Tuesday, Dec 18, 2007
Panel of 'experts' states
Evening Standard: Property prices to hold next year
House prices in London will not crash next year, according to the majority of pundits.
They believe prices will remain static, although a few experts are more optimistic and predict rises of up to 6%
[Guess who the "experts" are? Go on, guess]
Posted by little professor @ 10:45 PM (1200 views) Add Comment
12 Comments
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1. trough2010 said...
Mira Bar-Hillel should be sent back to school or made an estate agent. Bold statement but absolutely no trace of reasoning leading to the conclusion. The world is flat.
2. japanese uncle said...
Whatever they may say, house prices will plummet by 30% in 2008, another 20% (from the 2007 level) in 2009, and another 20% in 2010. Absolute wild guess but could well hit the mark!
3. it_is_going_with_a_bang said...
Asking an estate agent for a professional opinion?....
The world is supposed to believe the opinion of a VI in probably the most dishonest 'profession' in the world today.
Lying about 'opinion' comes oh so easily.
4. hpwatcher said...
These people have had it so good, for so long......and they want the party to continue.
A whole industry has grown up around the housing industry - one of the few industries left in tthe UK - and includes estate agents, mortgage brokers, pundits etc. Any housing downturn will see them all lose their jobs...naturally they don't want that.
5. Renting said...
I've talked to a few people in the 'industry', estate agents and mortgage brokers. They are all just raeffirming their own hopes with each other. 'I think it'll be alright in the new year ... won't it?' reply 'Yes of course it will ...... I think.'
The stock phrases like 'only serious buyers and sellers in the market' the 'have to moves' etc etc keep being trotted out. Heads are now seriously in the sand.
They're not standing back and looking at the big picture.
6. hpwatcher said...
Renting, I completely agree with you.
This is now a very big industry, all feeding like vampires. Walk down any high street and you will see what I mean, most have around 5 or 6 estage agent shops. All build on other people's debt - and it has to be paid for....
7. doomwatch said...
This sort of desperate sh1t was hititng the press just before the last crash. Pathetic.
8. crash bandicoot said...
Estate agents get paid for one thing; obtaining the highest price for their client. They would hardly be doing their job if they weren't talking the market up. Once you have this obligation fixed in your mind then you can understand what they are really saying.
9. drewster said...
@renting,
Your estate agent friend talking of "only serious buyers" and "have to moves" is bringing good news: the amateur investors have abandoned the market.
In every bubble - from gold rush to tech stocks to property - you get a flood of amateurs entering the market. Transaction volumes skyrocket and the people really making the money are the transaction facilitators: estate agents, conveyancing lawyers, surveyors, all have seen an upturn in work. That's why every high street is covered with twenty estate agents, and the back pages of every newspaper are covered with ads for overseas property exhibitions. When the bubble bursts the amateurs leave and transaction volumes plummet; estate agents offices will close and the face of the high street will change again.
Investment tip: the changing face of the high street is a useful sign. Over the years we've seen butchers and bakers close as food prices remained low; but we've seen mobile phone shops and estate agents multiply like wildfire. As you can tell from rising Vodafone shares and house prices, the high street successfully tracked the booms in telecoms and housing. I'm not sure which businesses will replace the estate agents on our high streets, but whatever it is will probably signal a new gold rush in that sector.
10. Another Alan said...
Not 5 months ago, this paper had headlines that screamed about imminent massive house price rises.
These 'reporters', 'think tanks', and 'gurus' should be reminded of their words.
11. renting2 said...
If that's right Drewster it'll be juice and sandwich bars around here. Though who'll end up buying them I don't know.
Talk of 'serious buyers' and 'have to moves' is, in my opinion, purely speculative optimism by VIs.
There are in reality no buyers at all in most areas.
12. Submedia said...
Drewster - well said.
In a gold rush the best place to be is in the supply shop selling all the people spades and stuff. Thats where the money is.