Thursday, Jun 19, 2008
Thursday's comedy club entertainment (Classic comments)
mortgagestrategy: NAEA members see confidence rise
Members of the National Association of Estate Agents are reporting a rise in consumer confidence in May with the latest surveys revealing stabilisation in the housing market. It bases the claim on an increase in first-time buyer sales and the the amount of house hunters.
Posted by jack c @ 03:17 PM (921 views) Add Comment
13 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. yorkshireman said...
Have the NAEA by any chance pooled their brains and designed, dare I say it, a water powered car as well ?
2. jack c said...
@ yorkshireman - pool(ed) their brains - water powered car (good one)
I've just spoken to the NAEA who tell me that rain water really does run uphill and that house prices only ever rise (LOL)
3. Papabear said...
"This is great news as it suggests a lift in confidence in one of the most crucial groups and shows prices have fallen far enough to enable them to climb on the ladder."
He adds: “To maintain more stability or better yet, to restore more confidence, the NAEA continues to urge the government to help the market."
Laugh? I nearly fell off my chair!
4. crash bandicoot said...
“A significant improvement is the percentage increase in first-time buyer sales"
Is this anything to do with a fall in non-first time buyer numbers? Numpties. Lying numpties.
5. The Baldman said...
Temporary tax relief. Sucker them to buy at high prices!
6. cornishman said...
Adrian Ash says today (http://news.goldseek.com/GoldSeek/1213884023.php):
"Warning that the Bank of England is likely to raise interest rates in a bid to quell price inflation, "today's very strong set of retail sales numbers suggests that, despite all the doom and gloom, the UK consumer continues to shop," says Ian Kernohan at Royal London Asset Management.
"Unfortunately this 'shop till we drop' attitude will sow the seeds of its own demise."
With London's banking sector under siege from short-sellers looking to profit as finance shares continue to fall, little-seen data from the Bank of England today showed UK lenders buying back £4.6 billion ($9bn) of securitized debt which they'd previously sold to investment funds.
Taking these debts back onto their balance-sheets, the banks' new net lending to UK consumers and business sank by more than 99% in May from April, reaching its lowest monthly total since Oct. 1997."
That's a massive reduction in lending. More than 99% reduction!
So just who is lending this money to these FTBs?
7. pelethar said...
Eh? I didn't see any reports that the market was stabilising!
8. Mike T said...
At least that article made me laugh today. It is a bit like the BOE and Chancellor saying there are "tough times ahead" oh really, you just found that out mid June?! There are simply no first time buyers out there and why would they want to buy now anyway when the market has further to fall? The NAEA are trying to add their own "stabilising" to the market by putting out claims that simply have no sound basis. When both large corporate and small independents are closing offices or laying off staff, you know this thing is big and still has some legs yet. Maybe when all this settles down, we can get back to sensible lending and borrowing, and, unlike how the property programmes like to portray things, let's see a house as somewhere to live rather than an investment vehicle or borrowing facility or indeed as something to base a country's fiscal policy on.
9. denzil said...
Chris Brown, president of the NAEA said:
“A significant improvement is the percentage increase in first-time buyer sales. This is great news as it suggests a lift in confidence in one of the most crucial groups and shows prices have fallen far enough to enable them to climb on the ladder."
I could read no farther for the tears in my eyes were too much.
10. angonamo said...
mmmmm, OK.
And where have the FTB's got their money from ????
11. justwatching said...
BTL losing appeal?
FTB up from 7.7% to 10.1%.
Average sales steady at 7 per agent.
Diff between asking and sale price widens to 5.1%.
More properties on books, hence more choice. Buyers can find a property they can afford.
Poor fookwits.
12. Janitor said...
House hunters? Most likely house preys I would say
13. pendulum said...
"a slight confidence boost from consumers in the market with a rise in house hunters" = more people are window shopping for when the crash hits.
"“A significant improvement is the percentage increase in first-time buyer sales." = we sold 2 properties last month, 1 to a FTB, that's 30% increase in FTBs!!!