Saturday, Jan 19, 2008
Changing Sentiment Filtering Through
The Independent: Spectre of negative equity haunts Britain
Last paragraph: Estate agents believe falling interest rates and strong employment will shore up the market. Andrew Weir, of Foxtons, said: "I don't think we will see house price falls. I just see no reason for it."
Posted by quiet guy @ 03:10 AM (834 views) Add Comment
10 Comments
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1. Acidrob said...
There are now countless reasons for house prices to fall: lack of credit, increased bills, us recession, global inflation etc etc
If the only 2 planks holding house prices up are falling interest rates, and strong employment - then its on very shaky foundations indeed.
2. pendulum said...
I recently searched on mouseprice.co.uk for some old roads I used to rent on (sort by house number). There was a TON of money made (transferred) '03-'06, but far less towards '07. In fact in Surrey where I live now, most flats around here were sold for a LOSS in '07 if bought in 'late '05 to 06! It seems sentiment had already changed in reality, just not in the media.
3. Dohousescrashinthewoods said...
"The blind leading the blind"? Or is it "The one pretending to be blind leading the one who does not want to see"?
4. confused76 said...
"Don't panic. You are not going to see all your equity disappear. We expect the market to be steady," assured Martin Ellis, the Halifax's chief economist.
Estate agents believe falling interest rates and strong employment will shore up the market. Andrew Weir, of Foxtons, said: "I don't think we will see house price falls. I just see no reason for it."
Sorry, I can't... I can't... I can't ... hold it... no I can't.....hoold ...iiiit....
MWAU UU UAUU HAH HAH AHA HAHH H AHHAHHAHA HAH AHHAHHAHAH
Troxtons!! MWAU HAH HAHAHAH HAHHAHAHAHAHH
5. paul said...
"Don't panic. You are not going to see all your equity disappear. We expect the market to be steady,"
Steady? As in moving steadily downwards?
These people are so dependent on short memories of what they said six months ago.
6. Baudot said...
"I don't think we will see house price falls. I just see no reason for it."
Try holding the telescope up to the eye without a patch on it.
Best regards,
Horatio Nelson.
7. doomwatch said...
Does anybody beleive ANYTHING that comes out of the mouth of a Poxtons employee anymore.
They are a disgrace and should have been closed down long ago after their dodgy activities
were brought to light by the BBC. If we had any decent regulation in this country (England),
these con men wouldn't have been in "business".
8. bystander said...
It would be a shame to close Poxtons down now, as the coming housing crash will do that for us, but I would like the opportunity for the former head of Poxtons to answer questions in the high court about dubious business practices etc. but of course we can't because he's already done a bunk with all his illgotten gains, as he sold the company to an equity management fund, in April of last year. Insider dealing jumps to mind, here you go mate have a company that in a few months will be bankrupt - see you in the Bahamas. He will , however, be celebrated, I am sure, as an example of succesful capitalism, you know the sort, build something totally worthless up using deceit and lies and then sell it to some chump and dissappear, brilliant.
9. p. doff said...
- Said Martin Ellis (as HBOS shares continued their dramatic slide from £11-75 to £6-40 ish over the last 12 months)
10. Meg said...
I don't think interest rates will be significant this time around. As banks increase the lending criteria on loans (lower income multiples, increased deposits etc) this will have a significant impact on house prices. As for the myth of "sound fundamentals" :
- The falling value of the pound will effect the number of workers coming to the UK. The pound used to buy 7 zloty in 2004 it now buys under 5 - not great if you are sending money home. I don’t mean thousands of worker will suddenly leave but the incentive to work here is much reduced .
- Rental demand will fall has the economy slows and jobs are cut. Rents go in reverse due to the oversupply of rental property.
- The BTL market will freeze has the numbers just don’t add up any more.