headmelter Posted October 15, 2008 Share Posted October 15, 2008 (edited) http://www.bbc.co.uk/newsline/ Anyone see the news tonight? Go to tonights 18:30 bulletin about 3 mins 50 in. Brendan Cunnane thinks there is evidence that property prices have "really bottomed off" but buyer confidence needs to be restored to the market and it's the banks that need to supply liquidity and mortgages to get people "on the market and back to work". Frankly I've never heard such b0110x and if he thinks the banks are going to lend at previously ridiculous levels he's smokin' some seriously good sh1t and I need to find out where he's gettin' it. Edited October 15, 2008 by headmelter Quote Link to comment Share on other sites More sharing options...
headmelter Posted October 15, 2008 Share Posted October 15, 2008 FTR that building site he's standing in front of hasn't seen a builder at work for SIX months at least, I pass it nearly every day. Quote Link to comment Share on other sites More sharing options...
paul65 Posted October 15, 2008 Share Posted October 15, 2008 http://www.bbc.co.uk/newsline/Anyone see the news tonight? Go to tonights 18:30 bulletin about 3 mins 50 in. Brendan Cunnane thinks there is evidence that property prices have "really bottomed off" but buyer confidence needs to be restored to the market and it's the banks that need to supply liquidity and mortgages to get people "on the market and back to work". Frankly I've never heard such b0110x and if he thinks the banks are going to lend at previously ridiculous levels he's smokin' some seriously good sh1t and I need to find out where he's gettin' it. Brendan clearly hasn't been reading the reports coming out of the Newsletter recently or paying attention to the state that UK, Irish and global banks are in. Unfortunately for him his position as spokesperson for this construction and property group is a difficult one as banks are never going to go back to lending at the crazy levels of the last 5 years. Never mind the fact that we are headed for or are actually in recession and increasing unemployment across many sectors - not just construction and property.The sooner he wakes up and starts to see that that is the case the sooner he can start to advise his membership that prices will have to readjust to where the market can afford them. That's the way of capitalism after all - and the prudent businesses out there put money aside when they are making hay while the sun shines in the good times in order to cover those eventual rainy days Saying that the market has bottomed off is just ludicrous. But then again as a major VI he would be expected to say that. He has his membership to think of after all. Speaking of membership when is the last time anyone here last saw a post from StatinStoinker? Quote Link to comment Share on other sites More sharing options...
headmelter Posted October 15, 2008 Share Posted October 15, 2008 Speaking of membership when is the last time anyone here last saw a post from StatinStoinker? 25 sept 2008 @ 08:46 am. to be precise. Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted October 15, 2008 Share Posted October 15, 2008 (edited) 2008 - The selling season did fail. The VI's are shouting that the housing market has bottomed at 30% off and now is a good time to buy. Some people will believe the spin. Some people will buy. 2009 - The selling season will fail. The VI's will shout louder that the market has bottomed and now is a really good time to buy. A few people will believe them. A few people - who can scrape together a deposit and are able to get a mortgage - will buy a house. 2010 - The selling season will fail. Any VI's left will be screaming that the housing market has bottomed and now is a really good time to buy. Nobody will believe them. Everyone will be too worried about their job to want to take out a mortgage to buy a house. Nobody will be buying a house. 2010 - Autumn time - the housing market will be near the bottom. It will be a good time to buy. People with large deposits will be able to make, what may seem silly low offers, which will get serious consideration. As they will be the only people able make any offer. Sound plausible? Edited October 15, 2008 by Belfast Boy Quote Link to comment Share on other sites More sharing options...
wayoutwest Posted October 15, 2008 Share Posted October 15, 2008 Was that really on the Daily Mirror front page? For the record the headline of the Daily Mirror NI edition today was '£75K HOMES BOMBSHELL.' Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted October 15, 2008 Share Posted October 15, 2008 For the record the headline of the Daily Mirror NI edition today was '£75K HOMES BOMBSHELL.' I definately remember writing that number here recently Quote Link to comment Share on other sites More sharing options...
