Tuesday, Jan 29, 2008
Gordon Brown said its all ok......
Telegraph: Repossessed homes flood auctions
No problems here ... just your usual auction figures for a stable thriving housing market.
Posted by waitingfor hpc @ 09:03 AM (1537 views) Add Comment
17 Comments
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1. becky said...
"a large proportion of these are buy-to-let investors who failed to appreciate the pitfalls of property investment" Need I say more?
2. japanese uncle said...
Europe's biggest residential property auction house. Allsop said
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Allsop!? Is it by any chance related to the K--sty Al--sop? Is it her family business by tradition?
3. Icarus said...
Are auctioned houses included in the monthly house price figures? If not, how would their inclusion affect the figures?
4. Jc Wilson said...
Dont forget those property "developers" who trade property... but short and sell long.... who are running out of money right now because they are unable to sell long.
Auction is a way of taking a hit but selling, rather than enter into more deals that never complete.
This is actual evidence that demand is always higher than supply in the property market, but this does not fix price. The supply and demand of credit fixes price.
5. Landedgentry said...
It's playing out beautifully, with such a choice of property now and without 500 buyers chasing each house, they will fall further.
6. cornishman said...
JU - I wondered if it was the same Allsop as K****.
I've just looked up the auction houses directors and she's not listed there... There are 20+ directors!
7. george monsoon said...
Anyone interested in starting a property auction business?
8. japanese uncle said...
cornishman
thanks for your trouble. She may possibly be the owner of the business.
9. ontheotherhand said...
Good point Icarus. If the auction does not involve a new residential mortgage with Halifax or Nationwide it will not appear in their figures, and I'm not sure they specialise in this area. If the transaction is commercial and not between individuals it does not appear on the Land Registry figues and so that and FT HPI are inaccurate. Obviously auction prices are not on any estate agent website so that excludes the surveys from Rightmove, Prime Location, Hometrack, Home.co.uk
10. paul said...
I am almost certain that auctioned houses are NOT included in Halifax's figures, even though a lot of the auction businesses are owned by the banks themselves!
It is a way of hiding the true picture of the housing market. Legalised fraud in other words.
11. inbreda said...
This is stage one.
You must remember that although there are distressed BTLers, it is the BTLers that have been buying at auctions. A lot of them are probably still buying, thinking they are getting a bargain. When this lot are all washed out, having failed to sell on at a profit, get finance, or find lodgers, we will see what happens when a flood of properties to auction coincides with a complete lack of buyers.
THEN there will be a bargain!!
12. Landedgentry said...
Let the BTL's buy in and create a minor rally, it will be a wave B of an ABC correction - which is to the downside. I believe this is correct Techieman?
13. Icarus said...
onetheotherhand & paul - interesting answers. There are many ways of hiding the true extent of the damage done by bankers etc. Excluding auction sales from house price indices is one, the ECB surreptitiously propping up Spanish (and no doubt other) banks is another.
14. inbreda said...
Icarus - any attempt at hiding these figures is only temporary - at the end of the day, the people in distressed auction sales are feeling the pain, and eventually that will feed through to real numbers
15. p. doff said...
I thought all house sales had to be entered on the Land Registry.
There are websites where you can obtain auction results if you are prepared to pay.
16. Icarus said...
inbreda - true. That's why I'm bearish. The good news comes out, the bad is hidden until it can be hidden no more. At any point during the downturn things are worse than they seem
17. planning4acrash said...
I'm pretty sure that they must be in land registry. I thought they took record of any land price transaction. How else would the government be able to calculate council tax, etc? Anybody know any better?