Press Release 16/08/2004 - Comment on London Tonight broadcast
On Monday, 16 August at around 18.15, ITV broadcast its "Inside Property" feature as part of the London Tonight programme. The 6-minute programme reported on two couples that have sold their properties to move to rented accommodation in anticipation of a house price crash. The programme also featured the website housepricecrash.co.uk.
Housepricecrash.co.uk and the two couples featured in the programme wish to respond to the comments made by Kirstie Allsopp after the reporting feature presented by Sharon Thomas. These comments, to which we have been given no opportunity to respond ended the programme with the suggestion that housepricecrash.co.uk was set up with the intention to create panic and that its activities are immoral and would be illegal in the stock market.
These accusations could not be further from the truth. We regret that Kirstie Allsopp has made such an emotional, unqualified and unsubstantiated comment. Housepricecrash.co.uk would like to take the opportunity to respond to some of the factual statements she has made:
Ms Allsopp contends that setting up a website like housepricecrash.co.uk is irresponsible and may cause a panic in the housing market. Housepricecrash.co.uk was set up as an information tool. The very nature of the site and its name do indeed suggest the possibility of a crash and the creators of housepricecrash.co.uk are indeed of the opinion that a crash is likely. It is their constitutional right of freedom of speech to promote this view. Far more influential sources, such as the Governor of the Bank of England and various economic experts have also speculated about a house price crash. The housing market will ultimately be driven by its underlying fundamentals and the statement that a website, group or person promoting one view or the other could influence such a vast market is without basis. The aim of housepricecrash.co.uk is to provide information to individuals so that they can do their own research and reach their own conclusion about the future of the housing market.
Ms Allsopp also states that the activities of housepricecrash.co.uk would be illegal in the stock market, which implies at least an immorality to its actions. Housepricecrash.co.uk and its contributors strongly reject this notion, and assert their constitutional right of free speech to comment on the housing market as they see fit.
The contributors at housepricecrash.co.uk fully understand that a house price crash will cause hardship to individuals. It is also true that some of the contributors to housepricecrash.co.uk would benefit if the prices were to fall, be it because they have sold to rent or are simply first time buyers who are currently unable to buy. Many contributors to housepricecrash.co.uk believe that a continued boom in house prices will be equally damaging for the economy as a whole and that a healthy correction should occur sooner rather than later.
For those who have sold to rent, as shown in the "Inside Property" programme, this was a difficult financial decision to take. Ms Allsopp should not ridicule them in such an unqualified way.
Finally, it should be remembered that Ms Allsopp is not free from conflict of interest and should therefore not be presented by ITV with the implication that she is an independent expert.
Housepricecrash.co.uk and the two couples featured in the "Inside Property" programme regret that the otherwise excellent reporting by Sharon Thomas ended on a low note with Ms Allsopp's comments, and would welcome an opportunity to respond directly to Ms Allsopp.