Monday, May 19, 2008
surveyors warn of home sales fall of 40%
bbc: surveyors warn of home sales fall
sheer panic in the market imo.....this is just the lull before the fall and prices I believe will fall for 5-10 years
Posted by taffee @ 06:55 AM (664 views) Add Comment
14 Comments
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1. Orwell said...
But but but....
I thought that Gordon Brown was going to buy them all with our money to keep the market ramped up (oops sorry I meant 'afloat')!
What happened Crash?
2. mken said...
"Warn", "has warned"
- why does the BBC use these words? Surely "Surveryors report home sales down"... and "RICS has reported" would be enough.
Did you ever see an article entitled "Surveryors warn home sales up"?
3. Rm96696 said...
What is called "the credit crunch" is simply a return to normal (and moderately sane) lending practices. Is it abnormal for banks to ask for deposits for buying a house, avoiding borrowers who are not likely to repay their loans and charge interest rates on mortgages that are higher than their borrowing costs?
4. uncle tom said...
How on earth can they reason that a massive sales slump will only result in a small fall in prices?
Sales are slumping 'cos the prices are much too high - as any fule kno...
(good headline though - how many people will confuse 'sales' with 'prices' ?)
5. Eastleighfan said...
Good point , mken .
The BBC frequently use phrases like "More bad news on house prices " , while it should just stick to the pure facts .
Uncle Tom , regarding confusing "sales" with "prices" , I am sure I heard the presenter on GMTV say "40% reduction in PRICES" . This may have been a "slip" , but I suspect that many will make the same mistake
6. confused76 said...
http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=441804&in_page_id=8&ct=5&in_page_id=8#StartComments
"What do you expect, agents have been saying this for 18 months but no one would listen to us " What do we know? " The banks the government have themselves to blame and really we should be asking the question why are people still buying? Simply don't is my thought then the house price correction can then only start to happen. My clients even late last week was demanding me to put their house on the market £8,000 more than the already most expensive in the area .. they will not listen! If I hear the words once more - I'm not in a rush / someone will pay it / mines better than anyone else in the street / we can always come down but can not go back up if we sell too quickly. I want to tell all buyers DON'T BUY until sellers have become sensible and not money grabbing! Please Please stay away from this market ... Thats the only way.
- P, Somerset"
7. it_is_going_with_a_bang said...
"But the trigger for the slump has been the credit crunch in the banking system, which has forced mortgage lenders to ration their loans."
Ration ? Not strictly speaking true. They won't lend money people can't afford to pay back.
I would call that common sense.
8. titaniccaptain said...
Well Said uncle Tom.........As you know im a stickler for a headline they effect the public more than anything as most people just read the headline and dont buy the paper and at a glance alot of people are going to think thats prices..........The article could say house prices rising on page 3 but very most just get subliminal glance whilst rushing around. Even those who buy the papers dont often get a chance to read them leaving it on their desk for their workmates to get a subliminal glance at as their eyes get a flash of the headline.....and the impact of which is fear in the masses about house prices.....result is people dont want to buy and wont untill the prediction of 50/60% house price redution is fulfilled. The human mind is so easy to manipulate...........and hence so are the markets
9. hpwatcher said...
''..."Warn", "has warned"
- why does the BBC use these words? Surely "Surveryors report home sales down"... and "RICS has reported" would be enough.
Did you ever see an article entitled "Surveryors warn home sales up"?...''
Very good point, but who exactly are they warning? I don't happen to care.
10. growler said...
@confused: Excellent. And absolutely true. Vendors are suffering from pride. Their friends will be saying "mmm, prices are falling" but they will be wanting not to look stupid in a flawed attempt to rewrite the local market to include their sale as "top of the market" from which time they themselves will be saying "prices are falling". It's just enlightened self-interest. Reality will come. Eventually. Even Walter Mittee ran out of steam.
11. new user 2007 said...
I do not beleive this story. The Estate Agents' representative in the previous story has said there is no problem in the housing market (Scotland and unviversity towns are still seeing sales, allegedly), so all is well.
12. mark wadsworth said...
Can't these VIs just tell vendors to drop their ludicrous asking prices? Supply and demand, and all that sort of stuff. Sheesh.
13. the haunted said...
new user 2007 said...
"I do not beleive this story. The Estate Agents' representative in the previous story has said there is no problem in the housing market (Scotland and unviversity towns are still seeing sales, allegedly), so all is well."
It OK everyone, the Daily Express says things are on the up. Turn to pace 3 for a story on Princess Diana looking after Madeline with Elvis.
14. it_is_going_with_a_bang said...
Seeing sales lol. I think they got misquoted though, they were seeing "For Sale " signs. It's a neasy mistake to make.
Anyway, I suppose an agent could argue that if they got 2 sales then they got 'sales'..... Woooowwwww. Impressive.