Tuesday, May 20, 2008
Headline trying to stop a crash...
Express [Who else?]: HOUSE PRICES WON’T CRASH
''...HOME owners received a double dose of good news yesterday as experts dismissed predictions of a property crash – and Britain’s biggest mortgage lender cut its rates. Despite doom-mongers’ gloomy forecasts, house prices remain up on last year with annual growth at 1.7 per cent last month....''
Posted by hpwatcher @ 07:17 AM (1808 views) Add Comment
36 Comments
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1. Adrian said...
Its Sarah O'Grady again.
2. japanese uncle said...
Another parallel world according to the Daily Express bound for hell. Already in the realm of (unscientific) science fiction.
3. confused76 said...
How do u post pictures?
the front page is just too funny
AHH HAH AHHAH HAHHA HHAH AH HA HHA HHAHA HAH HAHAH HAH HAH
http://www.dailyexpress.co.uk/ourpaper/view/2008-05-20
4. paul said...
Daily Express delivery! Hot off the press, fresh and steamy on your doorstep.
5. doom&gloom said...
"Stuart Law, of Assetz House Price Index which carried out the research..." The man is a moron. He cannot carry out 'research'. How he has managed to get the Daily Express to publish his rubbish is beyond me. Maybe Sarah O'Grady has fallen for his charmz...
"Peter Bolton King, chief executive of the National Association of DESPERATION AND BLIND HOPE, also predicted an upturn in the market in the second half of the year. He said: “There is no housing crisis, we have no credit crisis. If anything, we have only a crisis of confidence in the market. “We just need a couple of good deals offered by lenders and people will start to borrow and buy again.”"
Yep, that's it. That will sort it.
6. confused76 said...
The choice of a picture of the beautiful and very pregnant Nicole next to the message of hope is not casual
7. Zippys said...
doesn't matter what the media & estate agents print the FACT remains people are asking too much for their houses, prices in our area (south bucks) have already started to nose dive and with the buying session coming to an end there is only one way the market will move.
8. tyrellcorporation said...
Is this cheap rag really going to have a housing related headline every day for the next 18 months?!? I'm tempted to lodge a complaint with the press complaints commission.
http://www.pcc.org.uk/complaints/process.html
If we all pile in letters then maybe we can at least get them to calm down a bit. Headlines like these by so called 'experts' are a farce and highly misleading. If it was ramping about shares they'd be shut down.
9. doom&gloom said...
http://investors.assetz.co.uk/stuart-law-profile.htm
STUART LAW IS A SPIV AND A CHARLATAN! What qualifiez him to give house price advice to millionz of gulliable Daily Express readerz? I don't see any financial qualificationz... oh I see, he is a 'well-known speaker'.
The Daily Express is an insult to it's readers.
10. Davros said...
As if the Express has the slightest control over what happens to the housing market. It's delusional.
11. Lurker said...
Second order vested interest....http://www.wriglesworth.com/wc2005.asp?page=clients
12. tyrellcorporation said...
As far as I can tell this headline breaches these codes to varying degrees.
Breached:
1/ Accuracy Pts 1 & 3
i) The press must take care not to publish
inaccurate, misleading or distorted
information, including pictures.
The Headline 'House Prices Won't Crash' is totally un-verifiable and their 'experts' are not independent and have vested interests in the housing market.
iii) The press, whilst free to be partisan, must
distinguish clearly between comment,
conjecture and fact.
The headline is blatantly portrayed as fact.
I'm also going to mention the last week's headlines.
13. Rental John said...
Agree with all comments above.....what a load of VI drival in the Daily Express.....what is Wriglesworth Consultancy anyway....looked it up - its a Fu@kin PR company!
www.wriglesworth.com/wc2005.asp
No one with a mind of their own doubts there has to be a 'correction' in UK house prices, that correction has to be down, so that houses reach sensible and sustainable prices. What good is an asset if you can't buy, and therefore someone can't sell - it becomes worthless.
14. Dark_horse said...
It's was either going to be the Express or the Daily Mail... :-]
15. symo said...
"Dear Express Editor,
I am disgusted to see that on my morning paper that there is no word of baby Maddy nor anything against the scoundrels who got away with the murder of the princess of hearts. This is not what I buy your low rent paper for. In the future I will stick to buying the Mail."
16. the haunted said...
Has the Express gone into competition with the Daily Mash or am I living is some weird parrarel dimension where house prices are on the up? What utter sh1te.
17. Luckyjim said...
Its a shame websites aren't covered by the press complaints commission.
This website has been predicting a house price crash for the last three years.
It ain't gonna happen. Get over it.
18. Another Alan said...
Even a 1.7% annual rise is a fall in real terms.
19. The Baldman said...
LuckyJim its happening!
20. tyrellcorporation said...
LOL, LuckyJim, it's great when a property bull finally gets tempted to write a line or two - even if it is utter tosh.
