Doomed - Prices down 0.9% in June

[Sockpuppet]

http://news.bbc.co.uk/1/hi/business/7482115.stm

[bobhope]

why is this doomed?

falling house prices are a good thing for most people. I don't get upset if the price of mars bars falls.

[TheBigYinJames]

why is this doomed?

Because consumer confidence and levels of borrowing were buoyed by the high equity people had in their houses.

[Diver]

why is this doomed?

falling house prices are a good thing for most people. I don't get upset if the price of mars bars falls.

I love the Idea of a fall in house prices, cheaper properties, Harder to get mortgages, higher rents on BTL's

[Troll]

feckin four houses round our way now have sold signs gone up outside in the last fortnight (one of which I had my eye on for a BTL)

WTF is all the gloom

[BlasterBates]

Exactly... if you were to have bought 1 house at the top of the market, but then 2 houses later on at the bottom of the market (for the same price as 1), you make lots of dosh.

[Bagpuss]

Most economists from the big investment firms think 3 years is the bottom and most are now predicting -30%. One of the UKs biggest house builders had a write down yesterday, they are in trouble. A few idiots buying at the top of the market aren't going to change the fact they are falling and have much further to go.

[BrilloPad]

flipin four houses round our way now have sold signs gone up outside in the last fortnight (one of which I had my eye on for a BTL)

WTF is all the gloom

Just to double check - was that houses or flats? most of the gloom in flats.

[Troll]

Trouble is we haven't (yet) had the scale of redundancies usual with a recession. If we can avoid this then housing may recover in 3 years - if we do see lay offs on the scale of the 80/90's then 7 years would be more likely

[Troll]

Just to double check - was that houses or flats? most of the gloom in flats.

detached houses.. although we have the high speed rail link starting up next year so there may be investors around