The US went first, so I figure you've got some good advice.
Funny thing is that people in England BLAME the people in the US for THEIR housing crash. Their media reports it as the "subprime crisis", which spread then to the UK and stopped the part right when it was getting good.
Yes, the US went first. But the US didn't cause the UK housing crash. It would have happened on its own. It's called gravity.
So have at it HP'ers. You're the experts now on housing crashes. Let our mates in England, Wales and Northern Ireland know what's coming. Let 'em know who to believe. And let 'em know that a "projected 6% drop" this year is laughably wrong.
UK housing market has dropped 'alarmingly' in recent weeks
The UK housing market has dropped 'alarmingly' in recent weeks and prices are set to fall by 6 percent in 2008, Citigroup said in a note on Frida.
April 25, 2008
People of America, what advice would you give to our friends in the UK in regards to their now-started housing crash?
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Here's some advice: Pick a price on your house that absolutely hurts you to sell for, but that you absolutely know that someone will pay today in a second. Then list and sell at that price. You will thank me in 6 months when your former neighbors would sell at that price on a second....
Sell now at any price
Sell your "flat" now.
Dump your Pounds and Euros, buy Dollars and Gold.
Pendulum is gonna swing the other way now.
Hold on tight. It's going to hurt.
Either refi to a low fixed rate or dump it now (i.e. price it below the currently perceived "Fair Market Value") and rent from a STABLE landlord. Transfer your investment assets into a stable currency and invest in international/global stocks & commodities. Stay out of the dollar & the pound and the financial sector and any/all industries that are directly/indirectly related to housing. Also I'd stay away from consumer retail sectors. That leaves you heavy industry, commodities and their related industries (often heavy), energy, food and Tech.
"Funny thing is that people in England BLAME the people in the US for THEIR housing crash"
That reminds my on an old Milli Vanilli song
...
Gotta blame it on something
Blame it on the rain (rain)
Blame it on the stars (stars)
Whatever you do don't put
the blame on you
Blame it on the rain yeah yeah
You can blame it on the rain
...
Good time to short British financials and anything that heavily depends on bloated housing prices.
The problem with advice is that they ain't gonna take it if they really need it, and if they have been paying attention instead of blaming us for their problems, they've already gone ahead and protected themselves from the oncoming storm.
The only thing left to suggest is a veggie/herb garden if they have a little plot of land. It's good for food, yes, but it also can be a nice stress reliever....and you're gonna need to relax and keep your wits about you in this economy.
Cheerio, old beans! (And sod off to the wankers who got you into this mess!) ;)
Australia is next - give it another 3 months and it will be apparent. The Brisbane housing market has hit a wall in the last 4 weeks. We knocked down the price of our house, found a sucker buyer and it is about to go unconditional. $800 k to invest in gold, fixed interest and selected equities. Looking forward to early retirement!
If it is a place you know you can not and never will be able to afford - Make a decision NOW - either sell the place for what it will sell for NOW or stop payments and wait for the eviction. Stop throwing money down the endless black hole. Put the money somewhere safe and buy something you can afford when the whole mess sorts itself out (2-3 years from now).
Don't be a moron and chase the bottom!
Price that sucker to move now. In the early stages of the crash there will be a good selection of knife catching fools that will not be able to resist a price that is substantially lower than the other houses in the neighborhood.
If you price the same as your neighbors - you are dead meat.
Branson pickle plus ramen and week-old bread scavenged from the dumpster = "Realtor's lunch"
My advice to all citizens of the EU and all of Europe.
Trust your gut! And do the ‘right’ thing for yourself.
Invest in Israel today!
Do not support any corrupted UN /International causes anymore, it is YOUR hard earned income.
If you step back for a moment you’ll notice that all these chocolate covered evil causes have not only distracted you; but have severely hurt your pocketbook.
Bono does not intend greater good, he’s a selfish man.
Arabs have enough land and countries; they don’t need yet another one.
Become a partner in the future successes of Israel and protect your assets from the inevitable coming meltdown all across Europe.
