Cyprus-Forum.com

[Johnson&Johnson]

House prices crashing in the UK:

http://business.timesonline.co.uk/tol/b ... 477236.ece

Looking at 2008 alone we get, from the Halifax index:

January 0%
February -0.4%
March -2.5%
April -1.5%
May -2.5%
June -1.9%
July -1.7%

This is a -10.5% drop in the first 7 months of this year. That is absolutely massive. Even during the last property bust in the early nineties, which was the worst in living memory, prices did not fall nowhere near as fast or as hard.

Will we see 20% falls by Christmas ?

Looks like the bubble has burst in a BIG way

Cyprus also is in deep trouble, but there is still a state of denial here. But I think the panic will set in very soon - once one or two developers go under, the whole Ponzi scheme will come crashing down.

Let it roll !

[Raymanoff]

there is no mortgage crisis here (yet), infact its even easier to get a loan now then it was before...the market is too small and there is not much of over development going on as in Spain for example...

[Johnson&Johnson]

yes but you forget - there is massive oversupply here and more being added to the market every month with all the new construction going on.

also we have a credit bubble in cyprus which is comparable to that in the UK - think about it, every man and his dog here is in debt up to their eyeballs for that mini cooper and 2-bedroom rabbit hutch concrete apartment

we are in deep sh~t my friend.

[Oracle]

We've just sold a flat this week for 25% less than it was valued Christmas 2007. But also had something else valued for a little more than its previous valuation.

There is huge regional variation and also it depends very much on the size of the property. First time and second-time homes (1 to 4 bedrooms) have probably suffered the worst. But I have not seen this reflected in the top end of the market.

We've been here before, and once prices are low enough for the backlog of waiting first-times buyers to start buying in earnest, then the usual increases will start to become prevalent again.

I am just desperate to get off the treadmill and live a normal life away from such obsessions

[roseandchan]

just trying to buy a flat for our son at the moment. our problem is that amg the repo company are so hard to deal with. showed them the cash in the bank and they are still dragging their feet about accepting the offer. nothing is selling at auction but these companies still refuse to be sensible. feel sorry for the poor sod who was repo'd who will still be in debt many years later.

[Johnson&Johnson]

the bottom will not be before 2012-2014

by that time i expect 40-50% off

beyond that, prices should start rising again (all things being equal) as another cycle begins. but not before a lot of people are wiped out and a brutal recession takes hold.

Property, like all asset classes, is a highly cyclical business. the trick is to buy and sell at the correct time, and not get suckered into the dumb arguments of the mob who cry that 'property only goes up!'

[Z4]

People on carboard city must be laughing at us lot now!

[Oracle]

People on carboard city must be laughing at us lot now!

There's a lot of them where I live. All able-bodied, young, with packs of dogs. And very forthright at asking for money. Surely it will trickle down to them too .....

[Johnson&Johnson]

unemployed, or unemployable ....?

[Oracle]

unemployed, or unemployable ....?

J&J ... I have been in the Royal Bank of Scotland (on at least two occasions) when one of these "down-and-outs" was depositing his day's takings

.... for some it is as worthwhile a career as many others