Tuesday, Jan 29, 2008
And the Times finally acknowldges the 'negative growth' issue
Times: House prices fall for first time in 30 months
"Nicholas Leeming, director at propertyfinder.com, said: "With unemployment so low and incomes still rising, we are seeing very few forced sellers. Instead, you get a stalemate between house buyers and sellers and transactions dry up. Sellers refuse to compromise on price and buyers refuse to commit while they fear higher mortgage payments" That is all nice mr. lemming, but buyers are more afraid of plunging house prices nowadays
Posted by confused76 @ 04:15 PM (451 views) Add Comment
4 Comments
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1. Icarus said...
"Very few forced sellers"? What about all the activity in the auction houses?
2. enuii said...
Incomes still rising,
Yes in pure numerical terms.
No in reality.
Only the gullible are paying inflated prices for run of the mill property, everyone else who knows and watches the market knows it's going one way for the foreseeable and that is down.
3. tyrellcorporation said...
''Instead, you get a stalemate between house buyers and sellers and transactions dry up. Sellers refuse to compromise on price and buyers refuse to commit while they fear higher mortgage payments"
No you don't because EAs will be losing their jobs and they'll simply value property at lower values to stimulate sales. A stalemate might occur for no more than 3 months IMHO - EAs will then start to soil their collective pants and start phoning people to drop prices!
4. justwatching said...
Is this not happening already? 'New Price' is a favourite of mine.