credit crunch

[gravthechav]

Has this affected you? I mean wtf is it? the only type of credit crunsh I have heard is from eating my cerial this morning

[Eve]

Work is a lot quieter than it was (am a property lawyer) and lots of people I know and have worked with have been made redundant as the property market is so quiet at the moment, both normal residential and investor and especially new build. Commercial's still not bad though.

A lot of estate agents and such are suffering through lack of work at the moment as well.

A lot of people have lost their jobs and no-one's really taking on as they're getting rid of staff rather than taking on. A lot of uncertainty going on at the mo.

[gravthechav]

it really makes me laugh a few years ago when my friend was buying as much as they can borrow. I told them that they were crazy and that the prices cant go up. They thought I was stupid and saidno they will go up as the interest rate is going downso the cost of buying a house is going down. They thought I was stupid. Oh how I smile now when they are all broke with no money. They are paying for a value of a house which is no longer that value. I only have a mortgage of 25k but even I am selling my sports car cos things are tight so I can just imagine how it is for them with 100k+ mortgages!