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Housing Market 'is Being Stifled'

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http://www.bbc.co.uk/news/business-11983859

14 December 2010 Last updated at 00:01

Housing market 'is being stifled'

Houses The housing market has shown little sign of change in recent months

The housing market is being stifled by a lack of first-time buyers and economic confidence, according to surveyors.

More reported prices falling than rising in November - a similar picture to the previous month, said the Royal Institution of Chartered Surveyors.

New buyer enquiries, newly agreed sales and average sales per surveyor all fell in November, the survey found.

Prices were falling across the UK and activity remained slow.

However, the end of the year is generally a slow time of year for the housing market and surveyors believe some sellers will wait until the new year before putting properties on the market.

Findings

The survey, which is generally well regarded in the industry, echoes the views of recent reports from lenders such as the Halifax and the Nationwide.

The survey found that 43% of the surveyors noted that prices were relatively stable over the past three months, although many said prices had fallen slightly in November.

The lack of demand, especially from first-time buyers struggling to get a mortgage, was in evidence from the falling number of new-buyer enquiries. This has now fallen for six months in a row.

"Despite some better economic data, fears over how future spending cuts will impact on the jobs market are clearly still weighing heavily on potential purchasers' minds, with many deciding to wait and see until the new year," said Rics spokesman Ian Perry.

"Meanwhile, the lack of mortgage finance continues to deter first time buyers."

Individual surveyors have reported that the picture for the housing market into next year could be similar.

"The new year looks to be slow with little buyer confidence," said Derek Coates of Liverpool.

Stuart Allan, of Bishop Auckland, said: "We are now entering the winter season and some vendors are putting off the sale of their properties until the spring."

The BBC just can't leave it alone.

And I thought they were supposed to be impartial?

All good news for us Bears : )

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http://www.bbc.co.uk/news/business-11983859

14 December 2010 Last updated at 00:01

Housing market 'is being stifled'

Houses The housing market has shown little sign of change in recent months

The housing market is being stifled by a lack of first-time buyers and economic confidence, according to surveyors.

More reported prices falling than rising in November - a similar picture to the previous month, said the Royal Institution of Chartered Surveyors.

New buyer enquiries, newly agreed sales and average sales per surveyor all fell in November, the survey found.

Prices were falling across the UK and activity remained slow.

However, the end of the year is generally a slow time of year for the housing market and surveyors believe some sellers will wait until the new year before putting properties on the market.

Findings

The survey, which is generally well regarded in the industry, echoes the views of recent reports from lenders such as the Halifax and the Nationwide.

The survey found that 43% of the surveyors noted that prices were relatively stable over the past three months, although many said prices had fallen slightly in November.

The lack of demand, especially from first-time buyers struggling to get a mortgage, was in evidence from the falling number of new-buyer enquiries. This has now fallen for six months in a row.

"Despite some better economic data, fears over how future spending cuts will impact on the jobs market are clearly still weighing heavily on potential purchasers' minds, with many deciding to wait and see until the new year," said Rics spokesman Ian Perry.

"Meanwhile, the lack of mortgage finance continues to deter first time buyers."

Individual surveyors have reported that the picture for the housing market into next year could be similar.

"The new year looks to be slow with little buyer confidence," said Derek Coates of Liverpool.

Stuart Allan, of Bishop Auckland, said: "We are now entering the winter season and some vendors are putting off the sale of their properties until the spring."

The BBC just can't leave it alone.

And I thought they were supposed to be impartial?

All good news for us Bears : )

Once again, no mention of the real problem – that prices are too damn high in the first place.

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Once again, no mention of the real problem – that prices are too damn high in the first place.

It is simple arithmetic to prove that hp cannot rise in real terms forever. We've just about hit the limit. Why can't these VIs see that? :blink: Edited by Giordano Bruno

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http://www.bbc.co.uk/news/business-11983859

14 December 2010 Last updated at 00:01

Housing market 'is being stifled'

Houses The housing market has shown little sign of change in recent months

The housing market is being stifled by a lack of first-time buyers and economic confidence, according to surveyors.

More reported prices falling than rising in November - a similar picture to the previous month, said the Royal Institution of Chartered Surveyors.

