Sunday, Nov 25, 2007
BBC blames interest rates, HIPs and the media (sic!) for lowering confidence in the market
BBC video: Property market uncertain
"The credit crunch and higher interest rates are among the factors that are making the property market uncertain". Then BBC makes a big Freudian slip "in the housing market it is all about confidence. It is not important what it is happening out in the market but what buyers and seller think it is happening. If confidence takes a hit the market can tumble" Good Lord, this is what I call a market with rock-solid fundamentals, like immigration, divorces and a growing student population. Another great comment was " we need an interest rate cut to put some positive news in the media" (which are accused to be talking down the market). WOW!!
Posted by confused76 @ 05:29 PM (577 views) Add Comment
5 Comments
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1. robh said...
43 seconds into the video and the window of the Northern Rock is shown with an advert in it...
'Spent too much' it says, 'come in and talk to us about a loan'
That's sound finance... never mind saving up cash... or a planned loan for a larger buy... just spend first and figure the rest out later
Was that the Rock's business model too?
2. enuii said...
No mention of the fact that the Market has been unrealistically inflated by BBC/C4 property Porn (both public broadcasters), rampant speculation, unrealistically cheap/interest only mortgages, self-certs and high multiple lending. Even if you are a sensible house buyer in recent years you will have probably paid other the odds as a side effect of all the irresponsible borrowers/lendors affecting the underlying economics of the market.
No mention at all of this side of the story by the BBC and in their distorted opinion an interest rate cut is the answer to everything, like religion the housing market at the moment requires BBC sponsored blind faith.
3. robh said...
An interest rate cut will restore 'confidence', and the merry-go-round will start again
I had a thought... if the government nationalised NR... it would be like having council houses again... by a different route
4. alan said...
This video has been running since Saturday morning. At the time I said that no mention was made of easy money, greed, or politicians. Since then lots of TV time has been spent addressing housing. (including Barratt & Paragon on Sky). The other feature of the last week is that shares went up last week (slightly). I can't buy the suggestion has anything to do with the housing slowdown, local EA's are doing them for free in some shops.
Watch out for B&B and BarCap's results next week. Maybe we can find out whether the BoE made the loans to Northern Rock...or was it Granite?
5. alan said...
OOps. I meant to say I can't buy the suggestion HIPS has anything to do with the housing slowdown, local EA's are doing them for free in some shops.