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Britons face losing savings as Dubai property market collapses


Wait a second, every Tom Dick and Harry was telling me that property prices always go up, they never go down. Really? But what happened if THEY DO go down? But you see, the thing is they can't, simply because property is meant to always go up, property is for long term investment, and guess what, the government will not let it happened like it did in the late 80's. Yeh, right?

Forget about prices going down, here is the worst case scenario. How about loosing it all?


.....Of all the world's property crashes, Dubai's has been among the most spectacular. According to an estimate from Morgan Stanley, projects worth £165 billion have been delayed or cancelled across the United Arab Emirates. Prices in Dubai have fallen by more than 40 per cent since September.

[www.telegraph.co.uk]

sometimes when prices go down is good for first time buyers , people who are trying to get their foot on the housing ladder , this category without doubt will benefit , the house prices boom is not stagnant , it changes every year
buying at the moment is a very good investment to sell in few years when the storm of the economic crisis passes



Edited 1 time(s). Last edit at 05/23/2009 04:26 by whatsup.

Quote
whatsup
sometimes when prices go down is good for first time buyers , people who are trying to get their foot on the housing ladder , this category without doubt will benefit , the house prices boom is not stagnant , it changes every year
buying at the moment is a very good investment to sell in few years when the storm of the economic crisis passes

You are out of touch mate.

To start with, It's all bad news for first timers. Forget about soaring unemployment. There is no money to buy houses with. ALL mortgage lenders, if you are lucky to find one to lend you, will require at least 40% deposit to start with. You will be lucky to start with a decent interest rate, be that fixed, variable or capped .. the matter of the fact there is no guaranty as to whether bank's rate will follow rate adjusted by central banks. Any slight move upwards and you will find yourself paying through the nose. In which case you will most probably end up in negative equity and have your home repossessed. Banks don't have money. They are hoarding it. They are desperate for cash. Most investment banks have millions if not billions of toxic assets that are worthless, in other words they are skinned and they are desperate for cash.
To buy would be foolish if not suicidal. The housing market will not bottom up at least for the next three or four years and shouf tshouf. When the recovery starts, if it will at all happens, will be sluggish and painful. This applies to everyone. The crisis is global, all financial markets gorged themselves big time and they are all in trouble. Any positive signs, green shoots they call them - like the late hike in stocks and shares - are just one more trick in the wall street's criminal's hat to get their buddies into a safe exit, just like green span did in the dotcom collapse.

Buying at the moment is a very good investment? I hope no one is taking you seriously!!

we all going to die , we all going to be bankrupt
of course the house market will pick up , i have a friend investor in UK he is buying few flats at moments in Littlehampton ,very cheap to sell them in the future people are thinking long term not just now
i guess there are people who see everything doom and gloom and others more optimistic when they see a cloud( a nimbus) they say well the weather is not bad the sun is just hiding behind the cloud

Quote
whatsup
we all going to die , we all going to be bankrupt
of course the house market will pick up , i have a friend investor in UK he is buying few flats at moments in Littlehampton ,very cheap to sell them in the future people are thinking long term not just now
i guess there are people who see everything doom and gloom and others more optimistic when they see a cloud( a nimbus) they say well the weather is not bad the sun is just hiding behind the cloud

How much you love to have the last word!!!!

how much you love spreading pesimisme and bad news

You spread the good news and I'll spread the bad one. How about that?

deal

The only way prices are going up is when the hyperinflation hits the UK, which is actually pretty soon, when UKs AAA rating gets downgraded and the £ colapses.

Nationwide Says U.K. House Prices Won’t Recover Until

[www.bloomberg.com]

The U.K. economy will remain in recession for the remainder of 2009 and any recovery next year will be “sluggish,” the Swindon, England-based company said today in a statement. Unemployment may continue to rise next year because the labor market will lag behind developments in the rest of the economy.

“I don’t think the fall in house price is over yet and will probably continue for the remainder of 2009 at least,” Finance Director Mark Rennison said on a conference call with reporters.

[www.marketoracle.co.uk]


Now the reality of the collective suicide-attempt has started to be revealed. It doesn't look pretty, even if there are no more "surprises", but who knows? That's why you call them surprises.

>>[IF] the UK economy does not start to grow by mid 2010 and if inflation stays low, which is increasingly how things are looking, >>[THEN] housing won't bottom until at least early 2012 and peak to trough will be about 33% (on the Nationwide Index).

That's using a model that returns house prices (Nationwide and S&P Case-Shiller) with a standard deviation of 4% for over 100 years of data that works for both USA and UK (R-Squared = 99.3%). The only uncertainty in the model is how the economy will perform and where interest rates will go.

yeah we all now that