Sunday, Jan 14, 2007
Weeks news in one slice
Firstrung: First time buyers the week in focus - 14/01/07
RICS expects UK house prices to grow by 7% and affordability and accessibility for first time buyers to continue to worsen in 2007.
Predicting a small slowdown from this year's 8% growth rate, RICS expects activity to remain high with demand outstripping supply...READ MORE.
Posted by converted lurker @ 10:05 PM (163 views) Add Comment
3 Comments
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1. enuii said...
Where exactly does demand outstrip supply, go to the provinces there are plenty of over-priced houses just begging for new owners. This statement must only be applicable to property 'hot spots' and not everywhere in the UK.
I like the last two paragraphs:-
'A slowdown in the housing market will not aid affordability or accessibility for first-time buyers as prices continue to outstrip incomes.
RICS expects London, the South East, Scotland and Northern Ireland to outperform national average house price increases in both 2007 and in the next five years.'
Therefore if you cannot afford to buy now you never will unless you start to earn significantly more especially if you live in the SE.
Can't see any way out of the first quoted paragraph unless there is a correction in the whole market, or significant inflation coupled with tax rises to keep prices stationary until incomes catch up. Ain't the whole mess getting complicated!
2. tyrellcorporation said...
That quote is laughable in extremis. Can any of the doubting Thomas's who frequent this site shed any 'sound reasoning' on that statement? I've tried reading it a few times now and the glaring, childlike contradiction is embarrassing!
3. Chillilizard said...
I think what this reporter is saying is that although there has been a slowdown in capital growth on houses, the current rate of increase exceeds inflation and therefore everyone's increase in rate of income.
Sorry to be boring...