4,000 estate agents could be forced to close

Discussion in 'The Intelligence Cell' started by Blogg, Apr 14, 2008.

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  1. My tears like rain.....at least they get on the job market before all of those Labour MP's

    Do you want fries with that sir?
     
  2. good greedy cnuts
     
  3. Ouch! Did you scroll down to some of the figures on that report:

    45,000 Estimated repossessions likely this year – up 50 per cent

    20,000 Job losses in the City of London as a result of the credit crunch

    £150 Average monthly mortgage rise because of banks increasing interest rates

    3 million Estimated number of households that will see their mortgage payments increase this year

    1.4 million Borrowers will come to the end of their fixed-rate mortgage this year and face steep payment increases

    £7,500 The average deposit now required for first-time buyers to get on to the housing ladder

    I feel quite miserable now Blogg, cheers for that! 8O :wink:
     
  4. As the great BSM Williams (aka Windsor Davies) would say 'Oh dear, how sad, never mind'.

    Hasn't our great leader explained to you that problems with the housing market are not his fault and, anyway, it was all much worse in 1991 and it's all 'containable' - so stop worrying!
     
  5. [quote="

    I feel quite miserable now Blogg, cheers for that! 8O :wink:[/quote]

    You forgot about the misery soon to vist those stupid enough to get into buy-to-let at the top of the market

    "Buy-to-let landlords will have to raid their savings and inject extra capital into their homes, under an obscure clause in their mortgage contracts, if house prices continue to fall.

    "Under the terms of the contract, if a £100,000 home with an £85,000 mortgage falls in value by 10pc the landlord has to find another £8,500 to maintain the lender's maximum 85pc loan-to-value rate - even though there is still £5,000 of equity in the property."


    http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/14/cnmortgage114.xml

    Obscure my arrse. Greedy fools who failed to understand what they were signing up to but all just piles the downward price pressure on the market when they have to bail out.

    Anyway, dwell on this: if we do have a 30% house price crash, it still only takes us back to 2004 prices.
     
  6. They'll not be out of work long. I hear doctors are rediscovering the medicinal use of leeches.
     
  7. Whilst I think that estate agents are a scourge on our race, along with a few others I can think of, these figures are outrageously sensationlised:

    20,000 Job losses in the City of London as a result of the credit crunch The finance industry created over 60,000 extra jobs in the past 12 months alone

    £150 Average monthly mortgage rise because of banks increasing interest rates But bank rates are falling dramatically and there is an election due soon

    3 million Estimated number of households that will see their mortgage payments increase this year With rates falling?

    1.4 million Borrowers will come to the end of their fixed-rate mortgage this year and face steep payment increases Unless they renegotiate or remortgage, same as last year

    £7,500 The average deposit now required for first-time buyers to get on to the housing ladder Which is less than the average second hand must-have Subrau chav accessory

    Talk about newspapers trying to talk us into a recession!
     
  8. Hopefully 4001, as I sacked the lazy, incompetant, lyeing bastards this morning!

    If anybody is in the Telford area and wants a heads up on which firm to avoid then give me a PM and I'll dish the dirt.

    Fireing squads too good for them.
     
  9. I remember around the time I was made redundant from a software company as a knock-on consequence of the dot com crash about 6 years some fairly smug people telling me "you can't go wrong with property".

    Correction: in fact you can go wrong with property. Spectacularly wrong as it turns out. (I'm trying not to gloat :twisted: )
     
  10. My heart pumps purple p1ss, and I've misplaced my world's smallest violin. These b*stards have kept the market prices artificially high in pursuit of higher commissions for years.

    Weasels.
     
  11. Grownup_Rafbrat

    Grownup_Rafbrat LE Good Egg (charities)

    House swapping is the answer! No agents, only viewers who really want your house, rather than those sent to meet agents' targets, no turning down offers from people who haven't used the agents' mortgage facility, and, icing on the cake, minimal if any stamp duty.

    Time for the arrse house swap forum?
     
  12. Pyro,

    A couple of points:

    The link between BoE interest rates and what rate banks charge their customers is now almost irrevocably broken. BoE can continue to cut until the cows come home, but the reality is that banks will charge what they must until their balance sheets are repaired/their risk is reduced to an acceptable level.

    What has an election got to do with anything. HMG cannot (notionally) influence interest rates and they certainly can't force financial institutions to reduce their rates.

    Those coming to the end of their fixed rate mortgages will not find it easy to negotiate another fixed rate and certainly not on the same terms that they currently enjoy - many will simply have to move on to a variable rate. Add on the arrangement fees, which will not be able to be added to the mortgage, but for which hard cash will have to be found, and it is clear that many families face some tough decisions this year.

    Whilst £7.5K may be the average deposit for a chav-mobile it is also way beyond the reach of not only many FTB but also much of the UK population. Savings are at an all-time low and the culture of funding one's lifestyle through credit, rather than earnings, is too deeply embedded to enable restoration of a savings habit to be easily achieved.
     
  13. I look forward to the day I can walk down my local high street and see real shops again, not 14 estate agents all selling the same feckin' properties.

    Makes me laugh though - this time last year there was a smug article in one of the papers from one of my local agents saying everything shifted so fast they had actually sold out of property.

    Does the army recruit ex estate agents?
     
  14. Pyro,

    A couple of points:

    The link between BoE interest rates and what rate banks charge their customers is now almost irrevocably broken. BoE can continue to cut until the cows come home, but the reality is that banks will charge what they must until their balance sheets are repaired/their risk is reduced to an acceptable level.

    What has an election got to do with anything. HMG cannot (notionally) influence interest rates, and they certainly can't force financial institutions to reduce their rates.

    Those coming to the end of their fixed rate mortgages will not find it easy to negotiate another fixed rate, and certainly not on the same terms that they currently enjoy - many will simply have to move on to a variable rate. Add on the arrangement fees, which will not be able to be added to the mortgage, but for which hard cash will have to be found, and it is clear that many families face some tough decisions this year.

    Whilst £7.5K may be the average deposit for a chav-mobile it is also way beyond the reach of not only many FTB but also much of the UK population. Savings are at an all-time low, and the culture of funding one's lifestyle through credit, rather than earnings, is too deeply embedded to enable restoration of a savings habit to be easily achieved.