Blimey! UK home prices to fall by 33%

(and for those of you keeping score at home, add in inflation and that 33% turns into 50% pretty quick)

Excellent in-depth BBC report on the UK housing ponzi scheme and crash

In America we say "get some popcorn"

In the UK, grab some bangers and mash and settle in. You ain't seen anything like this one mate...

And then the Brits woke up to realize that they had the most obvious and laughable property bubble in the world

My only question is - what took so long?

Gordon Brown, get ready to be blamed for the biggest housing crash in UK history. Even though in the end the Housing-Ponzi-Scheme-obsessed Brits only have themselves to blame.

Anyone in the US want to give our friends in the UK any advice when it comes to housing crashes? Here's mine, it's pretty simple: Last one out's a rotten egg...

Any suggestion that Britain's overblown, over-hyped and over-valued property market is due for a soft landing after the excesses of recent years has just been exploded. We've had the boom: welcome to the bust.

House prices have fallen for seven successive months. Over the past six months, prices have dropped at an annual rate of 11.4% and over the past three months at a 16.1% annualised rate.

The International Monetary Fund has said that 30% of the rise in house prices in the UK cannot be explained by economic fundamentals: a fall in prices of that magnitude is now on the cards. A crash was inevitable.

People of America, what advice would you give to our friends in the UK in regards to their now-started housing crash?

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.

FLASH: UK taxpayers (via Bank of England) buy up $100 billion in depreciating mortgages, with $100 billion more expected to come

And then the REIC-sponsored governments, right on schedule, socialized the housing crash, bailing out the lenders who made the crap mortgages (while earning billions in commissions) so that they could go out again another day and do the same. Moral hazard? Nah, never heard of it.

Meanwhile their fiat currencies, and taxpayers, pay the price.

Nice job bankers. You took control of the corrupt governments of the US and UK, and now you run roughshod over their clueless people.

50 billion pound bailout for banks may be doubled

LONDON (Thomson Financial) - An unprecedented 50 billion pound injection to bail out Britain's ailing banking system could be doubled if it fails to stave off a collapse in the housing market, the Times reported.

Alistair Darling will today tell MPs that the Bank of England is to allow lenders to swap assets for government-backed bonds in an attempt to restore confidence and ease the effects of the credit crunch.

The initial offer is for 50 billion pounds worth of bonds, but senior Treasury sources told The Times that further cash injections up to a total of 100 billion pounds were possible.

However, they admit that there is no guarantee that the bailout will lead to banks offering cheaper mortgage deals.

Attention people of England - get your money out of buy-to-let f*cked lender Bradford & Bingley today. Seriously, get in the queue and get it out NOW

At one point the governments of the US and UK will need to draw a line in the sand and say "no, we're not bailing you out".

Bear Stearns? Sure, no prob.

Northern Rock? One time, never again.

Wells Fargo? Probably.

IndyMac? Are you kidding me?

Bradford & Bingley? No chance.

The US has FDIC protection. The UK has anarchy. And any saver stupid enough to have more than £33,000 in Bradford & Bingley is a fool.

The crazed buy-to-let Ponzi Scheme in Great Britain is about to blow up something fierce.

Get your popcorn.

Bank denies cash-raising reports

Bradford & Bingley has denied reports that it is planning to go to the market to raise extra cash to see it through the credit crisis. Sunday papers said Citigroup had been asked to help with a rights issue to raise hundreds of millions of pounds.

But a statement from the bank said that it had a strong capital base and, "had funded its business activities through 2008 and into 2009". Bradford & Bingley is Britain's biggest buy-to-let lender.

Gordon Brown to UK homedebtors and speculators: "Don't panic - all is well, all is well". Meanwhile, the panic starts

One day these politicians will realize there's nothing they can do to stop the country-by-country housing crash.

It hath been foretold.

In the UK's case, what went up - really, really up, must come down - really, really down. And the fall in housing-ponzi-scheme Great Britain after the dust clears may be the worst the world will see.

Anyone want to predict peak-to-trough crash percent in the UK?

Put me down for 52%. And they won't hit bottom until 2015.

Don't panic, says Brown – as experts fear housing crash

GORDON BROWN yesterday insisted Britain's housing market crisis was "containable" despite a string of reports showing prices plummeting at their fastest rate since the 1990s' crash.

The Prime Minister sought to allay fears of a full-blown property slump after the country's biggest lender revealed an average price drop of 2.5 per cent during March – the biggest monthly fall since 1992.

IMF Report: Homes in the UK are 30% overpriced and will soon crash

If you are a homedebtor, homeowner or buy-to-let speculator in England, Northern Ireland, Scotland or Wales, and you have the good fortune of finding this blog, do yourself a favor.

Put your home on the market TODAY and get out. Now. As fast as you can. At whatever price you can get. And don't look back, no matter what Estate Agents tell you.

Trust us. We kinda know a thing or two about massive financial manias, crazy housing speculation and epic real estate crashes. And in the UK, 30% is being kind. The IMF didn't want to freak you out with the truth. Because 50% plus is more like it. The UK was the epicenter of housing specuation and greed, and the whole "Property Ladder Ponzi Scheme" is tumbling down.

Get out. Get out now. Don't look back. Cheerio.

House prices are 30 per cent too high in the UK and could soon crash, the International Monetary Fund warned yesterday.

