Friday, May 08, 2009
BBC on ramping overdrive today
BBC: Do the green shoots have roots?
If you're looking for signs of springtime in the housing market, the estate agents reckon they are coming across them every day: buyers returning, offers being made, houses that have been on the market for more than a year finally selling.
The greenest of the green shoots was perhaps the data from the Halifax in March, showing house prices rose by 0.9%. And we know that the number of people getting mortgages to buy houses is sharply up, by 19% compared to the last quarter of last year.
There are good reasons why there should be green shoots. Low interest rates and falling house prices mean that home ownership is cheaper than it has been for most of the last decade.
Posted by little professor @ 12:04 PM (502 views) Add Comment
8 Comments
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1. Niley said...
If I hear the phrase "green shoots of recovery" again I might honestly have to kill someone.
2. Fly By Night said...
So how long will IR remain low? A mortgage is a long-term commitment, lasting for many years, and IR can change monthly.
3. alan said...
Two green shoots:
1. The Parking industry. A sure fire source of liquid funds.
2. Speed Camera industry. Rakes in millions and getting bigger.
....Sorry, can't see any more.....
4. Lowestoftboy said...
"Low interest rates and falling house prices mean that home ownership is cheaper than it has been for most of the last decade."
Most of the last decade?.. These VIs, pick a period of time between 5 years 1 day and 9 years 364 days.
5. crunchy said...
3. Late car tax discs, £££££££££'s or the crusher.
4. Shoplifting fines?
6. Othello said...
This is not a 'ramping' article. Read it again.
7. sybil13 said...
Last week there was an article that said:
Michael Coogan, director-general of the Council of Mortgage Lenders, said, "Our current perception is that these 'green shoots' have no roots". I would have thought he would know ! And its hardly surprising given that prices are not going to stop falling until:
1. approvals get to a modest 60000 - 70000 . British Bankers Assoc confirmed they fell 7% in April down to around 26000
2. mortgage lending increases, down almost 2/3rds and there are q's about where funding will come from next year. Nearly 2/3rds prior to the crash coming from mortgage backed securities . See really good article at :
http://www.moneyweek.com/investments/property/why-us-house-prices-will-keep-crashing-14752.aspx
8. deeplyblue said...
Come on, be fair. The Beeb says:
"There are good reasons why there should be green shoots."
And then adds:
"But no sooner have those green shoots popped out than they seem to get squashed."
In fact the title alone should give some clue: "Do the green shoots have roots?" A question which rather begs the answer, "No".
Do read to the end of an article before assuming you know what it says!
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