Tuesday, Jul 15, 2008
A nice graph
BBC News: Numbers moving home at record low
I wouldn't have bothered posting this expect for the house price year change% graph. Ahww ... isnt that nice :) Let's see a VI spin that. Can you spot the trend?
Posted by quiet guy @ 01:28 AM (1060 views) Add Comment
16 Comments
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1. angonamo said...
Phwoar ... that's a beautiful graph.
2. it_is_going_with_a_bang said...
Professor Michael Ball ? Who the hell is he apart from a complete idiot.
Im not even going to give his numbers a mention.
3. i-cld-murder-a-blt said...
Two words. BOOM BUST
4. shipbuilder said...
I love this idea of 'predatory buyers', as if the houses with big reductions are something unusual, ready to spring back when people start buying again.
This of course ignores how things work - the longer the stalemate, the more people wanting to sell will lower their price, so when they do sell, those with the big reductions will set the new average price level and therefore expectations.
This is why we are seeing such massive drops in Northern Ireland.
5. little professor said...
6. paul said...
Look at the curves on that! The bust is clearly visible!
7. voiceofreason said...
.... and relax !
8. tyrellcorporation said...
LOL, imagine if you'd bought in September 2007? Ouch!
9. paul said...
"imagine if you'd bought in September 2007? Ouch!"
You know what, I very nearly did. My offer was about £9k off the asking price and I refused to budge. When someone else bought it I told the agent that I am no longer interested in the property, even if the sale falls through. No dutch auction here thank you very much.
10. cyril said...
Presumably the annual % will stabilise at minus 10% or whatever, then the EAs will announce that things are turning round.
11. george monsoon said...
Cyril, I don't think it will stabilise for some time. Banks aren't lending to anyone without a Bentley, so while there is no mortgage market, then there will be no buyers....
12. str 2007 said...
Tyrellcorp
I nearly did. Things were going well, the right house came up in the right place, offer accepted. I knew things were high and overinflated and must admit I had a moment of 'perhaps I'm missing something'. You know what they say - when the last bear turns.
Anyway, Northern Rock happened and I was reassured I had been right. I thought about sping '08 and how I'd feel either renting or owning with a big mortgage. And pulled out.
Saved by the bell so to speak. Or should that be the Rock.
13. letthemfall said...
george monsoon:
I think you may be on to something there. May be worth telling the BBC. A new property porn show, for example, My Property's Got Knockers, could advise prospective mortgage borrowers to buy a Bentley first. Easier to get a loan on perhaps.
14. seanb303 said...
if average people can't get mortgages doesen't that mean cash buyers only
i.e income and savings need to rise or prices need to fall to a level that people can buy with their savings
15. letthemfall said...
Have a listen to the excerpt from the Today programme - arch VI, Jeremy Leaf, pretending that prices are going to rise from now on, trotting out the usual cliches - rising rents, low unemployment, etc. It's noteworthy that the argument used for sustained prices, that sellers don't need to sell, is used in reverse; viz, people moving for jobs ensures a lively and rising housing market.
16. cornishman said...
@ letthemfall 10.32am
Amazing interview, I couldn't believe what I was hearing - the twisted arguments. Also, very odd the way James Naughtie was feeding him lines...
@ paul 8.36 am
You've been dreaming of Sarah Beeny again, haven't you? -:)