wayoutwest Posted October 15, 2008 Share Posted October 15, 2008 I definately remember writing that number here recently I didn't buy the paper so I don't know if the story was house prices to fall by £75k, or will fall to an average of £75k. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 15, 2008 Share Posted October 15, 2008 Yep, the mirror's front page story was saying that there would be a 66% drop in house prices in NI over 18 months. I have photos on my phone to prove it Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted October 15, 2008 Share Posted October 15, 2008 Yep, the mirror's front page story was saying that there would be a 66% drop in house prices in NI over 18 months.I have photos on my phone to prove it Are you sure they said 66%? Are you sure they didn't say fall by two thirds? Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 16, 2008 Share Posted October 16, 2008 http://www.belfasttelegraph.co.uk/news/loc...o-14003496.html quick cut and paste by the BT , why would anyone buy a local paper that can't be bothered to add a local view to national stories Quote Link to comment Share on other sites More sharing options...
tara747 Posted October 16, 2008 Share Posted October 16, 2008 For the record the headline of the Daily Mirror NI edition today was '£75K HOMES BOMBSHELL.' Anyone have a copy they can scan? Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 16, 2008 Share Posted October 16, 2008 I have a couple of rather blurry photos on my phone; it'll probably be Friday before I get time to upload them though. Quote Link to comment Share on other sites More sharing options...
headmelter Posted October 16, 2008 Share Posted October 16, 2008 http://www.belfasttelegraph.co.uk/news/loc...o-14003496.htmlquick cut and paste by the BT , why would anyone buy a local paper that can't be bothered to add a local view to national stories Although when you read it God loves an optimist. "But while the group does not expect the bottom of the market to be reached until late 2009 or early 2010, it is forecasting a pick up in sales next year. Knight Frank expects sales volumes to hit their low point towards the end of this year, with transactions running at just 30% of their long-term average, before recovering to 60% of their average level by the second half of 2009." Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 16, 2008 Share Posted October 16, 2008 (edited) Although when you read it God loves an optimist. "But while the group does not expect the bottom of the market to be reached until late 2009 or early 2010, it is forecasting a pick up in sales next year. Knight Frank expects sales volumes to hit their low point towards the end of this year, with transactions running at just 30% of their long-term average, before recovering to 60% of their average level by the second half of 2009." i would read this as a prediction of capitulation from sellers , this would be the normal level of transactions pre bubble. not good news for the 40% of EA's who will be surplus to requirement Edited October 16, 2008 by Malthus Quote Link to comment Share on other sites More sharing options...
subby Posted October 16, 2008 Share Posted October 16, 2008 restored.... Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 20, 2008 Share Posted October 20, 2008 http://www.belfasttelegraph.co.uk/business...c-14008440.html no gloom for tax dodgers Quote Link to comment Share on other sites More sharing options...
paul65 Posted October 20, 2008 Share Posted October 20, 2008 http://www.belfasttelegraph.co.uk/business...c-14008440.htmlno gloom for tax dodgers I wonder how much KPMG paid the BT for that "advert"? Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 http://www.belfasttelegraph.co.uk/business...9628.html?r=RSSThis is not going to please the ailing developers. Indeed - if they are gonna be buying up masses of unsold houses with our money, they should be buying them at a massive discount; something like a third of the original asking price. Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 21, 2008 Share Posted October 21, 2008 http://www.belfasttelegraph.co.uk/business...9628.html?r=RSSThis is not going to please the ailing developers. " RICS also highlighted its Royal Charter which obliges it to act in the public interest." funniest thing i've read in years Quote Link to comment Share on other sites More sharing options...
paul65 Posted October 21, 2008 Share Posted October 21, 2008 http://www.belfasttelegraph.co.uk/business...9628.html?r=RSSThis is not going to please the ailing developers. Interesting to see that the RICS person quoted in this piece is RICS’ Northern Ireland chairman, John Davidson rather than the more commonly quoted RICS Northern Ireland spokesman, Tom McClelland. Up until this piece I had never even heard of John Davidson in a RICS context. I wonder if both he and Tom sing from the same hymn sheet? Quote Link to comment Share on other sites More sharing options...
