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Yes house prices are falling and will continue to fall. UK house prices are one of the biggest economic bubbles schemes in this pathetic country's history. It was pumped up after the dot com bubble burst, by our so called government and the banking cartels to keep the money men happy. It will burst as all bubbles do and the fact that the powers that be are busy pumping up the next bubble (which are ETFs) shows they know it's all over for this stupid housing bubble.
The British state has turned on the British people, everyone but the Politicians and Bankers are really starting to struggle, the cash and assets held by the worlds wealthy elite have increased by over 50% while we cannot find a job or a home anymore. Interest rates will begin to sky rocket soon and the bankers will begin stealing people's homes, when you factor in the fact that due to all the Collateralized debt obligations (CDOs) and other fraudulent asset-backed securities, your home is now worth far more to the bankers if you default (yes they bet against you with your money). So expect a frenzy of repossessions soon. Think I am being paranoid? Look over the pond to the US, The very banks that the American tax payers bailed out are now fraudulently foreclosing on their the home. But the American government just stand by and watches all this as they do not want to upset there masters.
If you are in trouble with your mortgage and need to sell, get it on the market now and discount it heavily. This is only going to get worse.' So while Mr. and Mrs. Delusional are still asking a quarter of a million pounds for their three bedroom council semi, you can make a sale and get out of the market. The smart money got out of the property market in 2007.
It may seem crazy but I am looking to buy a home at the moment. But I am a cash buyer and not in a chain. I'm also looking for a HOME and not an asset, so I will not being paying over the odds when prices are in free fall. I have viewed many properties over the past year but nobody will negotiate. Home sellers now fall into two categories, 'desperate' or 'delusional'.
The government, bankers, estate agents and sellers have done an outstanding job in keeping property prices as high as they are now. But prices will have to correct for the economy to even think about turning around. It is unavoidable. Prices have to be at 3.5 times the average salary (which is far lower than you think) for the housing market to function, Prices only got so high due to insane lending and cheap interest rates. The banks no longer want to lend as they are technically insolvent and the fact that they are borrowing money at 0.5% then lending at far higher rates, is the only reason most major banks are still trading. A monkey could make millions under those conditions.
Presumably the house prices are being kept high is because it will crash the asset sheets of the big banks. The ironic thing is that due to the fractional reserve banking system, the bank never actually invested anything in you or your home when you took out your mortgage, they just created a debt in your name on their computer and never actually risked a single penny.
Wake up Britain! You are being robbed!