Guest earlswood Posted July 18, 2008 Share Posted July 18, 2008 we tend to forget its just the uk that suffers from housing crisis.what is the outlook for australia in the near future.i know in my area in scotland just now the work is starting to dry up on the construction side some companies have only sold a handful of new houses,harder to get a loan and a lot of doubt about the work climate.i persume its the same in australia. Oz is going down as well...THE economy is headed for recession next year, with a 50 per cent plunge in share values and a double-digit drop in house prices. Australia faces recession: analyst | The Australian Link to comment Share on other sites More sharing options...
Guest J.and.K Posted July 18, 2008 Share Posted July 18, 2008 Oz is going down as well...THE economy is headed for recession next year, with a 50 per cent plunge in share values and a double-digit drop in house prices. Australia faces recession: analyst | The Australian I agree, it's a global problem! Wait a minute let me pinch myself! Link to comment Share on other sites More sharing options...
Guest jchrisj Posted July 18, 2008 Share Posted July 18, 2008 Dont worry about the press, they are so crap, i watched a film we recoreded last week, forgot it was recorded then watched the news that followed, didnt realise it was a week old. Mind you the weather was bang on...................More rain! DOH!!!!!!!!!!! Going for a lie down now, kick me when reality kick's in Chris Link to comment Share on other sites More sharing options...
Guest zambezi15 Posted July 20, 2008 Share Posted July 20, 2008 Actually, we dont believe what we hear if its on BBC etc..knowing the media is so biased and there is no investigative reporting.. But if you research the facts and figures...I am inclined to agree that we are still only heading into a recession and haven't hit bottom yet. Whoops..sorry they now have replaced depression and recession with new terminology...its called market rectification, may sound better..but same pain and no gain.... Link to comment Share on other sites More sharing options...
Guest moonraker1961 Posted July 20, 2008 Share Posted July 20, 2008 Don't know about anyone else but I'm too busy having a good time to worry about doom and gloom.Hey Earlswood,had a great day yesterday at the festival.Had a pint for yah !!! Link to comment Share on other sites More sharing options...
Guest littlesarah Posted July 21, 2008 Share Posted July 21, 2008 I think there are probably regional variations in house price drops - just like there were with house price increases. The agent I spoke to today seemed quite optimistic (though I know it's their job to be!). In our area a local housing association is, apparently, looking for properties like ours to buy (which could be great news for us, if we're prepared to take an offer). But then, I live in rural East Anglia, so properties were never as expensive as in the South East. I feel that I can't say I've 'lost' money, even if our house sells for less than we paid for it - 'cos it never belonged to us. We just had a share in it, & the banked owned most of it! Sure, we'll lose some of our equity, but given the size of the initial investment (£2300), overall we should still make a profit. I do think that the media is fuelling some of the problems, they forget that for people moving up the ladder, it's actually not a bad time to buy, as all properties are losing value. Maybe I'll be more pessimistic when my house has been for sale for months & I've had no offers!! Link to comment Share on other sites More sharing options...
Guest tim_the_taf Posted September 1, 2008 Share Posted September 1, 2008 The Guardian is predicting huge housing market drop over next 4 years. Traders predict house prices will fall by 50% in four years | Business | The Guardian Though I know we shouldn't be feeling in any way happy about the demise of the UK economy those going back can feel a little cheerful about getting back on the ladder... I remember my parents were on the other end of this back in the 1990's when they saw their property tumble 40% so anything I can claw back next year will be a bonus. What goes around comes around. you believed something the Guardian printed ???? Link to comment Share on other sites More sharing options...
Guest Zagg Posted September 1, 2008 Share Posted September 1, 2008 you believed something the Guardian printed ???? It's the opinion of 'a key index of property price futures'; where the article is printed is completely irrelevant. Speaking to one of my friends who's a bit of a financial expert at the weekend he reckons the recession will probably go on for years, and it's going to be very difficult for lots of people. Even if that's true then the housing market may not be too affected as the population of Britain is supposed to be rising in the future which might leave a shortage of houses. To be honest though I don't really know and neither do any of us. We can all have an opinion but there aren't (m)any facts when talking about the future. Link to comment Share on other sites More sharing options...
