Tuesday, Jul 15, 2008
Full details of today's RICS press release including EA comments
RICS: Full June survey
Best survey of the month - the EA comments are always a treat
Posted by pelethar @ 10:16 AM (1445 views) Add Comment
22 Comments
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1. pelethar said...
The obsession with the media is absolutely amazing - maybe half of the comments in the report blame the media for causing the current problems in the market. Surprising that so many property "professionals" are still firmly rooted in the denial phase, while even your average punter has moved on to fear.
2. drewster said...
That graph looks rather unreliable, it has been up and down like a whore's knickers for the last decade.
Here's the April graph (i.e. the one before this press release):
It's a pretty unreliable guide to anything!
3. pelethar said...
Agreed, their actual headline index means very little. I always scroll straight down to the comments section.
4. cornishman said...
RICS spokesman, Jeremy Leaf speaking with James Naughtie this morning on Today: "people are buying now because prices are unlikely to fall further... collapse is unlikely.... lack of supply..."
Fast forward 1h 15min in (well worth a listen - for a laugh) click here
5. inbreda said...
"Maidenhead – Berkshire
Edward Robinson MRICS
Robinson
Pricing is never more critical. For
vendors to enjoy the market, they
need to have offers on their own
home."
Errrr.... sorry... what?
6. mken said...
Better still here's just the Jeremy Leaf part
just the Jeremy Leaf part
7. Whostolemyendowment said...
While the RICS price change graph is unreliable....or unreadable.....the actual trend up to 2004 is around 20~25%, drops to around 10% in 2007......but then off a cliff.......but as it approaches -100% - what does that actually mean?.....I'm confused dot com!!!!
8. cornishman said...
@ mken - yes that's much better. Where was the link to just that clip?
9. letthemfall said...
Jeremy Leaf is actually just another EA with a grandiose title. He is one EAs polled for their views at the bottom of the RICS report. Hence, expect nothing but drivel.
10. wdbeast said...
Derby - Derbyshire
Stephen Gadsby FRICS FSVA
Gadsby Orridge
"Adverse media speculation on further price
reductions is resulting in the limited number
of purchasers not committing to purchase
due to fears of property being a poor
investment in the short term"
Keep up th good work guys, the message is getting through!
11. tyrellcorporation said...
Thanks Mken... I'm actually speechless at the content of that clip! This guy should be banged-up for his dodgy advice.
12. icarus said...
was that jeremy leaf or jimminy cricket?
13. uncle tom said...
Note the comment about forced sales - the market has gone into freefall BEFORE that factor has had time to kick in...
14. pelethar said...
Absolutely UT. And it's not just the reasons they always trot out which force sales (death, divorce, redundancy etc) - the additional factor which will fuel this crash is short-term fixed rate mortgages. These are far more popular now than they were, and far more people can barely afford the fixed-rate payments so when they can't remortgage due to the greater credit constraints they will have no choice but to sell, even though their financial circumstances and the official interest rate may be broadly unchanged.
15. holding out said...
In fairness to Jeremy Leaf - He says what you would expect him to say - trotting out the usual full employment, lack of supply tosh.
What is more disturbing is the interviewer's statements - e.g. "If you think about it rationally and you have the money now is is quite a good time to be buying". JL then ends up toning down the bullish statements of the presenter!!
16. buctootim said...
My personal favourite:
Salisbury – Wiltshire. David McKillop BSc FRICS McKillop & Gregory
It has been a disappointing month with activity levels down. Valuations and instruction are holding up well, but very few new buyers have registered recently. Vendors are getting more frustrated and many cannot understand why so few people
are looking at properties.
So valuations are holding up well but vendors cant understand why so few people are looking. Lowering the price hasnt occurred to them then?
17. mken said...
cornishman @7
Go to Today show website, click Listen Again
Around 10 ish you get all the links to the individual audio clips.
Click on "share" to find the Link to paste to HPC.
18. Mzzpatzey said...
"The residential property sector has
suffered from too many national news
stories which have been seen as indicative of
the local market coupled with advisors
supporting the view that people keen to
move should sell before they buy (a complete
about face over the last year), then
confidence has declined and, with it, levels of
activity. The market remains affected at all
levels with particularly high prices being paid
at the top end and for houses above
£500,000."
Aberdeenshire – Scotland
Gordon Macdonald FRICS
Allied Surveyors Scotland plc
Gordon doesn't appear to be able to string a sentence together with much clarity does he. He also contradicts himself.
19. tyrellcorporation said...
Holding out @ 14. Yep, I noticed that little gem from the interviewer. I can only imagine he is stupid!
20. cornishman said...
mken, thanks. That will be good to know if any future 'gems' occur.
I went: radio4, listen again, Today programme. Which doesn't arrive at the same page!
21. Theexagent said...
let me comment.... pleeeeeze!
22. happyrenter said...
note the false optimism in the decreasing of negative sentiment (fewer EAs believing prices will fall) only comes about after seasonal adjustment - ie it's summer so let's try to fiddle the numbers to make it look less depressing.......