688c's Avatar
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    Quote Originally Posted by Deadman View Post
    I hope you didn't pay more than the equivalent 2004 value Cameron.

    Good luck anyway
    I actually felt quite sorry for the young couple selling it, it would have been re-possesed if they had been unable to move it, as they had both lost their jobs a few months ago, though she had just recently found another job. He was a driver with Argus and had stupidly been done for being over the drink limit and lost his licence, and his job as a result.
    Think he had been involved in some accident, but dont know the details. Not good for them though, They intend to move back into Hereford with one of the parents, a driving licence is essential out here especially when you have to find and travel to work.
    They had already lowered the price twice by significant amounts, so TBH I did feel a bit guilty by the offer I put in and was a little surprised when it was accepted, but I assume they would have been worse off in the event it had been re-possesed.

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    Regular Member 67688c's Avatar
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    Quote Originally Posted by Big-Pete View Post
    Well, I just wonder how come we are supposed to just dismiss yesterdays "slightly upbeat" news about a rise by Nationwide and we are supposed to believe todays "doom n gloom" news from Halifax who have lost billions of pounds and needed to be rescued by the Govt and Lloyds TSB..

    Nationwide are afterall the worlds largest Building Society, so surely they are more trustworthy than the Halifax, which is a company that deals in money and investments that has actually lost a hell of a lot of money? (the very thing its supposed to specialise in)
    Just confused a bit, I sold my house last year so its not of any interest to me at the moment, but i can't understand why people highlight the doom & gloom.. There's enough of that of TV which can't do the current climate any good!
    I think its more to do with the fact that there has been a significant increase in the number of mortgages being issued by Nationwide and others. There are some positive indications that building societies and banks are starting to lend more again, but considering the government has spent over 2 trillion one would expect there to be some movement of money even though its taking longer than expected to happen.

    Some area's in the country are reporting a slight increase in property prices, so I do think that property prices will definately bottom out this year, with indications of it already happening.

    The problem is, banks and financial institutions desperately need to raise interest rates if only to maintain their own survival, and I fear that towards the end of the year and possibly into next year interest rates will be going the other extreme. All this zero interest, and over 2 trillion of borrowing and spending , and all our banks virtually bankrupt, one does not have to be a financial wizard to figure out we need urgently to recoup some massive amounts of money quite quickly.

    Doom and Gloom... sorry matey, we haven't even started yet!
    Do you think that 2 trillion was a gift? Its got to be paid for, and somehow recovered.

    I read the recently that the country has borrowed more money in 2 years than it has during the whole total it borrowed during the last 300 years.
    Interest rates lowest since Bank of England opened in 1694.
    These statistics simply cannot be maintained, and will take decades of high interest rates to recover, if we ever do.

  9. #9
    Administrator Big-Pete's Avatar
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    Fair enough Cameron, You watch the doom n gloom, i'll be watching the more upbeat news and trying to feel better about the state that our (non caring) govt has put us in

    Its the Positives not the Negatives that need emphasising at the moment!..

  10. #10
    Regular Member Deadman's Avatar
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    Deleting my posts Pete?

    Blimey. You have to walk on eggshells round here! Don't worry I won't peddle any more of the alleged 'doom and gloom' posts.


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