| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Property sales | |
| Posted by: | David McNeil | |
| Date/Time: | 20/03/08 10:13:00 |
| Emily, why do you think Chiswick will be unaffected? If there is a crash I'm pretty certain the effects will be wide-reaching and have consequences even "lovely Chiswick" will feel. Do you think the current property prices were sustained on responsible lending? Have you not read any newspapers from the last few weeks - banks are withdrawing mortgages. Suddenly FTB's who could have afforded Chiswick properties (at 5x their income) can now barely afford Brentford (goodness me!) properties (at 3.5x their income). These mortgage products were not competitive, yet ignornat people, desperate to "get on the ladder" overstretched themselves and allowed prices to go even higher. Although I could stretch myself to buy a poky flat in Chiswick - I've decided it doesn't offer good value for money. I'm better off renting my lovely flat, just off the High Road for half the cost of a mortgage and pumping my savings account every month. Do you believe that Gordon Brown's "miracle economy" was really miraculous? - or was it really built on consumer debt, and home-owners using equity from the "increased value" of their homes? Do you think his interest rate slash in August 2005 was a good thing for the UK? I've seen studio flats in Wilkinson Way for £250k! That just goes to show how mad the market has become. of two things. Martin - Real price-drops show up in the land registry figures and are available here at the BBC too: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/las/html/las.stm Hounslow is faring pretty well, although it doesn't look great for Hammersmith and Richmond. Can somebody tell me why house prices should increase 10-20% per year when salaries do not? |