Traktion Posted October 22, 2008 Share Posted October 22, 2008 http://www.istockanalyst.com/article/viewi...id_2726693.htmland here's one saying the opposite of the Daily Mirror last week. We'll be grand lads. Why do these people always look to figures of time just passed and point to it as an indicator of the future? It's like saying 'we didn't have much rain last month, so we're not going to have much next month' and passing it off as some sort of clever thinking. It's rubbish! The only way you can gauge where we are and where we will be is by looking at the fundamentals (I want to rescue that word back, after Brown kidnapped it!). That is, credit is restricted and will continue to be, which will drive house prices down. IMO, it's no accident that there is bad economic/financial news on the TV, in the newspapers daily. It's because there are very serious problems to overcome and house prices will suffer, while people turn their attention to keeping their jobs and their families fed. These "rear view mirror" analysts really are not worth listening to as they see unable to see the bigger picture. They don't see the cause and so cannot understand the affect. They just monitor what has just happened and conclude that this can be used to predict the future. While the recent past can be used to re-enforce opinion, ignoring the bigger problems is very foolish. Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 23, 2008 Share Posted October 23, 2008 (edited) http://www.newsletter.co.uk/business/Crunc...rket.4561801.jp you could'nt make it up ( again ) "A NEW debt advisory service has been launched to protect Ulster's hard-pressed property industry. Banks and investors in the real estate markets in Northern Ireland and Great Britain will be offered advice to minimise risks amid the spiralling financial crisis." Surely a recorded message would do the trick : Bankers press 1 - Mortages were 3.5x salary for a good reason Investors press 2 - The value of investment may go down as well as up , previous performance is not a guide to the future . Builders press 3 - paying over the odds for land (doing a Taggart as it's known) and building crap flats will lead to ruin. sorted , but 4 years to late i fear Edited October 24, 2008 by Malthus Quote Link to comment Share on other sites More sharing options...
Traktion Posted October 23, 2008 Share Posted October 23, 2008 http://www.newsletter.co.uk/business/Crunc...rket.4561801.jpyou could'nt make it up ( again ) "A NEW debt advisory service has been launched to protect Ulster's hard-pressed property industry. Banks and investors in the real estate markets in Northern Ireland and Great Britain will be offered advice to minimise risks amid the spiralling financial crisis." Surely a recorded message would do the trick : Bankers press 1 - Mortages were 3.5x salary for a good reason Investors press 2 - The value of investment may go down as well as up , previous preformance is not a guide to the future . Builders press 3 - paying over the odds for land (doing a Taggart as it's known) and building crap flats will lead to ruin. sorted , but 4 years to late i fear Quality! Quote Link to comment Share on other sites More sharing options...
irishhombre Posted October 24, 2008 Share Posted October 24, 2008 http://www.newsletter.co.uk/business/Crunc...rket.4561801.jpyou could'nt make it up ( again ) "A NEW debt advisory service has been launched to protect Ulster's hard-pressed property industry. Banks and investors in the real estate markets in Northern Ireland and Great Britain will be offered advice to minimise risks amid the spiralling financial crisis." Surely a recorded message would do the trick : Bankers press 1 - Mortages were 3.5x salary for a good reason Investors press 2 - The value of investment may go down as well as up , previous preformance is not a guide to the future . Builders press 3 - paying over the odds for land (doing a Taggart as it's known) and building crap flats will lead to ruin. sorted , but 4 years to late i fear very good....and probably just as helpful....but it is creating more jobs for out of work estate agent...lol Quote Link to comment Share on other sites More sharing options...
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