Friday, Dec 19, 2008
Optimistism from Winkworths - if you are a foreign buyer
Findaproperty: Winkworth's Property Predictions For 2009
"Coupled with this, as interest rates fall and Government borrowing increases, sterling will fall, making already low property prices even more attractive to overseas buyers."........"Secondly, confidence is creeping back as buyers realise that they can get a property 2 per cent cheaper than summer 2007, and at these prices, the future effects of the recession are already 'priced in' to the market.".....Ian Fraser, Franchisee at Winkworth in Islington.
Now how will they buy if their own economies are tanking????.....and I hope that is a typo!!!!!!!!!!.......and "already 'priced-in', interesting idea, in the same way that BoE rate cuts are 'already 'priced-in' to the exchange rate!!!!!!!????..'cos that's stopped the fall.
Posted by bystander @ 09:06 AM (815 views) Add Comment
10 Comments
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1. Uncle_monty said...
With regards to Islington: "Secondly, confidence is creeping back as buyers realise that they can get a property 2 per cent cheaper than summer 2007, and at these prices, the future effects of the recession are already 'priced in' to the market".
Did they not mean 20% at least? This goes beyond spin and is just plain lies.
2. Will said...
Clearly most of the Winkworths agents are deluded, or are sitting on property investments themselves.
Until the whole of the UK has had a meaningful correction, not just a handfull of panic sellers dropping 30%, prices will fall or stagnate for 7 years or more as in the 1990s.
3. will said...
Winkworths - God rest your Souls.
4. will said...
But many homes in the UK are already owned by foreign investors who are losing money. I think Winkworths are trying to sell to the only section of the global market left, non UK residents. Desperate measures.
5. Hiccup said...
Utter rubbish
6. This comment has been removed as it was found to be in breach of our Blog Policies.
7. rm96696 said...
this idiot writes:
"Finally, there is an enormous amount of pent-up demand from buyers who need to move for all the usual reasons:
births, marriages, deaths, job changes etc, but who have been putting it off for the last year or so because of the falling market"
Doesn't this also create pent up supply? And is there a zero missing in the percentage fall he quotes?
8. drewster said...
As bystander points out, other countries' economies are already tanking.
More importantly, think about where foreigners want to buy. There are no doubt a few French or Belgians who would like a pied-a-terre in central London. But they couldn't care less about Cardiff or Leeds or indeed anywhere else in the UK.
If they're buying for investment purposes then they will be sensible and wait for prices and rents to stop falling.
Foreign buyers are too few in number to save the UK property market.
9. need-a-crash said...
Foreign investors all bought in the boom years, when London was a booming centre for financial services and the place to be for the world's rich and famous to hang-out.
As said above savvy investors will wait for further falls, while the unsavvy fashion chasers will be nursing -ve equity and /or looking for the next trendy place to hang-out.
10. John Doe said...
Winkworth are right...I think you are all wrong!