Boomed - House prices going through the roof

[Troll]

Bollux
Link
and so it begins...

One of Britain's biggest estate agents has cut jobs and closed branches as the volume of sales tumble to the lowest level since the country's last house price slump in the late 1980s.

LSL Property Services, the owner of the estate agencies Your Move and Reeds Rains, has shut 12 branches and eliminated 315 jobs in a move that signals the slowing market will take its toll on estate agents this year.

Life is unlikely to get any easier for estate agents this year
Simon Embley, chief executive of LSL, said: "All people are worried about is property prices, but it is transactions that don't get picked up on.

"The UK overall has been hit quite hard - with a 40pc drop in transactions," during the second half of last year.

Mr Embley added that the volume of transactions could drop to a record low of less than 900,000 for the 12 months to the end of June 2008, down from a current average of about 1.3m.

[bobhope]

Seeing as it takes 3-4 months to complete on a house (all told) we won't see the true effect of the credit crunch until Q1 this year.

[sasguru]

Has Atw taught you nothing?

I prefer my strategy rather than the "live in a bedsit and dream about becoming a millionaire with a fifth-hand idea that's past it's prime" tactic.

[oracleslave]

Damn it! How are we going to become property millionaires unless we use our capital at the bottom of the cycle? I want a massive fall, swoop in with deposits on about 10 properties in London, sit back and watch 'em grow.

Has Atw taught you nothing?

[sasguru]

Damn it! How are we going to become property millionaires unless we use our capital at the bottom of the cycle? I want a massive fall, swoop in with deposits on about 10 properties in London, sit back and watch 'em grow.

[oracleslave]

Time to buy another dozen BTL's whilst they are still cheap cheap cheap.

As long as they are not off-plan in manchester city centre BOOMED I tell ya!

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/7169426.stm

House price inflation in England and Wales stabilised in November, according to the Land Registry.

Average prices rose by 0.6% during the month to £186,009, but the annual inflation rate was unchanged from October at 8.1%.

The Land Registry said the market had been calmer after showing "robust growth" earlier in the year.

House prices in London rose faster than anywhere else, after going through a sudden dip in October.

"This month's 1.1% rise in London prices is greater than any other region," said the Land Registry.

"The annual change in the capital's house prices remains 15.6%."

Credit Crunch, what credit crunch. Subprime my @rse.

Time to buy another dozen BTL's whilst they are still cheap cheap cheap.