Guest surburberella Posted September 1, 2008 Share Posted September 1, 2008 you believed something the Guardian printed ???? LOL-well my neighbour in the flat above my old one in Richmond, Surrey has dropped her selling price from 330k to 299k and I sold mine which was exactly the same size last June for 367K which is a big drop I think you'll agree so it's obviously starting to happen... Link to comment Share on other sites More sharing options...
TheBrammies Posted September 1, 2008 Share Posted September 1, 2008 The problem is the housing market is in a unique position as with anything in this world your house is only worth what someone wants to pay for it,now the banks have stopped lending money people cant get a mortgage so there arnt enough buyers no matter what price you drop it too the demand is there and will get stronger but they cant borrow the money at the moment its not that they cant afford the mortgage or don't have a job they just cant get the mortgage it doesnt matter if the house is worth 300000 and you try to sell for 200000 if the person wanting buy the house cant get a mortgage the price is irrelevent so that leaves all the privilaged who can get a mortgage to name there price on the news today it said there has been a 70% drop from this time last year in mortgage approvels thats not people not applying thats the banks not lending it will change and the house prices with go back up its just when would we be less concerned if we wasn't moving abroad and didn't have to sell? Link to comment Share on other sites More sharing options...
Guest tim_the_taf Posted September 2, 2008 Share Posted September 2, 2008 It's the opinion of 'a key index of property price futures'; where the article is printed is completely irrelevant. Speaking to one of my friends who's a bit of a financial expert at the weekend he reckons the recession will probably go on for years, and it's going to be very difficult for lots of people. Even if that's true then the housing market may not be too affected as the population of Britain is supposed to be rising in the future which might leave a shortage of houses. To be honest though I don't really know and neither do any of us. We can all have an opinion but there aren't (m)any facts when talking about the future. The issue is there isn't enough credit in the credit markets, so mortgage lending is a lot tighter. Some people would argue that previous lending was irresponsible, and that we're seeing a correction to a false property bubble. Bit like the dotcom boom/bust. I'll be buying property in 2009 because I think it will start to improve towards the end of 09. For anyone moving to Aus, its a real issue. Our Aus house buying power has reduced by more than a third in 12 months. Combination of exchange rate and UK house value falling. Perth prices have fallen, but seem to be steadying a bit right now, and with the Aus government reducing interest rates, and the lenders following suit, it will simply take off again. The Perth market fundamentals are still good: boom economy, too many people with lots of money and not enough houses. GBP:AUD rate is looking a bit more encouraging as Aus interest rates are now on a 2 to 3 year reduction. Check out Foreign Exchange. Currency Rates, Money Exchange - Save Money, and go to market data. Good chart there for the GBP: AUD rate. I also find they give me the best rate when transferring money over. Link to comment Share on other sites More sharing options...
Guest tim_the_taf Posted September 2, 2008 Share Posted September 2, 2008 LOL-well my neighbour in the flat above my old one in Richmond, Surrey has dropped her selling price from 330k to 299k and I sold mine which was exactly the same size last June for 367K which is a big drop I think you'll agree so it's obviously starting to happen... sure is. ours in surrey has dropped a fair bit, but as long as you don't have to sell its all funny money anyway. makes it cheaper to move of course .... just have to price your own property at the right level. Link to comment Share on other sites More sharing options...
Petals Posted September 5, 2008 Share Posted September 5, 2008 Its a dilemma and hard for people who are highly geared and will get tougher. Of course the market being so volatile does not help as people move to cash. Link to comment Share on other sites More sharing options...
Guest kenpom Posted September 6, 2008 Share Posted September 6, 2008 the Uk housing market is in deepr **** than a lot people realise and even a few interest rate cuts arent gonna help. Link to comment Share on other sites More sharing options...
Guest earlswood Posted September 6, 2008 Share Posted September 6, 2008 If you are moving up the ladder it is a great time in the UK and in Oz, if you selling or moving down the ladder it is only going to get worse. Link to comment Share on other sites More sharing options...
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