You cant expect different results if you keep doing the same thing.
(like giving away your children’s bread and provide luxury to a low life like suha Arafat or providing moral support to grotesque homicidal maniacs).
Stop the occupation of Irish and Scottish land now!
Got Fish and Chips?
My advice to our UK brothers is that Cristiano Ronaldo is the biggest lie after Beckham. If I see that robotic idiot trying to copy Brazilian players one more time, I'm going to puke. He looks like a crazy robot trying to do bicycle or any other move created by Brazilian players. Well, we know that pretty boys sell merchandise and attract the sheep to the stadiums...
Become a partner in the future successes of Israel and protect your assets from the inevitable coming meltdown all across Europe.
Oh my, now we have the dirty Mossad spreading their propaganda on HP. Don't you guys have something else to do, like plotting against innocent Palestinian kids or something?
Israelis, always righteous, always victims, always perfect, always holy, always better than everyone else...yeah, right. We can see their deeds on Wall Street, sticking good to the the American taxpayer with their gambling bills, through their little bearded bitch at the Fed and their bought-out American Congress.
Plus your disgusting food sucks!
My message is simple:
* Make Naomi Campbell go away
* Thanks for giving us The Cure, Bauhaus, Sisters of Mercy, Led Zeppelin, The Smiths, Rolling Stones, The Clash, and Black Sabbath. (Sorry, Beetles is overrated)
* Thanks for keeping Madonna away from us.
I'd say the Highlands are lovely this time of year.
And housing's cheap in Cornwall.
Run!
... and Welsh and Cornish and Manx lands as well ...
Don't wait. Sell now. It isn't going to improve. Get out while the getting is good. And it's going to be worse for you than in the US. The size of the island you live on created the illusion of high demand.
Interesting that their media is as stupid as ours.
My Mom in Canada just sold her house today for a fair price (before the coming drop).
The buyer's agent was urging them to buy: "just buy it! if you don't like it, then just flip it!"
1) end benefits to polygamous immigrants
2(a) stop giving your tax dollars to the sex scandal ridden UN, which created the mess in the middle east in the first place
2(b) stop thinking celebrities in the UN are any deeper than puddle
3) free Scotland
Don't let the government bailout the investment banks and certainly not the hedgefunds. Find ways to promote government backed refinances before your credit completely freezes like ours. I would rather back new refinanced or modified loans and help the homedebtor to pay back his all his principal and some interest rather than giving free money to big companies that got greedy and could not stop themselves from creating this mess.
My advice is:
If you are a seller, then act like you really want to sell. You need to look at listed prices of houses in your neighborhood, and make sure you materially undercut anything that's the least bit similar to your house. You must undercut everybody else's list price...and you need to promote incentives (you pay closing costs, etc.). Don't die a death by a thousand price cuts.
If you are a potential buyer, my advice is to wait, and wait, and wait some more. If you are itching to buy, tell your partner so he/she can slap you back into reality. Only buy a house when the monthly cost of "owning" is similar to the cost of renting. And buy Robert Shiller's 2nd edition of "Irrational Exuberance", the one that was written shortly before the real estate bubble popped, because the book offers great lessons on the real estate market and the forces that drive it.
BUY NOW!!!
YOU'VE ALREADY HIT BOTTOM!!!
DOPES!!!
" ...do the ‘right’ thing for yourself.
Invest in Israel today!"
That's right up there with condos in Miami, thanks for that investment advice.
Advice?
My advice is go to the 99-Cent store and pick up a lean tube of cheap, Chinese lube before you get bent over.
It'll smooth out the rough ride once they start driving you hard.
my advice - send kendra, suzanne & lereah to UK.
30% cash domestic and foreign. 30% gold. 30% house. Avoid stocks and options -- they can always print more cash and manipulate.
Well as an Irish American....thank you Brits for forcing my ancestors to immigrate against their will and occupying the motherland, I say, burn baby burn bahhhhahhahahaha!
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