New buyer enquiries, newly agreed sales and average sales per surveyor all fell in November, the survey found.

Prices were falling across the UK and activity remained slow.

However, the end of the year is generally a slow time of year for the housing market and surveyors believe some sellers will wait until the new year before putting properties on the market.

Findings

The survey, which is generally well regarded in the industry, echoes the views of recent reports from lenders such as the Halifax and the Nationwide.

The survey found that 43% of the surveyors noted that prices were relatively stable over the past three months, although many said prices had fallen slightly in November.

The lack of demand, especially from first-time buyers struggling to get a mortgage, was in evidence from the falling number of new-buyer enquiries. This has now fallen for six months in a row.

"Despite some better economic data, fears over how future spending cuts will impact on the jobs market are clearly still weighing heavily on potential purchasers' minds, with many deciding to wait and see until the new year," said Rics spokesman Ian Perry.

"Meanwhile, the lack of mortgage finance continues to deter first time buyers."

Individual surveyors have reported that the picture for the housing market into next year could be similar.

"The new year looks to be slow with little buyer confidence," said Derek Coates of Liverpool.

Stuart Allan, of Bishop Auckland, said: "We are now entering the winter season and some vendors are putting off the sale of their properties until the spring."

+1 to every thing that was said there. Reading between the lines they are saying that prices are too high and that there are falls to come.

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Once again, no mention of the real problem – that prices are too damn high in the first place.

Indeed, how can you have a whole article discussing the housing market, and not mention this?

Edited by Kyoto

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The housing market has shown little sign of change in recent months
or
More reported prices falling than rising in November - a similar picture to the previous month

The VIs need to decide which is true. Do we have the Lerean effect (mythical plateau) or are prices falling. You can't have little change and 6 consecutive months of falling prices.

It does seem to be getting a little more bearish these last few days which means my cunning plan to go "Neither" is working!

:lol:

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It does seem to be getting a little more bearish these last few days which means my cunning plan to go "Neither" is working!

:lol:

Yes - you fooled the kettle into thinking you weren't watching! Glad you've perked up - I hate those depressive days when even the stalwarts lose faith.

Edited by Reluctant Heretic

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It does seem to be getting a little more bearish these last few days which means my cunning plan to go "Neither" is working!

:lol:

Well I suggest you remain "bull" a little longer RB wink.gif

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There's some lovely agent comments on this survey, sorry can't post link as it's in my inbox. Don't know if it's on the RICS site yet?

"D M potter FRICS, Potter and co.

Norwich, Norfolk - very quiet. We are seeing another round of agency closures in our city. 'double dip' is here."

:D

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Is the market stuffed? There's still a widespread mentality that the summer or 2007 marked the true value of a property and any shortfall we're seeing now is a mere anomaly.

"The time to buy is when blood is running in the streets" Baron Nathan Rothschild
The time to buy is when buying has gone out of fashion. Edited by Hyperduck Quack Quack

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Lets hope under the Editors Code of Practice that these BBC executives at some point are forced to announce their profits from their interests in housing.

[Although dont hold your breath, as this is a self regulatory body, much like that other self regulatory industry, the Estate Agents. Or those other people who simply make their own rules up, Parliament.

ALL of whom have profited massively from allowing, encouraging, and manipulating House Price Increases. And then transferred that debt onto us.]

They have no credibility whatsoever when it comes to reporting house prices.

ANNOUNCE YOUR BTL INTERESTS BBC SCUM!

The Press Complaints Commission is charged with enforcing the following Code of Practice, framed by the newspaper and periodical industry and ratified by the PCC to take effect from 19 October 2009.

Edited by Dan1

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At the height of the boom in 2007, many private sellers and developers seemed to have a rule of thumb. Find the market value of a property, add 10% and sit back and wait for a buyer. Now it seems that all that's happened is that the added 10% is likely to be bargained away by a buyer.

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Mentioning that the prices are still too high would spotlights the fact that the banks are liable to face another crash. It's better for the VIs to allow rising IRs to erode house values so protecting the "asset" values whilst devaluing the market. It's a fine line to follow if a HPC is to be avoided.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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