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cool_hand

Hugh Pym Has His Fire Pissed On.

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It's not as negative as it should be, but it's a start. A change. Some acceptance, yet still much VI self-inflicted neurotic selfishness on display with how the questions were put, and the answers.

Watched this gf3? Not just the bankers, but many people who would love to see house prices rise substantially every year if only we could find ways to engineer it.

YB: "Everyone got very excited because Nationwide said house prices had risen. In London house prices are 7% above their former peak, so very good news in London."
HP: (On the FLS and Help-To-Buy to "get more money in the market" and not addressing the point made by Capital Economics you man man about huge deposits required): " Doesn't the fact mortgage rates have fallen help younger people afford to buy." (brooking no thought that lower prices might help that).
HP: "There have been warnings that the government scheme to try and boost the housing market might create
another
bubble" - (wanting to project a view all is fine and maintainable as prices are now) and that's after the young man from Capital Economics just explained house prices are still very over-valued compared to incomes.
HP: Is it a bad thing if market prices remain subdued? (Ask gf3 the banker blamer, with desire for ever higher house prices nothing to do with anyone else.)

The guy from Capital Economics could see that FLS Help-To-Buy just mechanisms to help keep prices supported at very high price levels, if there are enough borrowers willing to borrow. Fact they've widened the scheme from FTBs doesn't help, but we shall see.

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The Savills female had the gall to say "everyone got very excited" that house prices had risen.

How does "everyone" include people wanting to buy their first house or people who want to move up the ladder and that just became more difficult for them.

If she'd said everyone in Savills got very excited or estate agents, builders and quite a few in the BBC and some others including overseas investors who have bought into the London market got excited then that might have been nearer the truth.

Edited by billybong

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The Savills female had the gall to say "everyone got very excited" that house prices had risen.

How does "everyone" include people wanting to buy their first house or people who want to move up the ladder and that just became more difficult for them.

Everyone in her office.

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The Savills female had the gall to say "everyone got very excited" that house prices had risen.

I think people like this genuinely can't get their heads around it. They think rising prices make homeowners richer, and first time buyers don't lose out so long as the government pushes interest rates down a bit to compensate. Plus once FTBs are on board, they will benefit from future price rises. They really do think this is a free money machine.

mc-escher-waterfall.jpg

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I think she said it in the context of "everyone got excited....but it's only one months data"

She also stated that over the UK as a whole it is flat, with 25% falls in the NE, activity is subdued at 40% below normal levels and that the sign of a healthy housing market is one with activity not one with rising prices.

...

Indeed but it was the assumption that even higher house prices was any reason to get excited about in the first place that was irritating.

Estate agents could survive very well without house prices being so high.

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I think people like this genuinely can't get their heads around it. They think rising prices make homeowners richer, and first time buyers don't lose out so long as the government pushes interest rates down a bit to compensate. Plus once FTBs are on board, they will benefit from future price rises. They really do think this is a free money machine.

mc-escher-waterfall.jpg

:P:P

Fab illustration of the totally insane situation we are in... B)

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Just watched it. five years ago, neither one would have been at all negative about rising prices. both were, to my mind, surprisingly bearish for their profession......

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Hugh Pym has his fire pissed on.

http://www.bbc.co.uk...siness-22728026

Would you believe it?

Yolande Barnes of Savills and Matthew Pointon of Capital Economics.

Market flat, house prices to high!

Interesting, thanks for link. The only non-HPC bit there is "flat market".

Plus the Savills lady used the phrase "city state of London" (waiting for its bonfire of the vanities).

On views from Savills - RK gave a link to an interesting blog by a Savills analyst a few weeks ago - one of his cartoons:

http://nealhudson.com/post/51797538852

Surprising level of scepticism on HPI.

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Interesting, thanks for link. The only non-HPC bit there is "flat market".

Plus the Savills lady used the phrase "city state of London" (waiting for its bonfire of the vanities).

On views from Savills - RK gave a link to an interesting blog by a Savills analyst a few weeks ago - one of his cartoons:

http://nealhudson.com/post/51797538852

Surprising level of scepticism on HPI.

Very interesting blog he has there. I shall subscribe to that. Thanks for posting.

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Interesting, thanks for link. The only non-HPC bit there is "flat market".

Plus the Savills lady used the phrase "city state of London" (waiting for its bonfire of the vanities).

On views from Savills - RK gave a link to an interesting blog by a Savills analyst a few weeks ago - one of his cartoons:

http://nealhudson.com/post/51797538852

Surprising level of scepticism on HPI.

Yes, I've been following his blog and tweets for some time.

He retweeted some ONS critical tweets this week, I was thinking of tweetibg him about owner occupier imputed rents and how the ons has increased them so much since 2007.

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The BBC is not fit for purpose IMO.

Hugh Pym, how is he even in the job?

If the BBC employed him as a financial journalist they should hang their head in shame. What a complete joke.

Edited by cool_hand

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Thank you Jonathan for raising the issue directly.

Jonathan Davis

@BBCNews @bbchughpym desperately trying to talk housing up but slapped down each time. House prices in spotlight http://bbc.in/10Ek4JT

Hugh Pym ‏@BBCHugh

@JonathanDavisWM @BBCNews neither talking housing market up nor down - just asking two experts -http://www.bbc.co.uk/news/business-22728026 …

Jonathan Davis

@BBCHughPym My perception was every statement / question you made was 'please tell the viewers that all is well'. Nothing new from @BBCNews

Hugh Pym ‏@BBC

@JonathanDavisWM think your perception misguided Jonathan- questions in vein of "tell us whats happening" and only noting Nationwide news

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Just watched it. five years ago, neither one would have been at all negative about rising prices. both were, to my mind, surprisingly bearish for their profession......

Agreed - their reactions and predictions are very negative for VIs.

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  • 261 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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