Monday, Jan 21, 2008
The speed at which the market unfolds beats all expectations
CambridgeNews: Property prices in city fall 4.9%
According to property website Rightmove, the average cost of a house in Cambridge has fallen by 4.9 per cent this month. "A slow in the buy-to-let market and the introduction of Home Information Packs have had an effect, as have the sub-prime crisis in the US and the problems with Northern Rock over here." "There is no question that prices have fallen, but this is because they were too high previously." Here we go!
Posted by confused76 @ 11:53 AM (937 views) Add Comment
15 Comments
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1. confused76 said...
"Prices had been increasing by about five to 10 per cent per annum for the last five years, but this was unsustainable because it didn't reflect people's earnings"
uhhhhhhhhhh.... and now they say that! what we have been saying for years!
2. David Smith's Sub Prime. . . said...
I think this may turn out to be nonsense. 60% fall per annum? I don't think so...
3. Bug16 said...
Wonderful spin at the bottom:
"Long-term predictions suggest prices will continue to rise. Estimates from the National Housing Federation suggest that average house prices in East Anglia may rise to as much as £340,200 by 2012 - a rise of 52 per cent on current levels."
So, why are prices contuing to fall in East Anglia?
4. denzil said...
confused you are wrong I tell you, plain wrong! The market is falling because of HIPS. I had a puncture on my way to work this morning due to HIPS on the motorway. Couldn't avoid the blighters, they were littered everywhere, like EA's outside the Job Centre or Job Centre Plus for those establishments afforded the luxury of a computer and a lick of paint in the last ten years.
5. Icarus said...
"Prices are falling because they were too high previously" (could you say that about any price fall in anything, or am I missing something?). I wonder if he knew they were too high back in June and made a fortune by shorting them?
6. crash bandicoot said...
C76 this is wrong. My house rose by £10k over the weekend. I fully expect it to rise by another £10k today and I am projecting a potential increase of £1.25m in February. This is all completely irrelevent of course because I am not selling my house at the moment and I realise that I may need to trim my expectations if I actually do want to sell it at some point. I am however currently basking in my glory as a property "guru". I am thinking about perhaps launching a series of seminars to teach others my methods. I am also considering writing a column for the Times, because even this bull is not as bad as the nonsesnse they trot out.
7. inbreda said...
Not sure property gurus understand sarcasm, guys!
8. drewster said...
If you read the article carefully, it's clear that everything is fine:
"This is not a matter of great concern - it is a natural process of finding a comfortable level."
"In a balanced market, the pace is kinder. People might find they now have time to look round a number of properties and then make their choice, rather than risking losing the first one they see."
So it's all good news really, especially for buyers who want to venture into the market now!
9. techieman said...
Actually i think we should have a seminar (free of course, but with no sales patter, or handcuffs after). I think Ivmreader could explain about the CDS and CDOs, Various could put their points about the property market and S2R1 could explain the mayan calender etc. Maybe Johnathan could be the keynote speaker and maybe we could provide it via the website? - Maybe thats a "DISPICABLE" idea :-).
10. wiltshire said...
C76 to provide canned laughter where appropriate?
11. hpwatcher said...
House prices reflect peoples ability to borrow, rather than earn. The financial instruments that created this situation have now been discredited.
The question is whether the financial instruments will be replaced or repaired...if not, HPC time.
12. su said...
Paul could interpret into Japanese...
13. justwatching said...
But will the Rightmove (soon to be rebranded to Wrongmove) figures make the 6 o'clock BBC news. I don't get out enough, I'm going to watch all the news bulletins to see what they focus on.
14. it_is_going_with_a_bang said...
Since when is 2012 long term???
"East Anglia may rise to as much as £340,200 by 2012" - What? You have to be kidding me?
Find me the Estate Agent who is saying that and I will gladly make a £1000 bet with them that they won't.
There's more chance of me Pi**ing in the Queen's Handbag.
15. crash bandicoot said...
With today's stock market news I'm pleased to report that my house has risen by £30k today since it is a safe haven for Russian oil millionaires. I am enjoying a celibratory glass of creme de menthe as I type.