Cyprus Property Crash ?
by cyprusgrump » Sat Apr 12, 2008 12:39 pm
craigbeck wrote:It's sounds like you love all the doom and gloom
Every forum has one...
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by Spanish_spinne » Sat Apr 12, 2008 10:40 pm
As per my side just hope I'm not right, but in spanish we say "experience is a grade"
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by Eric dayi » Sat Apr 12, 2008 11:17 pm
purdey wrote:Hey, Russians and Ukrainians are still spending millions in Cyprus. They spent 6 million in Pissouri last week..
Cor blimey, they must have drunk a lot, or am I mistaken that with "pissoir"?
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by Johnson&Johnson » Tue Apr 15, 2008 11:01 am
faaarkin ell... this is too much doom and gloom, even for me !
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House prices fall at fastest rate since 1978
Brown meets leading bankers as fears grow over mortgage lending freeze
Ashley Seager, Nicholas Watt and Larry Elliott The Guardian, Tuesday April 15 2008
House prices are falling at the fastest rate since 1978.
House prices are falling at their fastest rate since records began 30 years ago as the mortgage lending freeze continues to undermine the housing market, the Royal Institution of Chartered Surveyors says today.
In a big blow to the government, which claims Britain is well-placed to withstand the global economic downturn, the RICS paints a bleak picture, in which the number of estate agents saying house prices rose, rather than fell, has dropped to the lowest point since the survey began in 1978.
The latest monthly snapshot of the housing market shows that 78.5% more surveyors reported a fall than a rise in house prices. The gulf has widened since February and easily eclipses the previous low of 64.5% in June 1990, when the economy was heading into recession.
The survey comes amid growing government frustration with banks and mortgage lenders. Gordon Brown has summoned the heads of Britain's top banks for breakfast meetings today, and while ministers still believe the housing situation is not as severe as the 1990s slump, they are concerned that some lenders are exploiting the global financial crisis.
Caroline Flint, the housing minister, will join forces with the chancellor, Alistair Darling, next week to step up pressure on Britain's mortgage lenders to offer existing and new borrowers a fair deal. They will tell the Council of Mortage Lenders that buyers must be "treated fairly" and that people are not stretched beyond their means. The lenders will be told to ensure that "principles of responsible lending for customers are upheld and applied".
With Downing Street reeling from a series of recent polls which give the Tories a healthy lead, Brown is likely to underline the government concerns when he meets the bank chiefs. Government sources insisted the meeting was not designed as a ticking-off and that the prime minister wanted to discuss global financial instability before flying to the US tonight for a three-day trip.
While Brown will ensure that the breakfast is friendly, the past few weeks have seen a marked hardening of the government's attitude towards the banks. Brown and Darling warned at the weekend that they expected help from the Bank of England to be passed on to individual consumers.
Ministers are acutely aware that Labour's main electoral asset over the past 11 years - a long period of strong growth - is in danger of disappearing as a result of the financial turmoil of the past nine months. George Osborne, the shadow chancellor, seized on this yesterday when he launched one of his strongest attacks on Brown's economic record which he said was "in tatters".
Downing Street knows the current economic difficulties have created the most difficult period for Brown since he entered No 10 last year. Labour loyalists are threatening to rebel against the government next week over the abolition of the 10p starting tax rate which has hit childless couples.
In a sign of the nerves on the Labour benches, there has even been speculation that Charles Clarke, the former home secretary, might mount a possible stalking horse challenge to Brown. Clarke dismissed this to friends as "complete nonsense".
But Clarke believes the mood among backbenchers has become more questioning since the 10p tax row, and that some MPs will become more restless if Labour does badly in the local elections. Though it is highly unlikely that plotters will start to organise some form of challenge to the prime minister's continuing leadership just yet, some may start to contemplate the unimaginable, Clarke believes.
Brown said yesterday that he understood people's fears. "Every effort of mine, every day that I wake up is about keeping this economy moving forward," he said. "This government is aware of the insecurities people feel."
-----
House prices fall at fastest rate since 1978
Brown meets leading bankers as fears grow over mortgage lending freeze
Ashley Seager, Nicholas Watt and Larry Elliott The Guardian, Tuesday April 15 2008
House prices are falling at the fastest rate since 1978.
House prices are falling at their fastest rate since records began 30 years ago as the mortgage lending freeze continues to undermine the housing market, the Royal Institution of Chartered Surveyors says today.
In a big blow to the government, which claims Britain is well-placed to withstand the global economic downturn, the RICS paints a bleak picture, in which the number of estate agents saying house prices rose, rather than fell, has dropped to the lowest point since the survey began in 1978.
