Tuesday, Apr 28, 2009
So then the green shoots were just ... media 'astroturfing'?
Daily Mail: Why early signs don't mean the housing market is back on the up
It now seems that the green shoots were a complete fiction, created by the media while carefully turning a blind eye to the actual numbers.
Posted by paul @ 10:36 PM (1113 views) Add Comment
8 Comments
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1. quiet guy said...
To me, it seems that there are less articles about the UK property market and relatively more about Spain, America, Credit Makets and so on. Perhaps that is because the UK property market is going to be a dismally boring subject for the next few years? A percent drop here ... a half percent drop there ... and all the while MSM will jump on the slightest sign of rises or drops for want of something to fill their copy quota. I'm beginning to think that we will have to wait years before there is a gradual realisation that the property boom isn't coming back for a long time. Perhaps years of rising unemployment, weakening currency and belt tightening are our fate unless we have a currency crisis and a visitation from the IMF; that might be the time to emigrate.
2. japanese uncle said...
O'RLY Bird rarely makes mistakes.
3. mytimeisnigh said...
The sheeple still have not got it. Today at work, I said there will be another twenty percent drop, they have stopped gloating but they still don't believe it can really be true.
4. deeplyblue said...
Shortly after the budget, credible figures about the likely course of the recession in the UK appeared. I thought then that we had just had the necessary weedkiller for those green shoots.
db
5. Eternal Sceptic said...
Deeply blue I think the crack about weedkiller on green shoots is the best budget summary so far.
6. mark wadsworth said...
That's surprisingly downbeat by DM standards. As QG says, it's all a bit dull on a month-to-month basis, but I'm still looking forward to this months Haliwide figures.
I don't get this idea of 'cash rich buyers' buying up houses to rent to potential FTBs. This only works for the CRB if buying is cheaper than renting (the landlord has to make a profit) and it only works for the potential FTB is renting is cheaper than buying (or else they'd buy themselves).
Sure, the fact that mortgage interest rates are higher than savings interest rates at the moment makes this a good deal for both, but only as long as savings rates stay as artificially low as they are now. The CRB is still going to take MTIN's further 20% loss on the chin.
7. mander said...
"Perhaps. On the other hand, the latter stages of the boom years were sustained by middle-aged investors buying up the sort of property first-timers typically went for."
So cas rich investors need to buy all the housing stock making sure the so claimed shortage is maintained and first time buyers will have no choice but to participate in the scheme.
Personaly I have nothing against investors but only if they have their own money to invest because property is a risky business and also taxation should be at 50% like for everybody doing business and the VAT should be applied to these capital gains. Banks money should be used only to build new property and hopefully to build better property in order to claim more money.
Now this will never happen, let's go back to feudalism.
8. contrails are not a conspiracy (formerly npnh) said...
mander said... "...let's go back to feudalism."
I don't get it? http://en.wikipedia.org/wiki/Feudalism