Sterling recovers

[Cyberman]

What's your postcode?

Ooops .... 2008 should read 2007. The drop in my area on average for 2008 is 9% according to Land Registry figures, mentioned in my local paper this week. This does not constitute a major crash IMO, and with interest rates now very low, house prices should now be stabilising.

[Bagpuss]

Cyberman is a troll, nobody can really be that dense.

[AtW]

Ooops .... 2008 should read 2007.

That's a rather substantial difference.

The drop in my area on average for 2008 is 9% according to Land Registry figures

So now you admit that your house has dropped in value? I am so shocked to hear that!

[Cyberman]

Yes of course....I am the only one here who has seen the evidence of you being a racist and a pratt in your numerous posts over the last few weeks.

If it walks like a duck, sounds like a duck, looks like a duck....it's probably a duck.

And yes, I insult racists. If you think that makes me unintelligent than I am pleased.

Please do carry on talking out of your butt though, it's very entertaining.

Show me a post where I have been racist. You're a complete idiot.

[Cyberman]

That's a rather substantial difference.



So now you admit that your house has dropped in value? I am so shocked to hear that!

AtW, I predicted a fall of 20% 18 months ago. I expected a fall, unlike some people that think economic cycles do not exist. Not mentioning any particular Chancellors or Prime Ministers of course!! The only thing that has surprised me is that the fall has been so small.

[AtW]

The only thing that has surprised me is that the fall has been so small.

So, what's your projection of your own house price fall next year then, 5%, 10%, 20% or more?

[Cyberman]

So nothing to do with buyers needing a six to eight times salary loan to get a shoe-box style new build then? Houses aren't overpriced everyone, just that the banks have reduced lending. As soon as they get their cash flowing again we can all pile in...

As for interest rates being too high for too long, isn't it the low interest rates in the late nineties and so far this decade that allowed house prices to rocket in the way they have done?

I do not believe prices in your area rose by 6.9%, please tell us all the rough area so we can check it out. Until you can back this up it is just hot air.

They rose 6.9% in 2007, and have fallen 9% in 2008 according to Land Registry figures. I stated that those are SOME of the reasons for our current predicament. Of course, there are many factors causing this recession, most of which have been instigated by HMG, but these have been exacerbated by the banking crisis.

As I have stated before, low interest rates in themselves do not create an explosion in borrowing. Removing credit controls and allowing unrestricted bank lending do !! That responsibility rests firmly at the door of Gordon Brown.

[AtW]

As I have stated before, low interest rates in themselves do not create an explosion in borrowing.

So you think (given same inflation), people would borrow the same when interest rates are 3.5% or when they are 6-7%?

[Cyberman]

So, what's your projection of your own house price fall next year then, 5%, 10%, 20% or more?

There will continue to be a modest fall in 2009, but I do not intend to sell so it is purely a paper value. As my house value has doubled in approx. 10 years it is not going to worry me. I quite enjoy the scenario of a 2% mortgage rate so I hope the depression and low interest rates continues for a while yet, hopefully long enough to see the back of New Lie and the return to sensible economics.

[Cyberman]

So you think (given same inflation), people would borrow the same when interest rates are 3.5% or when they are 6-7%?

With Controls.... yes !! Gordon brown dumped controls and look what happened.