Monday, Apr 16, 2007
HPC.co.uk on BBC 10pm News, Friday 13th April
BBC News: 10 O'Clock News
I kept expecting someone to post a link to this - it caused great excitement on the Forum (over 17k hits in less than a week), but it's absence from the blog (unless I missed something) suggests that there is even less of an overlap between the readership of each than I thought. It made my day though. If you want to jump straight to the discussion on the subject, it starts at http://www.housepricecrash.co.uk/forum/index.php?showtopic=45311 (sorry, dont know how to set it out as a link) then fast forward a few pages - much of the later stuff is about how to download a decent video of it, so if the bbc link doesnt work, try one of those mentioned on the forum. It's well worth a look.
Posted by bidin\'matime @ 08:33 PM (160 views) Add Comment
19 Comments
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1. confused76 said...
There is a fascinating frame in this footage... when Davis asks the sales rep at the property fair "why do house price keep rising?" ... "well, of course there is a lot of immigration"... then the camera moves to the stand showing Moroccan properties (hinting that the market may be buoyant there as well)...
Can somebody answer a simple question for me... how is it possible that house prices are rising here (where "scores of immigrants" come to live and work) but at even a faster rate in the countries where the immigrants are departing from (Poland, Romania, Baltic Republic, Check,...) ... shouldnt for the same reason property prices decline in Eastern Europe?
... or is it me who cant make this "supply/demand" equation work?
2. Scott said...
I believe it is a con confused76. They want you to buy in Morocco because THEY have already bought in Morocco, so when you do it after they do it, theirs go up and they can sell at a profit. The supply/demand equation also is not all it is cracked up to be. Japan is a similar size to the UK and there are twice as many people over there but they went through one of the most devastating house price crashes ever recorded. Prices today over there have finally risen to what they were in 1991 before the crash.
3. Countdown2007 said...
Hi confused76,
as far as I am informed there is a lot of property hunting going on in the east european countries who joint the EU in 2004.
Mainly foreign pension funds and corporate investors are pushing the property prices up over there.
Local first time buyers are being priced out of their market just like the UK ones...
Looking forward to the mentioning of this great web site on the BBC news in a mo!
4. japanese uncle said...
Forget Immigrants except just a few like Roman Abramovich. Overwhelming majority cannot afford a garage in UK. Look what they are doing. Working in a meat-packing factory, etc. How can they imagine buying a house costing 100s of 1000s? And they come from a country whose currency were virtually worthless in the international currency market, let alone Moroccans. Those who would bring up immigrants as the defence for their property-shore-up fraud must ride on the London-Eye then open the door at the peak from inside and jump.
5. Cheekie Charlie said...
Good observation confused! As we all know it just goes to show that its a global phenomina and what the clever guy at the property fair doesn't realise that once the gobal tide turns (and its turning) the UK will follow. What I cannot understand is what do the Germans know what everybody else here doesn't ? There property prices haven't risen since the 1990's!
6. A Fool & His Borrowed Money said...
I reckon the Morrocan Shot was Hinting at the droves of Britons leaving the UK for for a better life abroad, (as people immigrate, an equal number are emigrating, throwing that "house prices are because of immigrants" argument into the dustbin)
7. uncle chris said...
I heard 2 days ago that the Polish family who bought a friend's house 5 months ago have just deserted the property and upped sticks - not sure where to. The place now has boards on the windows and doors - not the nicest of areas. I believe they were given a £92,000 100% mortgage on the basis of one factory job having to support a family of five. No wonder they couldn't afford to keep up with the payments. I wonder just how many Poles are starting to realise that they have trapped themselves into a lifetime of factory work to support unaffordable mortgages to live in a country that's the worst place to bring up children. Will they all think it's worth the effort in a years time or head back to Poland for an easier life.
8. taffee said...
quite why anyone would want to emigrate here is beyond me....other than to take advantage of the welfare state.
I mean the cost of living must be through the roof compared to where they come from and the business red tape is unbelievable.
So immigrants are propping up the market,but first time buyers born here cannot afford a property??????????load of b*****ks
9. paul said...
Immigration is a rubbish argument as Evan pointed out by interspersing his comment with a shot of the Morocco Property stand - which has net migration.
The whole basis of the property price boom being based on supply and demand is just rubbish - it always has been.
10. Cash_buyer said...
If immigration is pushing up house prices then rents should be rising as well. This is not the case.
11. It_will_all_end_in_tears said...
Cheekie Charlie - I spoken to a German about why their prices aren't going up - apparently one of the reasons is they have a shrinking population so the supply/demand argument goes out of the window. The same German was also horrified at the quality (or lack of it) of some british real estate going for 200k where I grew up.
12. monty said...
It's all very well poking fun at the property trade show but just take a look at HPC's very own "Overseas property investment" forum where HPCers seem to be quite bullish on the subject. By far the best threads for me had to be "A place in the sun - Panama" and "Panama ... an undiscovered gem.". I cannot think of a more disease infested hole and probably one of the last I'd ever consider as a holiday destination, let alone "investment." It makes Morocco and Bulgaria seem tame by comparison. Columbia anyone?
Is there any place on the planet that remains untouched by Brits running amok with fistfuls of cash? It stands to reason that if it's Brits doing the buying now, they'll be doing the selling too. HPC will not remain a domestic affair.
13. monty said...
"I spoken to a German about why their prices aren't going up - apparently one of the reasons is they have a shrinking population so the supply/demand argument goes out of the window."
Erm, doesn't that just reinforce the supply/demand argument? No demand => lower prices.
14. It_will_all_end_in_tears said...
Sorry - I meant in Germany the supply/demand goes out of the window THERE. Bad wording, sorry !
15. fahrenheit451 said...
Do the Germans include migrant workers in thier shrinking population.
1) About 1 in 10 of my IT friends have contracts in Germany.
2) A couple of my Accountant friends have contracts in Germany.
3) Plus various others have moved there ?
I know its not many, but if its typical it would build a bigger pitcture.
16. p. o. o. r said...
I have spent a lot of time in Germany over the last few years, and one thing I hear moaned about is the problem of imigration - not from the Poles, but the Turkish - certainly the towns I visited had vast populations / comunities of Turkish - nearly all the taxi drivers I met were Turkish. In Germany, the trend is also very much to rent instead of buy, due to the high taxes involved when buying. Rental prices are a fraction of what they are in the UK - Also there is a very different culture in terms that the majority of Germans live in Apartments / Flats - They are not like us Brits who want to own a bit of land with a garden all to ourselves!. On the same note when my colleagues visited the UK, they could not believe the prices over hear - especially house prices, and the cost of staying in a Hotel - I used to stay in a great hotel B&B at a cost of €45 per night - a similar hotel over here would set you back £75 at least.
17. Doomwatch said...
I saw this on Friday night. At the end of the segment Dermot looked crest fallen as he suddenly realised his unrealised BTL pension portfolio is
about to evaporate.
18. doomwatch said...
I saw this on Friday night. At the end of the segment Dermot looked crest fallen as he suddenly realised his unrealised BTL pension portfolio is
about to evaporate.
19. It_will_all_end_in_tears said...
When I was there, Germans got tax breaks for renting out property. I knew someone who had bought a flat and rented it out while he himself was living in rented accommodation of similar size. As for the population, I read that Berlin has the 3rd biggest Turk population in the world. I think it is the Turks that are preventing the population from sinking further. I am not sure how Germany measures its population but I know they have a headache trying to fill their schools. I heard that maternity hospitals were putting adverts in the local newspaper in one North German city (Lübeck) a couple of years back, trying to get some "business".