Friday, Oct 19, 2007
More detail to add to earlier posting from Firstrung...
NAEA: Quiet September for UK Housing Market
NAEA president, Stewart Lilly, comments: “The survey this month has been characterised by extremes, from unusually high stock levels to unusually low buyer levels." Now that's what I call supply and demand!
Posted by dugmug @ 03:28 PM (1002 views) Add Comment
8 Comments
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1. Mark said...
the estate agents just cannot admit, the only real factor is houseprices are way over the top and the only reason buyers are staying away is because they dont want to pay stupid prices any longer...
Surely this man who wrote the article should be on some form of medication for his delusional thoughts on the market and buyers...
2. Crutchley said...
Fantastic spin....
“In this competitive market, homeowners are strongly advised to heed the advice given to them by their estate agent on matters such as valuation and property presentation. This will greatly increase chances of a successful sale.”
i.e. "We're going to recommend that you reduce your asking price or you wont sell and we'll go out of business"
Hence begins the slippery slope...
3. Davros said...
Highest recorded levels of stock, lowest recorded numbers of buyers since the survey started.
Conclusion : No crash in sight.
Reverse the figures.
Conclusion : House price boom!
4. cornishman said...
NAEA president, Stewart Lilly, comments: “There are certainly no signs of a market crash, as is being suggested by some, however.
Next to no buyers and unusually high amount of sellers - but there is no sign of a market crash. He'll be another of those people saying he couldn't possibly see it coming...
5. crash bandicoot said...
I'm pleased to see that fundamentals remain strong then. Fundamentaly there is no reason why we shouldn't have a crash!
6. Crutchley said...
I love this spin..
“In this competitive market, homeowners are strongly advised to heed the advice given to them by their estate agent on matters such as valuation and property presentation. This will greatly increase chances of a successful sale.”
i.e. "We're going to sell your house for less than your asking price because otherwise we're going to go out of business"
Slippery slope time
7. uncle tom said...
Many of the stats are distorted by the introduction of HIPS, but the trend is very clear - September is normally a hot month for property sales, with a lot of FTB activity - but that has now dropped to a tiny 8.8%
Without FTB's the market is utterly dependant on the BTL speculators - but with their tap of easy money half turned off, it's very hard to see them continuing to buy enough additional property to support the market - let alone advance prices.
The storm is gathering...
8. dohousescrashinthewoods said...
Beautiful. Cornishman, Davros, exactly what I was about to say. Demand is down, supply is up - that means only one thing.
The early stages of the US crash were characterised by "rising inventories" - aka, "highest recorded levels of stock, lowest recorded numbers of buyers". Sorry mate, nice try, but only an idiot would believe you.
Golly, isn't it a good thing this nation is well educated and not stuffed to the gunnells with desperate buy-now-pay-later people who would unwittingly back themvelves into a financial corner when given carte blanche on as much strings-attached money as they can vomit into an overpriced consumer economy? And isn't it great that our benevolent government, interested in investing in the long term to create stability, rather than maxing out theirs and their citizens' crediti limits, chose to apply pressure against such behaviour in case it generated a spiral of unserviceable debt slavery?
Remember how third world debt had to be written off because they could never have repaid it? Welcome to the New Third Labour World. The West is the new debtor and the East can now calmly walk in and take control.