Thursday, Aug 06, 2009
Gonna Flatline in 2009?
SKY: Surveyors: 'House Prices To End Year Higher'
"Property experts have claimed house prices look like they will end the year higher than they started". "The Royal Institution of Chartered Surveyors (RICS) is no longer predicting a fall of between 10-15%. Instead, it now forecasts a slight rise by the end of the year - but warns there are still uncertainties ahead".
Posted by alan @ 06:39 AM (512 views) Add Comment
6 Comments
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1. mrflibble said...
Could well happen, anything is possible on Treasure Island.
I highly suspect August's Halliwide figures will be in the range of 0 to 1% and September's 0 to -0.5%, leaving us with just three months to gather some real momentum in the falls.
We have the other problem too of the lagging LR figures, these will start to filter through over the next few months. Sadly the average man on the street doesn't understand the applicable date on these press releases, that coupled with the usual ramping headlines, and he'll believe prices are still rising even though Halliwide are saying they are falling again.
I'm interested to see whether we can consistently hit the 2% MoM falls again, if not the hpc party is over I'm afraid and we are left with death by a thousand cuts...
2. Fedupwithlies said...
I still doubt the validity of these rises. In my area, Worcester, the falls have been very slow to come through becuase it is a wealthy area. But looking at recent sold prices( may and june, house prices website) the falls are hapening across the whole of the area with houses selling for up to 20% less than 2007 prices. Of course the local estate agents are still not recommending sellers to reflect these falls in their asking prices, but the information is out there if potential buyers care to look. All that is needed is patience, it will be a very different story told in the press by Christmas. (with the exception of the Crazy Times and Bonkers Express obviously!)
3. symo said...
It's fantasy island; an economy that only works by selling houses to one another and knowledge industries.
Keep on printing BoE; the world doesn't want our worthless paper anymore.
4. Acceleratorhams said...
Well I am in cash and supposed to be one of those who will be enticed to buy by the succession of hysterical comments coming from the those with a vested interest. I AM NOT BUYING!!!!! These are my reasons:
1] Property is grossly overvalued against earnings by any historical measure
2] No housing correction has been less than 5 years
3] Households are saddled with debt and negative equity
4] Interest rates will go up next year
5]The UK has declined by 20%ish, other countries [ie US are down 32%]
There are more reasons, that is enough for now!
5. will said...
So we have all missed the correction. But nothing has changed for the majority of us. Our pay hasn't risen by three hundred percent to keep up with the last decade of price rises. Most of us already have uncomfortable levels of borrowing and we are unlikely to increase it for a good number of years. So if for most of us nothing has changed since the correction started how are prices rising? The system needs prices to rise - banks, estate agents, surveyors etc and those who have invested huge amounts into the housing market over the past decade to create personal wealth. Sorry guys but the rest of us are not playing your game, so sell your overvalued property to one of your own.
6. Lucky_landlord said...
Will @ 09.29
'Sorry guys but the rest of us are not playing your game' err, that will be the couple of hundred active HPC posters then will it? If you continue to stick your head in the sand, then you are all going to left without a chair when the music stops. Simple.