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The text read as follows:

Figures recently released by the Royal Institution of Chartered Surveyors confirm William H Brown`s view that demand for good properties is now greatly outstripping supply.

"Their report that new buyer enquiries, which are now feeding through into sales, have increased for seven months in a row and in May were at their highest level since August 1999, corresponds with what we are seeing in our branch", says Lincoln Branch Manager, Simon Harvey. William H Brown is part of the Sequence Group which for the past three months has reported higher consecutive weekly sales figures compared during the same period in 2008.


My reply:


I’m sorry, but I am firmly of the view that what the market is experiencing right now is a hiatus caused by artificially low interest rates, quantitative easing and low transaction volumes. This is not just a house price correction, nor a UK recession, it is a world-wide economic slow down of the likes not seen since the great depression. The financial system is not fixed, banks and building societies are not lending at the volumes required to support property prices. There is a strong likelihood in the coming months that the UK’s credit rating will be down graded if the Government do no reign in public spending. This will make it difficult for the Government to continue the sale of bonds (part of the quantitative easing strategy); the only way they will be able to do so is by paying higher interest; this will push up interest rates in general. This, coupled with increasing unemployment, will cause more distressed sales, pushing up the supply of properties on the market, and hence triggering the next leg down in property prices.

I think that my analysis will withstand scrutiny better than yours, therefore I will continue to wait for the right property to come along at the right price (ie at least 20% off peak value, soon to be 30%).

Kindest regards etc

Given the normal IQ of an EA I'm not expecting them to understand much of what I said...

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