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Bbc Reporting On Rics

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the bbc are reporting 'early signs' in the housing market according to RICS.

all good..we are saved....again.

they do go on to mention that more surveyors report falls in prices....

strange that they didn't pick that as the headline. this is mid April...not exactly early is it?

they also mention the housing market is key to economic recovery...however as we have seen it was key to economic destruction.

box news link

Edited by TheCountOfNowhere

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the bbc are reporting 'early signs' in the housing market according to RICS.

all good..we are saved....again.

they do go on to mention that more surveyors report falls in prices....

strange that they didn't pick that as the headline. this is mid April...not exactly early is it?

they also mention the housing market is key to economic recovery...however as we have seen it was key to economic destruction.

box news link

This is the best they can come up with for the prime selling period in the calendar, all that winter pent-up demand being unleashed now the snow has gone....

I'm looking forward to the next Halifax regional index (Q1 2013) to see if it confirms the Q12013 Nationwide one that prices are on a long slow grind downwards in many parts of the country.

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all that winter pent-up demand being unleashed now the snow has gone

Yes, and to add to the sarcasm sandwich; it was such an easy winter and 2012, all folk flush with cash eager to spend the UK into prosperity.

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Yes, and to add to the sarcasm sandwich; it was such an easy winter and 2012, all folk flush with cash eager to spend the UK into prosperity.

Well in 2012, we had the Football, the Jubilee AND the Olympics. so no wonder no-one was buying last year. its just the pent up demand from the whole of the last year.

2012 was always the main W@nk fest. 2013 is the cum shot.

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Fresh from conveying the economic wisdom of Margaret Thatcher to his readers, Doughboy Cowie is sneering at HPC again this morning.

http://blogs.telegraph.co.uk/finance/ianmcowie/100023946/winners-and-whingers-as-house-prices-prepare-for-take-off/

Winners and whingers as house prices prepare for take-off By Ian Cowie Your Money Last updated: April 9th, 2013

Sales of houses and flats hit a three-year high as the property market begins to recover from the credit crisis, according to the Royal Institution of Chartered Surveyors.

RICS members reported selling an average of 17.4 homes during the previous three months, the highest number since March 2010. Last week Halifax, Britain’s biggest mortgage lender, said house prices increased by 1.2pc in the first three months of this year; their fourth quarterly advance.

Peter Bolton King, a director of RICS, said: “A buoyant, healthy property market is central to economic recovery and, while these are still very much early signs, it is encouraging that sales are beginning to pick-up.

“Thanks to initiatives such as Funding for Lending, mortgages are becoming more accessible to buyers, which is gently easing the pressure on the market and freeing up stagnant chains.”

While two swallows do not a summer make, both these independent reports tend to support this column’s view that homeowners will be the biggest winners from last month’s budget.

Here is what Mark Harris of mortgage broker SPF Private Clients told me on the day: “The Help to Buy initiative should provide a significant boost for the housing market. Effectively, a Government-backed mortgage indemnity guarantee or MIG will enable lenders to offer high loan-to-value mortgages while mitigating their risk.

“The fact that the Government is supporting £130bn of mortgages over three years is excellent news. This is a massive boost to house builders as well, which is good for the economy.”

But for every winner there is a whinger. Spare a thought for Housepricecrash.co.uk devotees who have been waiting and wishing for house prices to plunge for years now. Their reaction is probably unprintable in a family newspaper but no doubt there will be plenty to view below the line here soon.

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Fresh from conveying the economic wisdom of Margaret Thatcher to his readers, Doughboy Cowie is sneering at HPC again this morning.

http://blogs.telegraph.co.uk/finance/ianmcowie/100023946/winners-and-whingers-as-house-prices-prepare-for-take-off/

Cowie's ability to present VI views in a sympathetic and unquestioning manner is his biggest strength:

Here is what Mark Harris of mortgage broker SPF Private Clients told me on the day: “The Help to Buy initiative should provide a significant boost for the housing market. Effectively, a Government-backed mortgage indemnity guarantee or MIG will enable lenders to offer high loan-to-value mortgages while mitigating their risk.

“The fact that the Government is supporting £130bn of mortgages over three years is excellent news. This is a massive boost to house builders as well, which is good for the economy.”

Staggering stuff. Winners and whingers, that's what the taxpayer assuming massive risks to capital in order to prop up asset prices for publically-listed companies all boils down to. Love it or you're just being a wet blanket.

