Monday, Feb 11, 2008
Ztuart Law railz against VI's
Assetz: When is a positive a negative? When it's a house price story
There isn't any more blatant evidence of the press attempting to talk down the market than this.
The FT at the weekend managed to convert a rise in property prices in January to a fall in property prices instead by a strange use of wording. "House prices see second monthly fall" was the headline and yet they then say house prices fell in November/December but rose in January.
Then we get the BBC today saying the property market continues to fall, choosing to quote the annual rate of growth in order to make sure they can show a declining trend of house price growth, and yet the figures from the DCLG state that prices rose 0.4% in December.
From my research it does appear there is an unusually large percentage of journalists that rent rather than own their own homes.
18 Comments
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1. Sag3000 said...
Hahahahahaha!
2. confused76 said...
This is plain desperation!
3. hpwatcher said...
Most journalists earn little money, so I'm not really surprised.
4. uncle chris said...
"From my research it does appear there is an unusually large percentage of journalists that rent rather than own their own homes."
Probably the same ones that were forever talking the market up whilst they found "Greater Fools" to take properties off their hands. Seeing the crash coming wasn't really rocket science (although the timing was) Assetz, so stop moaning about the inevitable and let the prices drop. A short sharp shock would surely be better for companies like this than a long protracted (Japan-style) decline. Incidentally, I see Assetz failed to mention the positive reported by the FT last month that miraculously turned into a negative.
Down, down, get on down ....
5. jack c said...
"There isn't any more blatant evidence of the press attempting to talk down the market" - well in fairness it could be argued that it was talked/hyped up for long enough !
6. new user 2007 said...
He must have been an estate agent before he was a debt collector. Each time he speaks he can't help talking rubbish and "backs it up with his indepth research"..to the rest of us it is called lying. He makes up grosses up rental yields and nets down total costs and gets a return on investment that would make Enron proud.
Always whiffs of panic though. At the current rate his job will soon be on the line because 1) the market is falling and 2) the FSA may be investigating practises of their ilk...Northern Rock had a similar model. Perhaps it will both go bankrupt and be investigated?
Never any numbers, weak statements and a weak grasp of economics. Probably works on his average client, however. Every pryramid scheme works until it collapses after all....all it will take is the loss of some capital and pop goes the bubble. Another one of his theories relates to BTl feeding huge rental demand...
...over the last 7 years BTL has added over 1m properties while the population has risen by around 2mn. The increase has been people sharing YET he says rents (not matching any of the respected sources in rental growth) have been rocketing all over the place...talking up the rental market? Rental supply outpacing rental demand suggests yes.
7. paul said...
That's plain funny.
What's good for the goose is good for the gander!
Stuart Law's Assetz Boyz have been riding on the back of journalists printing stories and asking questions later (if at all), and this despite mounting evidence of widespread fraud in the estate agency and lending industry.
8. it_is_going_with_a_bang said...
It's playground stuff now.
I look forward to his mother appearing on their soon to tell everyone not to upset her son.
9. Letthemfall said...
The good thing about recessions is grubby little companies that create no value go down the tubes. Don't go near a company that begins with Ass.
10. Landedgentry said...
"Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one!" Charles Mackay
11. Pelethar said...
Hilarious stuff.
12. Fc Todhunter said...
DCLG figures are useless due to the time lag. Market's falling and the VIs don't like it up em. Nuff said
13. Davros said...
Someone can see the writing on the wall I'm afraid.
14. tick tock said...
This is great - very funny indeed- keep up the good work Stu!
15. wiltshire said...
I love this! When you get VI idiots with arguments like this, i.e. totally clutching at straws, you can tell that we're into Red Alert status on the HP Crashometer!
16. quiet guy said...
@hpwatcher
"Most journalists earn little money, so I'm not really surprised."
I remember reading a story by a female broadsheet journalist about how she had missed out on the rise in property values in comparison with her colleagues (sorry, no URL: it was a while ago). I don't believe a word of Mr Law's story. Would so many journalists have been writing stories about ever rising prices while they were missing out?
17. crash bandicoot said...
He should be pleased that journalists are renting. His customers are going to need all of the tennants that they can get.
18. new user 2007 said...
Excellent. I said a few months ago he was panicked and as there was no capital appreciation left he had to try and talk up rents. And here it is...
http://investors.assetz.co.uk/blog/?postid=62
This is the least reputable, angry, self-deluded and arrogant person I have thus far seen on any property site ever.