Saturday, May 30, 2009
The Times spins a yarn for weekend readers
Times: Gazumping is back as house prices rise and buyers fight over fewer properties
Unbelievably spun and manipulated catchline from the times with no credible source or basis quoted other than 'estate agents have reported'. Delve deeper and hidden gems contradict the title such as the Natiowide stating that further falls are expected and that 'a large proportion of buyers have been cash-rich investors buying distressed and repossessed stock, or homeowners with a lot of equity wishing to trade up'. Ultimately a housing market without first time buyers is an unsustainable one.
Posted by enuii @ 12:06 AM (1420 views) Add Comment
13 Comments
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1. mander said...
A large proportion of buyers who have taken advantage of lower property prices have been cash-rich investors buying distressed and repossessed stock.
Fantastic economics!
2. Bobby9983 said...
Not read the article but anecdotally I have witnessed two instances of contract race gazumping due to lack of property on market in London. The media have done a great job.
3. cyril said...
"House prices rose by 1.2 per cent during April and May, according to Nationwide Building Society. It said that the increase was because of huge demand from buyers and a shortage of properties to choose from."
No it didn't. The press release actually says:
“The movement of house prices ultimately depends on the balance of demand and supply of houses on the market. One timely indicator of the supply-demand balance is the ratio of sales to unsold stock.....Although it remains at a very low level by historical standards and continues to point to further house price declines, the ratio has recently stabilised somewhat and this probably explains some of the improvement in price trends over the last few months.
4. sybil13 said...
So the madness continues whilst even the lenders agree that property prices are going to fall on average another 10% this year and even that average is questionable as we were only told:
"About 39 per cent of bosses polled predicted house prices would fall between 5 per cent and 10 per cent this year and a further 29 per cent forecast a drop of between 10 per cent and 15 per cent."
However, we were not told how what the other 32% predicted, perhaps because it was unprintable!
Even Nationwide said that the house price falls would resume if more property came on the market.
I just keep getting this image of a pagado built out of cards you ...can....get......one......more ....card.....balanced......precariously..........on .....OH NO.....!!!
Its like the bubble myth is still being inflated and we are all caught in it but POP.. I guess the delusion will start to become clear about November this year.
5. taffee said...
well never before has a market ever bottomed at twice the mean!...we are still well over 6 x average salary
More like a bear market rally in housing
Housing has also never bottomed until unemployment starts to fall which is at least 12-18 months away
6. japanese uncle said...
This could well prove to be the 'O'RLY' of the year.
7. Swissnic said...
Spot the Bull Trap!
8. mander said...
Maybe organizations with interest in property should not be allowed to report facts because they pick a few elements that are in their favour when making a report.
I think an independent organization or Bank of England should be allowed to report on house prices after analyzing all the elements otherwise people can go to court for indirectly getting bad financial advice.
9. crunchy said...
At this time, the only pro house price inflation comment under the article comes from mac...........
It was obvious prices would rise sooner rather than later. Near me homes have been selling very quickly indeed. Don't believe the gloom merchants. They like to talk the market down because they want to get their hands on your home at knock down price. It's not for any reason of .
mac, Manchester, UK
Seems like mac bought too late or does not realise that the value of his house is not set in stone.
If he did buy at the right time, then surely he got his grubby hands on a property at a knock down price relative to now. Altruism?
LOL, Knock down prices. The best bit. lol
10. crunchy said...
Oops should read......"It's not for any reason of altruism."
11. jackas said...
I was looking in an estate agent's window yesterday and they have put a "Green Shoots!" label on the pictures in the window.
That was conclusive to me.
12. crunchy said...
Back to the pinnacle of the bubble for us and beyond, just like it never happened.
It's the miracle economy don't you know dear boy!
Don't ask me to expain why. It must be the eighth wonder of the word........
the "professional" estate agent said with a convincing and unwavering voice as he picked up the cup that slipped from his clammy hands.
HPCer's watch out, you will all be old and grey before I let you through my well oiled door!
13. Mr Cobblepot said...
Gazarsoles......have you ever heard such a load of old pony, these people never give up