Edited by cheeznbreed

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RICS members reported selling an average of 17.4 homes during the previous three months, the highest number since March 2010.

So they'll be cancelling "Help to Buy" then :unsure:

"Free market" :lol::lol::lol:

It's all more or less flatlining and they're still desperately twisting and spinning the housing "recovery" and admitting it's the only idea left in town.

Apparently the sales numbers are even less than the number of sales at the start of 2008 before that collapse in property prices.

house-prices-sales-volume.gif

Edited by billybong

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Fresh from conveying the economic wisdom of Margaret Thatcher to his readers, Doughboy Cowie is sneering at HPC again this morning.

http://blogs.telegra...e-for-take-off/

I notice his trolling is as lazy as his journalism - from this article, dated 20th March:

Spare a thought, though, for Housepricecrash.co.uk devotees. They have been waiting and wishing for house prices to plunge for years now and their reaction is probably unprintable in a family newspaper but no doubt there will be plenty to view below the line here soon

:rolleyes:

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Don't you just love it when a supposedly serious journalist takes 'sides' in what is now very much broader debate about how stimulating private credit has destroyed our economy and here we are on the verge of yet more even as the UK pukes on it and our competitiveness and demand levels fall.

I wish he was 19 and sucking up all that compulsory private credit on his student costs of about £25,000 like my daughter. With the prospect of houses being even further out of reach before she graduates, lower wages and yet more oldies to support in her working life.

No country for the young this especially with unsympathetic t*ssers like him sneering from his influential position in the media.

Incredible isn't it? An award winning journalist in personal finance, little more than a school bully.

Mr Cowie has previously mentioned being a parent himself, predictably in one of his columns about how well he's done for himself:

http://blogs.telegraph.co.uk/finance/ianmcowie/100019874/how-i-made-a-profit-out-of-paying-public-school-fees/

How I made a profit out of paying public school fees

snip

Allowing for inflation, it now costs an eye-watering total of more than £500,000 to send three children to private school, calculates Duncan Lawrie Private Bank. No wonder a friend of mine who educated three children privately confided: “One is a doddle, two a challenge but three is financial suicide.” He downsized and moved out to unlock capital gains to feed the fees monster but now faces above-inflation rail fares to get into work.

By now you may be wondering how I reckon to have made a profit out of paying for our son to attend public school. Well, with apologies for the Enron-style accounting, here is the explanation.

First, we only had the one child to worry about. Second, so many parents have opted out of the State system in London now that merely being willing to pauperise yourself is no guarantee of gaining a place at a good local school. So we entered our six-year-old for five independent sector schools in the hope he would gain a place at one.

...snip......

Then he got into our first choice. That was how we came to buy one of the last Georgian wrecks in Highgate, paying £295,000 for four bedrooms in 1997. It is invidious to speculate about current valuations but a next door neighbour sold for several times that sum a few years ago before he had time to get the ‘For Sale’ sign up.

....snip.....

By contrast, those who move out of town in search of good State schools commit to years of rising train fares or other commuting costs on which no gains are possible and rising losses a near-certainty. Transport costs are like rent; dead money. So, if like me, you would rather put capital into an asset that can appreciate in value, paying more to be near a good school is a better bet.

So basically, HPI=answer for everything in Cowieland. Preferably on a 100% 5-times salary basis too:

http://blogs.telegraph.co.uk/finance/ianmcowie/100006262/why-irresponsible-lending-helped-me-and-millions-of-others/

Why 'irresponsible lending' helped me and millions of others

....snip...

Never mind the macro-economics. Self-interest is the one motivation you can always rely on and my personal experience of the property ladder was shared by many others in my generation. One of the best financial decisions I ever took was a 100pc mortgage – yes, that’s right 100pc - for about five times my salary 25 years ago. No such loans are available today. Without such ‘irresponsible lending’, I might still be renting a bedsit in Kilburn rather than owning a home in Highgate.

That’s not intended to sound like bragging but to demonstrate why people who fail to understand the importance of credit – and, dare I say it, house price inflation – in the creation of wealth are either very naive or perhaps living under hedges on a diet of roots and berries. They have certainly missed one of the simplest ways to accumulate tax-free gains available in our lifetime – at least until now.

Will today’s bedsit tenants thank the regulators for freezing them out of home ownership and condemning them to years of throwing cash away on rent? I doubt it. The Chancellor should resist the temptation to meddle with markets, remember the importance of individual free choice and give young homebuyers a fighting chance.

His motives might just be a bit more base, maybe he's thinking of cashing out sometime soon.

