Seen this on another website, it seems that houses being reduced  in the UK are averaging 8000 extra each week on www.propertysnake.co.uk , that when this site was mentioned on ITV a couple of months ago it had 71000 reductions and now over 161000 reductions nationwide.

Bearing in mind that many people remortgage their UK home to fund abroad, and the state of the exchange rate, it doesn't bode well for Spain's already damaged property market.

Any views on this scenario?

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Talk about the media talking us into a recession!!  The Times came out with a load of things that are going to affect the UK and put it into recession.  What they didn't explain was that the changes will only put us back a year or two.

The Times says:  There could be 20,000 Job losses in the City of London as a result of the credit crunch

Notice the "could": They fail to point out that the finance industry has created over 60,000 jobs in the last 12 months so that puts them 40,000 up.

The Times says: There could be a £150 Average monthly mortgage rise because of banks increasing interest rates

Again, notice the "could":  Howeve, the Bank of England is reducing interest rates dramatically and there is an election due soon.

The Times say:  3 million Estimated number of households that will see their mortgage payments increase this year

No could this time but how can payments increase when interest rates are falling?

The Times says: 1.4 million mortgage holders will come to the end of their fixed rate terms and see mortgages rise steeply.

Surely this is the same amount as came to the end of their terms last year?  They renegotiated or changed their mortgages, same as they will this year.

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

This is less that the average second hand car costs in UK.  Just don't buy the latest 50 inch plasma with built in digital DVD and Play Station and this deposit will easily be found.

I really believe this is a bandwagon the press have jumped on.   Years ago it was the "Balance of Payments Defecit"  followed by the "Pound sinks against Dollar".  Maybe, with snow at Easter, ice-caps growing and the polar bear population double what it was 5 years ago, the "global warming" articles have lost their appeal so let's talk up a recession.  The trouble is, the more they hark on it, the more it wil come true.

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During any periods of depression 'good feel' movies /music have always proved popular...just think of the days of Ginger Rogers, Fred Astaire,  Glenn Miller etc....reality went for a burton..it was NOT welcome.

Throughout the 'good times' there was a series of disaster movies....Jaws, Towering Inferno, Earthquake ...etc.  They were a hit!

During the last  2 decade s of 'wealth' there have been headlines of ' global warming'  , 'obesity'  , 'anorexia' ..and don't get me started on Punk!!!!

If I was a cynic...I would think that when thing s are going well those in charge give us something to worry about. When there is something to worry about - they like us to be diverted!

Jo

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Panorama last night was about the property crash in the UK and credit crunch.

If you beleive what they were telling you it was enough to raise anyones blood pressure!!!!

We are all doomed,doomed i tell you...........................

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The property market in UK and most of Europe is now dead and from economic history we know that it will take a few years to recover

I suspect the next aspect we will hear about will be the 'problems with the so called emerging markets where investors are about to get their fingers burned! 

A dead market does mean that there are good deals out there waiting for people who  are able to take advantage of the down turn and get a good buy

If you are buying for life style reasons, then those reasons still exist in Spain just that it may turn out a touch cheaper this year than last!!

I know the exchange rate is low but if you do your homework this will be compensated for by the good deals

Now, not all Spanish developers [ or re sale owners] are rushing to sell so do not expect that everything is going cheap!!!...the good stuff usually holds up better than the poor quality property

There is no need for anyone to be pushed into buying so take your time and make sure that everythng is in order right the way through to not completing without a Habitation Certificate 

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Just talking to my brother who has been involved in a few property development deals in the UK. He says prices around the east midlands are holding up much better than the press would have us believe.Also his bank manager tells him they had lot of mortgage requests last month.

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Well thanks to the flipping media, the market has ground to a halt here.

We have had 4 viewings in 3 months and they are all waiting to see what happens before buying.

3 weeks ago the agents talked us into dropping our house price by £10k to bring them in. Since then there has been nobody.

So we wait... and wait...

Laury

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Hang in there Laury, I know how frustrating it is, and every time you hear or read something in the news it just feels like another blow and you want to scream at them to shut up.  

We are starting to see a little movement in houses around us, as well as getting a buyer for ours, 2 others very close have also got sold notices on, so our area seems to be having a little bit of a recovery. We also dropped our price by £10k, we initially got 2 viewers, but they said they were waiting to see what happened, then things went quiet for a few weeks and then we suddenly had 2 more viewings booked, one of which offered us the reduced asking price, this came completely out of the blue.

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