After a decade-long housing boom, it fears Britain is one of the most vulnerable countries in the world to a devastating price collapse.

In a further blow, the Bank of England warned that the mortgage meltdown is going to get even worse.

The number of mortgage deals has now collapsed by 70 per cent since last summer's credit crunch began to cripple the country's lenders.

The IMF said the UK has experienced one of the world's "largest unexplained increases in house prices" over the past decade.

The UK housing ponzi scheme finally makes it onto the BBC

It's nice to be out of the UK for a bit - I swear every bloody program on TV there is "housing ladder" and "flip this house" and assorted other housing porn.

Late last year, you could feel the panic. Panic to get on the "housing ladder" or forever be priced out of the market.

Stories about kids and strangers teaming up to buy, four to a flat. Stories about 125% loan-to-value loans. Stories about 5-times income lending. Stories about couples who had no money left over after paying their mortgages.

And I think we all know what's coming next for the Brits - A historic real estate crash that will make the US's housing crash seem like a Sunday tea party.

The UK housing crash of 2008 - 2015 will be one of the largest financial collapses in recorded human history. And it won't stop at the UK's borders - with property-mad Brit spreading their housing ponzi scheme cancer throughout the EU, this crash will take us so many places you'll be amazed. Spain, Bulgaria, Lithuania, Portugal, Slovakia, Ireland and more... Wherever the Brits went, a crash will follow.

Enjoy this in-depth video from Panorama, and enjoy the UK taking over from the US as the failed housing gambler capital of the world.

(Thanks AGAIN to doom for the video!)

Cash-back mortgage fraud. Builder incentives masking values. Duped appraisers and lenders. Inflated values. Sounds like the US but it's the UK!

Poor Brits. They seem to think it's "different over here".

It's not.

The bumbling idiots in their government are likely bought off by the REIC-UK, just like the US's corrupt leaders were bought off by the NAR and NAHB to look the other way.

You'll love this Panorama video - they do great in-depth investigative reporting, better than anything in the US. This week's episode:

Bursting the House Price Bubble
Panorama exposes a sharp practice in the housing market keeping house prices artificially high and plunging some homeowners into negative equity.

Forbes: A sampling of what $1 million will buy you today (gee, I wonder what they would rent for)

It'll be fun if they put what monthly cost would be to "own" if you bought today versus what the same place would cost to rent.

(Hint - you could rent any of these gems for a fraction of the cost of owning)

I can vouch for the 1-bed in London going for a million - the place they show in Primrose is actually cheap compared to Chelsea. And rents here are relatively expensive too - still a fraction of cost of 'owning' but expensive.

That will change as thousands and thousands of bankers, traders and financiers lose their jobs these next few months, the bonuses dry up, and the easy money goes away. Rents will come down, but home prices will fall even faster.

The housing crash in England and in countries around the world will be historic. Never before will so much paper wealth have disappeared so fast.

It hath been foretold.

And then the housing gamblers in the UK got the memo that the real estate casino was closing. Color up mates!

The London papers are ablaze today with the headlines of the housing crash now underway in the UK.

My only question - what the heck took 'em so long to come to their senses?

Blimey! Bollocks! Bugger!

Well, at least "Ponzi Scheme" is understood on both sides of the Atlantic.

House prices falling £65 a day

Fewer buyers and falling prices halt house boom

Is the roof falling in on the housing market?

Hear Ye, Hear Ye!!!! British HousingPANIC (HousingPANIC.co.uk) is now here!!!

UK Prices start falling, "housing ladders" can go down too

Boom turning to gloom as house prices begin to show signs of falling

UK Banks start failing

Northern Rock Gets Emergency Bank of England Funding

Renting significantly cheaper than "owning"

Now is time for renting, not buying your property!

UK has its own bubble blog

FLASH: ABN Bank sees housing crash on a global scale, reports UK 50% overvalued, USA 25% overvalued

Oh dear god, this is going to end nasty.

You'll never see this type of leverage, this type of credit stupidity and this type of insane worldwide asset overvaluation again in your lifetime.

The biggest bubble in recorded human history. Followed, of course, by the biggest crash. You think the US is having a nice housing crash? That's just an appetizer. The main course is being prepared here in Europe, where speculation-mad, over-leveraged, housing-crazed Brits have fueled a European-wide real estate frenzy. And then the music stopped.

Get popcorn and settle in. The show is about to start.

ABN fears world housing crash - Soaring borrowing costs could spark a housing slump on a 'global scale', investment bank ABN Amro has warned.

Families have taken on 'unsustainably large' mortgages, leaving them vulnerable to the sharp increases in bond yields and official interest rates seen in recent weeks, wrote economist Dominic White.

Britain is one of the most exposed markets thanks to rampant speculation over the past decade, though it is by no means alone.

Claims that shortfalls in the supply of new homes will lead to an inexorable rise in UK property prices in coming decades have 'as much credibility as Britney Spears' latest comeback,' he wrote.

'The decline in global interest rates has now been largely reversed,' White said. 'Rising real interest rates could result in greater economic volatility. I believe this leaves housing markets vulnerable to a correction on a global scale.'

Although fears for the health of the US housing market have captured headlines, the degree of over-valuation is more 'severe' in Britain, Australia, Spain and Ireland, ABN Amro calculates.

A note by the bank in April found that UK residential property is 50% overvalued, whereas US houses are 25% too expensive.