Soft landing

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/7719158.stm

Britain's biggest building society, the Nationwide, has slashed mortgage lending and says it expects house prices to continue to fall in 2009/10.

Nationwide said it expected the housing market to remain "subdued", with prices continuing to fall in 2009/10.

Nationwide said its net residential mortgage lending during the period was £1bn, down from £3.6bn in the same period last year after it cut back on its lending.


So the bottom is several years away then?

I'll resist those inner city bedsits with 10% off that the developers are trying to shift at the moment.

[Moscow Mule]

I'll resist those inner city bedsits with 10% off that the developers are trying to shift at the moment.

Best to resist them with 90% off. Those developments will become "social" housing in the next few years.

[swamp]

At an auction organised by Allsop last Monday, a flat in an upmarket area of Leeds that was bought for £400,000 in July 2007 sold for just £159,000. A reduction of 60pc.

"City centre flats haven't fallen 17pc – it's much worse than that."

...especially among new-build apartments, the housing market was seeing "carnage beyond even our most bearish expectations" with a massive over-supply of apartments, developers selling at virtually any price to shift stock and almost all forthcoming new developments "mothballed".

http://www.telegraph.co.uk/finance/f...ice-crash.html

[Cyberman]

The market will start to stabilise and pick up in 2010. Nobody expects anything but further pain in 2009 as unemployment heads for 3 million.




NO RETURN TO BOOM AND BUST !!!

[sasguru]

From the article:

"Alistair Humphrey, whose Eadon Lockwood & Riddle estate agency in Sheffield has been one of many forced to downsize and lay off staff, said: "The last downturn we had was in the early 1990s and the difference then was that we saw it coming. "

You mean you've been in the estate agent business that long and didn't see this one coming? Cretin deserves all he gets

[sasguru]

This message is hidden because Cyberman is on your ignore list.

[AtW]

Cretin deserves all he gets

This is your preferred model of capitalism - he is actually going to be all right and will probably get a very large bonus for keeping company profitable (by sacking staff). He should have been sacked first for incompetence with a heavy penalty for bad decisions made under his watch - now that would be my model of capitalism (no rewards for failures).

[DiscoStu]

NO RETURN TO BOOM AND BUST !!!

There are several dull posters on this board, but one person stands way above the rest spouting the same old crap day after day after day...

[sasguru]

There are several dull posters on this board, but one person stands way above the rest spouting the same old crap day after day after day...

Please don't quote him. My life is immeasurably enhanced not having to see his dull crud. At least atW's crud is so wacky it's entertaining.

[sasguru]

This is your preferred model of capitalism - he is actually going to be all right and will probably get a very large bonus for keeping company profitable (by sacking staff). He should have been sacked first for incompetence with a heavy penalty for bad decisions made under his watch - now that would be my model of capitalism (no rewards for failures).

He owns the company from what I see so is entitled to make any decisions he thinks fit.
And he'll still make more profit than you