2012 UK Property Predictions from a man who once was at PN

http://blogs.independent.co.uk/2011/12/21/online-house-hunter-2012-housing-predictions/

First paragraph is interesting the rest is from property analysts and may be depressing reading for folks in the UK (albeit I think a simialr pattern may appear world wide in 2012)

Admin wrote:http://blogs.independent.co.uk/2011/12/21/online-house-hunter-2012-housing-predictions/

First paragraph is interesting the rest is from property analysts and may be depressing reading for folks in the UK (albeit I think a simialr pattern may appear world wide in 2012)

Alan Cleaver's report on a sitting with Rita Goold can be read here:

http://www.cfpf.org.uk/articles/mediums/cleaver/cleaver.html

Bad here in the US also: the housing market has been in the doldrums since 2007.

Thanks Z very interesting

Left Behind wrote:Bad here in the US also: the housing market has been in the doldrums since 2007.

I was on the east coast, summer 2007, idly flicking through the news pages on dear old aunty BBC's webpages in an RV campground one day, when I saw with astonishment scenes of folk queuing (standing in line!) outside Northern Rock in the UK.

I couldn't figure why folk would be doing that but after a few minutes reading I had learned about 'sub-prime mortgages' (what???) and the Rock's exposure to the US property market. A once-small, former UK building society turned bank, totally bust with billions of pounds of debt after buying toxic bundles of sub-prime US property mortgages. The UK economy was about to go down the lavatory bowl in the same way the US was....

It was my JFK moment, the 'What-were-you-doing-when....' moment as this current depression, oh sorry, recession, was about to take off. As we hit Arizona in the winter I began to understand why I'd been unable to figure how Phoenix home prices had doubled over the past two winters.

That winter prices began to nose-dive and this spring the $200K show-home we'd visited in our little cotton town December 2004 (and gasped even then at what the Yanks got for their bucks compared to in the UK!) had been bought by our friend there for $55K. Did I say bought? stolen! The lucky guy!

As the saying goes, "It's an ill wind that blows nobody any good." but there will be far more losers everywhere than winners.

I wish I had a few million $, to be able to buy some of this devalued property. It's got to rise in value, eventually.

Jim

True Jim, however next year could just see house and share prices take even more of a tumble if the euro zone falls apart. Indeed given the austerity measure they are taking there will be a fair recession anyway with millions more out of work in the EEC.

Of course Oz is so dependent upon the Asian countries and the Chinese economy in particular we will only become badly affected if that goes backwards.