This is by George Soros a few days ago:
He warned the "financial bubble" of the last 25 years could be drawing to an end and the post World War II "super-boom" era could also be over.
He predicted a "more severe and longer" US slowdown than most people expect.
And he said that the UK was worse-placed than America to weather the coming economic storm, because it had such a large financial sector and has had the biggest increase in house prices.
Still, I guess you know more about markets than Mr Soros?
21. The Haunted said...
Luckyjim, you should write for the Express! I'll offer the first distinction here as this website offers predictions, not statements of fact. Secondly blogs and forums contain oppinions, some supporting HPC and some, like your own against.
On a lighter note, with ever increasing inflation, decreasing priceses and predictions of continued falling priceses by a number of different groups, including the Government and RICS to name a few, I think there is more than a good chance of HPC. I would actually offer the opinion that its already started, so get over it.
22. Rental John said...
OK - house prices won't crash. Therefore we will see a year on year increase until we all live in £1m+ houses - but wage rises will be pegged to the massaged CPI/RPI....so no one can afford the mortgage......so if no buyers then no sellers - home 'owners' stuck in their current house 'for ever'....and can't cash in for retirement.....or trade down to smaller place.
C R A S H !!!!!
23. Luckyjim said...
And this is by Jonathan Davis in November 2004 (since which time property prices have increased by 30 to 50%)
"House price may have fallen slightly but you are still investing very close to the top of the market. And who says that the property market is set to surge ahead? If you want security, put your money in a building society" (Great advice)
And this one from January 2005 – “There is as much chance of there being no significant fall (in house prices) as finding Elvis driving a double-decker bus on the moon”
Even if you're stupid enough to agree with Jonathan's latest prediction of a 35% fall that would still leave prices higher than January 2005.
24. mark wadsworth said...
The tide is slowly turning towards realism, but that tide hasn't quite reached the Mail and Express who are cowered against the harbour wall saying 'The water hasn't reached us yet'.
25. str 2007 said...
What depresses me slightly is the readership of this rag is far higher than HPC.
Does anyone know how the counter on the home page works exactly.
Is it zeroed at midnight and records hits from then but not second log ins from the same pc ?
I can't help thinking there should be an identical website to this but with a less extreme name that could be advertised in the property press.
I think it's important for home buyers to have a place where they can read a broad range of articles that may effect the biggest purchase of their lives.
Roll on HousePriceNews.co.uk (I just made that up I'm sure with a bit of thought we could come up with something better but less extreme than HPC to attract more readers).
26. george monsoon said...
....And this is going to affect the downward spiral of houseprices how?
27. Luckyjim said...
How ironic. It seems my reply to tyrellcorporation has been censored.
28. titaniccaptain said...
Why would the express print that.headline?..................................tumble weed goes down street with for sale signs
29. denzil said...
symo beat me to it.
No Madeleine McCann stories or Princess Diana conspiracy theories.
Beats me why anybody buys the Daily Express. It's like "The Sun" for stupid people.
30. amjidk said...
str2007 said "Roll on HousePriceNews.co.uk ", good idea, or when the crash runs its course, this website should perhaps be renamed, financial matters or something- the advice given on these forums on a host of financial issues (houses, prices of commodities, currencies etc) is second to none...
Luckyjim said "it aint gonna happen get over it..." well it's happening here in Bradford, a house down my street was sold yesterday for £80.000, similar houses last year were selling for £120,000, enough said....
31. Steelhead said...
Another thoughtful and insightful article. Next we need one on how Gordon Brown is a dead cert to win the next election.
32. Ijjhall said...
@lucky Jim
With apologies to Jonathan Davis (who I have a lot of time for) I also think he has got it wrong with his forecast. JD said on C4 news the other week that he expected prices to fall '10 per cent this year'. Actually according to the Halifax price index they have fallen 4.2 per cent already this year and if that rate continues throughout 2008 they are on track to fall 13 per cent over the year as a whole. So JD is in fact too moderate in his predictions and I hope he will be 'revising' them shortly !!
33. quiet guy said...
@Luckyjim
"And this is by Jonathan Davis in November 2004 ..."
Yes, a lot of us called the top too soon but that's nothing to celebrate if you believe that prices are not justified by sound economics. The house price surge has been running for so long that many property bulls geniunely believe it will go on for ever.
If you honestly believe that we can keep house prices at massive income multiples when our economy is showing signs of serious problems and we have record national and personal debts then good luck.
I expect the average house price multiplier to drop down to at least 4 times salary (still a tad high historically).
34. malct said...
29. denzil said...
symo beat me to it.
No Madeleine McCann stories or Princess Diana conspiracy theories.
I can see why you're confused
35. new user 2007 said...
"the latest house price index – based on information from five major UK house value surveys"
Now he is an authority? It gets better and better. They say he is an authority for averaging out other indices!
Given he blames everything on the media (and the credit crunch), it is obvious (with that mindset) that he is using the only weapon left to him (given the actual reality around him does not match what he is actually saying)
36. nopensionnohouse said...