The latest monthly snapshot of the housing market shows that 78.5% more surveyors reported a fall than a rise in house prices. The gulf has widened since February and easily eclipses the previous low of 64.5% in June 1990, when the economy was heading into recession.
The survey comes amid growing government frustration with banks and mortgage lenders. Gordon Brown has summoned the heads of Britain's top banks for breakfast meetings today, and while ministers still believe the housing situation is not as severe as the 1990s slump, they are concerned that some lenders are exploiting the global financial crisis.
Caroline Flint, the housing minister, will join forces with the chancellor, Alistair Darling, next week to step up pressure on Britain's mortgage lenders to offer existing and new borrowers a fair deal. They will tell the Council of Mortage Lenders that buyers must be "treated fairly" and that people are not stretched beyond their means. The lenders will be told to ensure that "principles of responsible lending for customers are upheld and applied".
With Downing Street reeling from a series of recent polls which give the Tories a healthy lead, Brown is likely to underline the government concerns when he meets the bank chiefs. Government sources insisted the meeting was not designed as a ticking-off and that the prime minister wanted to discuss global financial instability before flying to the US tonight for a three-day trip.
While Brown will ensure that the breakfast is friendly, the past few weeks have seen a marked hardening of the government's attitude towards the banks. Brown and Darling warned at the weekend that they expected help from the Bank of England to be passed on to individual consumers.
Ministers are acutely aware that Labour's main electoral asset over the past 11 years - a long period of strong growth - is in danger of disappearing as a result of the financial turmoil of the past nine months. George Osborne, the shadow chancellor, seized on this yesterday when he launched one of his strongest attacks on Brown's economic record which he said was "in tatters".
Downing Street knows the current economic difficulties have created the most difficult period for Brown since he entered No 10 last year. Labour loyalists are threatening to rebel against the government next week over the abolition of the 10p starting tax rate which has hit childless couples.
In a sign of the nerves on the Labour benches, there has even been speculation that Charles Clarke, the former home secretary, might mount a possible stalking horse challenge to Brown. Clarke dismissed this to friends as "complete nonsense".
But Clarke believes the mood among backbenchers has become more questioning since the 10p tax row, and that some MPs will become more restless if Labour does badly in the local elections. Though it is highly unlikely that plotters will start to organise some form of challenge to the prime minister's continuing leadership just yet, some may start to contemplate the unimaginable, Clarke believes.
Brown said yesterday that he understood people's fears. "Every effort of mine, every day that I wake up is about keeping this economy moving forward," he said. "This government is aware of the insecurities people feel."
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by Johnson&Johnson » Tue Apr 15, 2008 2:08 pm
dream on purdey
this property crash will make the early 90's look like a walk in the park
average prices are at 9 times income ! in the last boom they never went over 5
i predict falling prices for the next few years, with a low between 2010-2012
the average property will see about 50% wiped off it's value.
after that, prices steady, then rising from 2015-16 onwards into another cycle/bubble/pyramid selling scam fuelled by cheap and easy debt
history always repeats itself
this property crash will make the early 90's look like a walk in the park
average prices are at 9 times income ! in the last boom they never went over 5
i predict falling prices for the next few years, with a low between 2010-2012
the average property will see about 50% wiped off it's value.
after that, prices steady, then rising from 2015-16 onwards into another cycle/bubble/pyramid selling scam fuelled by cheap and easy debt
history always repeats itself
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by Johnson&Johnson » Tue Apr 15, 2008 4:19 pm
Cyprus prices are already coming down, I don't care what anyone says
I am seeing houses I viewed last year still up for sale, now with discounts of 10-20k
Land prices still insane, but again, a few prices are getting slashed there too. Some reasonably priced pieces are cropping up here and there, much to my suprise.
Last year was absolutely crazy, the market was on fire and everything was selling. But now credit is not as available as it was, as the banks are hedging themselves due to the credit squeeze. They have increased the cost of borrowing as from 11.04 by 45 points which will make debt harder to service for the average Cypriot.
The fools and dreamers will kick and scream, but the only way is down.
I am seeing houses I viewed last year still up for sale, now with discounts of 10-20k
Land prices still insane, but again, a few prices are getting slashed there too. Some reasonably priced pieces are cropping up here and there, much to my suprise.
Last year was absolutely crazy, the market was on fire and everything was selling. But now credit is not as available as it was, as the banks are hedging themselves due to the credit squeeze. They have increased the cost of borrowing as from 11.04 by 45 points which will make debt harder to service for the average Cypriot.
The fools and dreamers will kick and scream, but the only way is down.
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