Saturday, Feb 10, 2007
House price confidence hits a high
IC Wales: House price confidence hits a high
Homebuyer confidence in rising house prices hit a 20-month high as the year ended, figures show.
Yorkshire Bank says that in December, 71% of consumers believed property prices would continue to rise during 2007 - the highest level of confidence since April 2004.
Posted by david20040_0 @ 04:38 PM (142 views) Add Comment
11 Comments
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1. denzil said...
Funny as fook this one:
Mortgage lender state that 71% of consumers think that property prices will continue to rise.
My guess is that they surveyed those who they were lending money to. Now what were they supposed to say in answer to the survey, "dear Yorks Bank, I'm prepared to put borrow money for a property purchase but I really think that I will be stupid as I believe that prices will drop and I really don't care because I like debt".
People view property as an investment and like to feel smart so did Yorks bank really think that people would ask to borrow money and then say they thought prices would fall?
Classic post this one!
2. enuii said...
They once hung a monkey in Yorkshire for being a French Spy so its hardly surprising that the Yorkshire Bank would offer such pearls of wisdom.
3. David said...
I mentioned in a post a couple of days ago about a property development attracting large numbers of buyers.
The development is in Urmston, Manchester. They have provisonla planning permission and plan on completeting the building in Sept 2009. They have been marketing and open at 10am tomorrow morning, 11 Feb for reservations (£500) for flats.
I have just dropped my neighbour off, in the queue. His mates told him that the line is forming and started with 2 people at 2pm this afternoon. 2PM 10th Feb! My mate pleaded me to take him round there, which I did and at 11:30PM the night before, he is number 26 in the queue. And he is 11 Hours early.
Now I believe that the current kind of house prices/increases are unsustainable, but this kind of action by actual buyers (not juts forum forecasters) definitly tells a completely different storey.
PS. I didn't join the queue - £168,500 for a 2 bed flat of 622 sq/feet is not my idea of a bargain.
4. David said...
Just had a phone call. Now at 00:46 there are about 45 people in the queue.
5. Mystie010 said...
Hi I am originally from the North East of England and I just wanted to add a little more info to your post above - I hope you don't mind. They once hung a Monkey in Hartlepool (or so the story goes) for being a spy and as a result earned themselves the names the 'monkey hangers' which apparently is very annoying to them (a sensitive bunch me-thinks). However Hartlepool is no longer classed as Yorkshire it all got lumped under the banner of Cleveland or Teesside. They keep switching and the boundaries changing. Anyhow just wanted to let you know that technically it's not Yorkshire anymore. However I totally agree with your sentiments regarding Yorkshire Bank they are talking rot.
6. Speculatorone said...
Denzil, you view is spot on. Presently people must have a nagging thought in the back of their minds 'I might be f---ed if rates go up as I will never service this debt'. Plus banks like YB don't really suffer as they pass any risk on to purchaser if loan to value is a bit tight............
7. Davros said...
About the Manchester flats, did I read somewhere the other day that the asking price for flats over the past 3 years has actually dropped?
8. C'mon Correctiob said...
David - exactly the same happened here in cardiff three years ago with a block of executive apartments in one of the nicest area of the city. "Investors" queueing to put money down. Built after less than a year, now two years since being on the market they are £40k cheaper and 8 out of the 40 flats up for sale, most have been on the market for the last year. At least one I've seen up at auction !!
Hardly a sound investment !!! Still people believe you can't fail with propery.... madness.
9. Milly Weeble said...
enuii - They hung the mokey in Hartlepool dear...
10. sold 2 rent 1 said...
The buyers are probably all exciited by the super casino
11. David said...
Supercasino, BBC......whatever, but are prices dropping?