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His private school fees have probably increased at about the same rate as house prices in recent years. There's probably a reasonable correlation.

If all the money hadn't been put into housing to bump up prices he'd probably been better able to pay the fees out of journalist wages.

It's just yet another thing brought out of wack by the housing casino and yet another VI grouping using on the only idea they have left for the UK economy.

When they say it's the right thing to do they really mean it's the only idea they have left.

Edited by billybong

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I notice his trolling is as lazy as his journalism - from this article, dated 20th March:

:rolleyes:

Is this wee website really that powerful or influential that a man such as Cowie should regularly name-drop it? I mean, HPC isn't exactly Mumsnet AIBU?

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I thought the BBC write-up of the RICS report was more bearish than others.

Haven't RICS been saying that housing market nirvana is just round the corner for several months now?

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Fresh from conveying the economic wisdom of Margaret Thatcher to his readers, Doughboy Cowie is sneering at HPC again this morning.

http://blogs.telegraph.co.uk/finance/ianmcowie/100023946/winners-and-whingers-as-house-prices-prepare-for-take-off/

I notice his trolling is as lazy as his journalism - from this article, dated 20th March:

:rolleyes:

Incredible isn't it? An award winning journalist in personal finance, little more than a school bully.

Mr Cowie has previously mentioned being a parent himself, predictably in one of his columns about how well he's done for himself:

http://blogs.telegraph.co.uk/finance/ianmcowie/100019874/how-i-made-a-profit-out-of-paying-public-school-fees/

So basically, HPI=answer for everything in Cowieland. Preferably on a 100% 5-times salary basis too:

http://blogs.telegraph.co.uk/finance/ianmcowie/100006262/why-irresponsible-lending-helped-me-and-millions-of-others/

His motives might just be a bit more base, maybe he's thinking of cashing out sometime soon.

Jesus Christ.

Staggering indeed!

This man makes even Flanders, Peston and Davies look good by comparison! That is a quite feat!

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Why 'irresponsible lending' helped me and millions of others

Yes, only whilst we had the hyper days of property inflation....now those days are all but over, the money is exhausted, the multiples at their max and interest rates at their lowest.......so where can house prices go from here? ;)

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The comments are quality though - if fact I dont remember ever seeing such unanimous condemnation of an pro-HPI article.

There's always one bull at least, truckten. Must be Sibley's cousin or something. I don't read the Torygraph's personal finance articles anymore, they're not very well researched, even when they are not pushing a blatant VI line, as with most of Cowie's output. Best left alone imo. I'm delighted the online version is moving towards a paywall model tbh.

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This man makes even Flanders, Peston and Davies look good by comparison! That is a quite feat!

So he likes the thought of young people taking on lots of debt or paying exorbitant rents to fund his lifestyle. Nothing wrong with that. Except it's utterly immoral.

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So he likes the thought of young people taking on lots of debt or paying exorbitant rents to fund his lifestyle. Nothing wrong with that. Except it's utterly immoral.

It is immoral when if the gamble doesn't work the rest of society including the cautions prudent ones end up paying for their reckless risk taking, instant gratification and irresponsibility. ;)

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It is immoral when if the gamble doesn't work the rest of society including the cautions prudent ones end up paying for their reckless risk taking, instant gratification and irresponsibility. ;)

It's still immoral even if the gamble works. Suppose they keep propping up demand and restricting new builds, keeping house prices higher than they needed be - still immoral.

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Fresh from conveying the economic wisdom of Margaret Thatcher to his readers, Doughboy Cowie is sneering at HPC again this morning.

http://blogs.telegraph.co.uk/finance/ianmcowie/100023946/winners-and-whingers-as-house-prices-prepare-for-take-off/

This comment there is interesting:

geneer

4 hours ago

Ian Cowie seems to be of the opinion that house prices have not, as yet, plunged.

Given that the fall in house prices is currently on a par with the 90's crash, that would give him at least the same credibility of the HBOS management team.

I wonder what his moniker was on the HousePriceCrash forum? Surely a regular. There does seem to be a bit of underlying resentment in his intellectually void missives.

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Also in the comments...

sibleyToday 09:34 AM

Dear oh dear....This really has fired the HPC gang up hahaha.Look at the comments. I bet the Samaritans will be busy today.

Get saving. Do it the hard way same as we did.

No free meals in our housing market.

Buy now before you get priced out. More fool you for believing prices would crash.

Top story Ian Cowie

Well, well well.

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  • 238 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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