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Rics -21 Up From -23

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Broad based improvement but conditions remain weak

Headline price balance improves again but remains negative

New enquiries stabilise, while new instructions rise

Sales expectations positive but price expectations net balance still negative

http://www.rics.org/site/download_feed.aspx?fileID=9520&fileExtension=PDF

New buyer enquiries at 0 new vendor instructions +18

Edited by Pent Up

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No more enquires, but lots more instructions..

<rubs hands> Excellent...

All that good weather and and two four day weekends and the buyers still stay home! Meanwhile:

New vendor instructions increased robustly, which surveyors attribute to the unusually good weather during April rather than something more ominous.

http://www.rics.org/housingmarketsurvey

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New vendor instructions increased robustly, which surveyors attribute to the unusually good weather during April rather than something more ominous.

Heh, that's an awesome quote. Surveyors think the rise is ominous, but they are clutching at straws, desperately trying to find alternatives.

I am also amused at the somewhat stereotypical use of the British weather in all the discussions. :) Did we regularly see this kind of explanation on the way up during the boom years?

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Heh, that's an awesome quote. Surveyors think the rise is ominous, but they are clutching at straws, desperately trying to find alternatives.

I am also amused at the somewhat stereotypical use of the British weather in all the discussions. :) Did we regularly see this kind of explanation on the way up during the boom years?

I find it strange that the good weather brought vendors out in droves but not any buyers? Obviously the weather only affects vendors?

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That's not quite how the BBC are reporting it:

Sunny weather 'encourages house buyers' says Rics

Good weather in April led to an increased number of viewings from potential UK house buyers, according to surveyors.

BBC Bias, or just incompetence?

edited for extra charachters....

Edited by Lepista

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http://www.bbc.co.uk/news/business-13337149

Good weather in April led to an increased number of viewings from potential UK house buyers, according to surveyors.

But difficulty in securing a mortgage hindered many of these potential buyers, the Royal Institution of Chartered Surveyors (Rics) said.

Only the "cash-rich" were able to take advantage of lower prices, it added.

Surveyors who expect house prices to fall in the next three months outnumber those expecting values to rise.

Still at least people got out in the sun and increased there Vit D levels.

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Arwel Wyn Griffith FRICS, Robert Sterling Surveyors LLP, Walthamstow, Waltham Forest, 0845 838 0930 - Holding steady at the moment, a bit like a cowboy stand-off, buyers wondering what's going to happen to interest rates, and work prospects, sellers remainingkeenonprices.

Charles Puxley Esq, Jackson-Stops & Staff, London, Chelsea, 2075815881 - There is a chronic shortage of good instructions in Central London at present and plenty of demand. This forces prices up, so vendors try and take advantage. Anything less than prime and overpriced does not sell. It is hard to see when more sellable property will come to the market.

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I guess that should be "Anything less than prime, and overpriced does not sell."

Grammar is not exactly their strong point is it...

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http://www.bbc.co.uk...siness-13337149

Still at least people got out in the sun and increased there Vit D levels.

Or just HPCers going round to test the water and see how over valued stuff is or how much below asking they are willing to accept...

Interesting that they don't say anything about the mortgage providers own valuations being lower than the offered price and hence no mortgage.

If a mortgage provider knows it will take 2-3 months to complete will their valuation also include the extra 2-3 months of HP decrease (given that RICS survey suggests they are going downwards and RICS members are doing the valuing) or are they factoring in additional reduction beyond that too (in addition to lower LTV)?

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RICS don't say there are more buyers. They say they are same as last month. The balance was 0. I don't where they have got this headline from?

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The comments in that report come across as 50% ignorant, 50% in denial and 50% accepting the need for lower prices...

...scratches head...

:unsure:

...reaches for calculator in bottom drawer...

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RICS don't say there are more buyers. They say they are same as last month. The balance was 0. I don't where they have got this headline from?

Aye, and given inflation, shouldn't there have been 4% more buyers in real terms anyway?

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The comments in that report come across as 50% ignorant, 50% in denial and 50% accepting the need for lower prices...

...scratches head...

:unsure:

...reaches for calculator in bottom drawer...

Easy - they are not mutually exclusive.

Obviously, they are saying that all the people in denial are ignorant. :P

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RICS don't say there are more buyers. They say they are same as last month. The balance was 0. I don't where they have got this headline from?

In fact, there are "fewer viewers to houses" now there are more instructions.

Anyway of getting the BBC to correct their bias mistake.

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Alas, we are all going to have to wait for the Summer months to come and go, for the new sellers to go through their belief that their house will sell, little or no viewings and eventual badgering by and of their EA.

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In fact, there are "fewer viewers to houses" now there are more instructions.

Anyway of getting the BBC to correct their bias mistake.

I complained as follows:

This article is factually inaccurate:

http://www.bbc.co.uk/news/business-13337149

The RICS report does not indicate an increased number of viewings from potential UK house buyers. Indeed they do not record statistics on house viewings.

The relevant indicator of buyer interest is 'New buyer enquiries' (page 2 of the report). This showed no change, as indicated in the accompanying text on pages 1 and 2 ('new buyer enquiries stabilised in April').

Please correct this factual inaccuracy.

Regards,

We'll see.

Q

Edit to add: does anyone have a Citywire account to register a similar comment there?

Edited by Quicken

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  • 276 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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