Friday, Feb 22, 2008
VI admits "We expect house prices to continue to decline - as previous cycles have indicated - before reaching a plateau."
Telegraph: Humberts crisis may trigger estate agency consolidation
Humberts Group, the estate agency and surveyor that is part-owned by property tycoon Vincent Tchenguiz, has swung to a full-year loss, taking a £18.4m hit as Britain's once booming property market grinds to a halt. Executive chairman John McLean said today: "We are battening down the hatches. "The business needs to be streamlined for when the housing market improves."We expect house prices to continue to decline - as previous cycles have indicated - before reaching a plateau."
Posted by jack c @ 01:43 PM (775 views) Add Comment
10 Comments
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1. hpwatcher said...
I had a rather desparate estate agent on the phone today, seems they have just taken on a house I might be interested in. The asking price is a joke.
2. Toilet said...
I am so looking forward to this crash. I for one will be happy to see an end to those smug rubbish tv shows like "Location, location, location." CRASH !!! HA HA HA HA. HOORAY.
3. Mikedx said...
We should be preparing a hat menu for krusty..
4. crash bandicoot said...
I thought that the plateau was going to be at the top, not the bottom Ha Ha Ha.
5. drewster said...
CrashB:
Yep, you're right. In geology, a plateau is a flat expanse surrounded by lower land on all sides. The opposite would be a valley, or a plain.
- "We expect house prices to continue to decline - as previous cycles have indicated - before reaching a valley."
Does that sound better?
6. it_is_going_with_a_bang said...
Can I suggest something sometimes found at the the bottom of a valley " Rock Bottom"
Has a certain ring to it.
7. growler said...
@itsgoingwithabang: love it :-)
But full marks to Humberts (who I've sold a house with) for coming out with what we all know.
Looking at the market, cash will dry up and so will mortgages leading to still further decline.
Time to sit back and watch - and ironically - put the money into Brown Rock as the savings rates are pretty good.
8. hpwatcher said...
I can see interest rates for savers going up fairly substantially.....
9. Montesquieu said...
Someone should email this to Humberts employees, out here in the west country they are busy talking the market up and won't entertain discussion of a serious correction.
10. crash bandicoot said...
drewster, I like the sound of that better, but I will settle for ravine instead. I was refering to last year's hypothesis that prices would stabilise at the top but that looks soooo 2006 now.