Saturday, Jan 06, 2007
Top estate agent predicts downturn for house prices
FT.com: Property agent calls top of house market
Henry Pryor, whose website prime-move.co.uk lists 800,000 properties, has predicted that the 4th quarter of 2006 will be the peak of the housing market. Motivated by high prices, people are taking the opportunity to 'cash in their chips', increased the supply of empty housing stock.
Posted by jellycaster @ 11:27 AM (169 views) Add Comment
6 Comments
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1. paul said...
This will go down like a dump in a swimming pool with the majority of housing bull media.
2. paul said...
The BBC is conspicuously silent on this one ...
3. sirgoogle said...
The lead upto the 11th Jan will be interesting. There are no excuses not to raise IRs.
I expect the VIs to try everything to stop the MPC. Watch for the usual "IR rises will damage the economy" stories.
4. Surfgatinho said...
Now they're all jumping on my bandwagon! I predicted Q4 2006. Go look up the posts! Whether we're right or not is a different matter.
As for raising IRs - I think it is assumed that they will go up in Feb. Rasing them now might be a little too much for the markets!
5. Mjchum said...
2007 will see continued HPI, the 'winners curse' phase of the cycle. Lots of plonkers out their still with access to cheap credit/long term fixed rates. No one trusts pension funds etc, especially after the evil Clown windfall taxed the hell out of them when at the same time telling th 'people' to make provision for their old age. Everyone I know still believes in HPI and thats it, it's the perception that counts when cheap credit is available. IR's will have to go 8% and upwards before having an impact. I do not believe they will go this high unless the GBP really starts losing ground and import related iflation hammers up. Housing poverty for the young/FTB (not young anymore) maybe here to stay. Take a look at www.glo-con.com and compare UK prices with those around the world. Now consider how much people in those other countries earn. DO IT WITH AN OPEN MIND! I was shocked, particularly at places like Montenegro.
6. Lawrence said...
Channel 4 also has a very irresponsible article on its website right now.