Saturday, Dec 12, 2009
Summary of sorts
Telegraph: Property: Big money, big dreams
"From boom to bust, it's been a roller-coaster decade for the property market"
Posted by rumble @ 03:37 PM (1343 views) Add Comment
9 Comments
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1. will said...
Knight Frank - 'we have seen a V shape recovery having seen a 25-30 % correction'.
Tell that to the rest of the UK who have been unsuccesfully marketing their homes for the past two or more years at 2007 prices.
A handful of houses selling at such discounts does not constitute a correction. We now need to see every house advertised at 25-30% lower prices or for wages to rise to meet the higher prices.
2. paul said...
I like the way this article refers to the boom and bust as if the story is finished and the market has settled to a more sensible position. It has not, and the nequity nightmare hasn't even begun yet.
Just wait until the government funded props are removed from the market, sellers realise that prices are not going to recover and estate agents start getting real with their sellers.
3. tpbeta said...
Before the property bubble bursts again, the sentiment bubble has to pop. That won't happen till after the election in my opinion.
4. cynicalsoothsayer said...
A very London centric view. All it will take to trigger house price falls is interest rates or unemployment rates to rise.
5. drewster said...
"We will continue to see shaky growth until the Olympic Games...."
Of course, how could we forget? The Olympics are our magic saviour. Just imagine if Paris had won the games instead of London - the property market would be doomed!
6. montesquieu said...
What's interesting is that the VIs are now acknowledging there 'was' a bubble, have put it in the past, and are now predicting a return to bubble prices in only two years after a mere 20% fall.
Makes you wonder whether they have any f****g clue what a bubble actually is and what happens over time when one deflates.
7. quiet guy said...
Good post, rumble, and I agree with drewster and paul; it'll be years before we have seen the full consequences of the bubble shaken out.
Just one little quibble regarding "those people queuing outside Northern Rock must have feared on that grey morning in September 2007, when news emerged that their building society had sought emergency funding from the Bank of England"
Northern Rock demutualised in 1997. If it had stayed as a Building Society, it is much less likely that it would have failed.
8. str 2007 said...
Yes they still seem to be assuming rates will stay very low.
Almost wihout doubt the reality will kick i that acualy houses are still very expensive.
9. clockslinger said...
Massive over correction in London? I thought property prices in the South East, and London in particular, had fallen least.