thewatcher said:I'm surprised that made it through uncut,in fairness to her she couldn't have made it any clearer !.
Mininv said:Interesting story I heard locally. Latest phase of a popular development near me was due to come on stream. All the previous phases sold off the plans in hours, with a lot of advance enquiries to the estate agent. This latest phase wasnt doing the business in terms of advance enquiries. So our estate agent hero paid some people to queue overnight before the 'release' of Phase 3, and arranged for coverage of this in the local paper. The houses sold out in a few days.
This isnt a friend of a friend story either. I personally know someone who was paid to do this.
15 years of boom stil to come, eh?
Marie said:However I was very very lucky to encounter an honest estate agent who was straight with me, said the rental market was on the turn, the realities of the work involved in landlording at a distance (I live UK at present) and was honest about growing voids.
woods said:She suggested a buyers strike.
Calina said:I'm on strike. Unfortunately, I can't get anyone else to join in.
Glenbhoy said:I've joined ye!!
If you remember about 20 pages back I asked what someone in my position should do - sell up now and buy the place which will suffice me for the next 10yrs, or stay where I am, enjoy that I live in a relatively handy location in a nice spacious apartment. My question was based on the premise that prices (for the type of property I want) will probably rise another 15-25% this year, and that even if there is a 'correction' will it actually reduce prices below current levels. I still can't answer this (as most people can't), but in general, I do detect a lot more bearish sentiment out there, and feck it, I'd rather not be financially stretched paying a mortgage at my limits, for a dwelling which would not be in my ideal location (Ailesbury Road or nothing don't you know). It's a gamble like everything else - but I do like a punt (Harrington for the masters at 50/1 btw).
casca said:Hi, Its all doom and gloom.
casca said:Tell me , if the population is supposed to increase in the next few years and considering we and immigrants all want houses, why should there be a slump.
casca said:Anyway, if the economy loses its shine and immigrants go home to maybe a "take off" in their own countries , houses will become cheaper for the next generation. .
Marie said:However I was very very lucky to encounter an honest estate agent who was straight with me, said the rental market was on the turn, the realities of the work involved in landlording at a distance (I live UK at present) and was honest about growing voids. I sold up and was uncertain for months as I watched prices climb and observed the continuing upbeat media and financial sector views. Here, in what is deepening into the second 'crash' in 20 years, houses sit empty for 6 months to a year and sell in the end reduced by up to 20% of the asking-price and hundreds of buy-to-lets are sitting empty and unlet for 12 - 18 months at a stretch and there are signs of serious economic recession with the announcement last week of about 2,000 health service jobs to be cut in the immediate future.
The beginning of the end for Spain's real estate bubble?
Interest rate rises and falling consumer spending will prompt a fall in housing prices
El Pais Spain | I. DE LA VEGA
One of the key factors that has driven house prices up over the last decade is buyers' conviction that prices cannot fall. Evidence suggests otherwise. In some areas of Japan prices have been falling since 1992, and have now reached half their 1991 value. Prices in London fell by up to 45 percent between 1988 and 1995. Paris experienced a similar readjustment between 1991 and 1998. Bernardos says that in Spain, between 1991 and 1997, prices fell in real terms by an accumulated 20 percent. A hike in interest rates will hit consumer spending, and squeeze jobs. "These trends won't be immediately obvious. Interest rates will hit 3.5 percent this year, but the impact of this rise won't be felt for six months. Prices could fall by five percent in the second half of 2007, by six percent in 2008, and by seven percent in 2009."
Bernardos also points out that during Spain's previous property boom, between 1986 and 1991, there was no speculation. Today, he says, price adjustments will only come when there is an economic downturn and speculators turn their attention to other sectors.
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