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House Prices Fall At Slowest Pace In 15mths-rics

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Isn't this still a fall though? :D

As true as a wee dicks still a dick, its just what you do with it that counts... apparently. :P:P:P:huh:

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Guest consa
U.K. House Prices Fall at Slowest Pace in 15 Months, RICS Says

Nov. 15 (Bloomberg) -- U.K. house prices declined at the slowest pace in 15 months in October after an interest-rate cut in August attracted buyers to Britain's $6 trillion property market, the Royal Institution of Chartered Surveyors said.

A survey of 369 estate agents and surveys showed those reporting price declines outnumbered those reporting gains by 9 percentage points in the three months through October, down from 21 points in September, RICS said today. Price expectations remained positive for the second consecutive month.

Europe's second-biggest economy is growing at its slowest pace in 12 years as the end of a decade-long housing boom weakens consumer spending. Concern about waning household demand prompted the Bank of England in August to cut its benchmark interest rate a quarter point to 4.5 percent.

``The interest rate cut has had a big impact, in terms of confidence more than anything else,'' said Milan Khatri, chief economist at RICS. ``Within the next one or two months the market may stabilize and may even see a slight rise.''

Even so, RICS said the increase in demand was from a low base and ``has only partially retraced previous declines.''
In northern England and the Midlands prices declined, although they rose in the north west and Scotland, the survey showed.

http://www.bloomberg.com/apps/news?pid=100...i_T7Lw&refer=uk

Does this mean they have and are falling? :rolleyes:

Edited by consa

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What about the bbc. This is how they spin it

It added that while house prices had continued to fall, the rate of decline was at its slowest in 15 months.

A spokesman said it remained a buyers' market but the balance was shifting.

Overall, only 9% more surveyors in England, Wales and Scotland reported seeing price falls than those who reported rises, - well down on a figure of 21% more during September.

What the hell does that mean

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Guest consa

Basically whilst there was a small blip the trend is still downward and there is nothing to indicate price rises at all, this is the best they can ramp it, markets do not stagnate - they either go up or down. the bias is still toward Scotland and NW England, how do we know that all surveyors are telling it the way it is? are their jobs on the line? interesting to watch them hold it up.

Quite a bearish report IMO.

Buyers market my **** It's not been a buyers market for years!

What planet are you on? :lol:

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What about the bbc. This is how they spin it

It added that while house prices had continued to fall, the rate of decline was at its slowest in 15 months.

A spokesman said it remained a buyers' market but the balance was shifting.

Overall, only 9% more surveyors in England, Wales and Scotland reported seeing price falls than those who reported rises, - well down on a figure of 21% more during September.

What the hell does that mean

Incredible. When house prices increase at a slower rate we see headlines about how prices are rising. When surveyors till think prices are falling (after a drop in interest rates in a traditionally strong tiem of year for the market) the housing market "looks stronger".

In conjunction with the LR figures this is just going to confuse people. And when most people barely have GCSE maths, they're going to struggle to figure what out the first and third line above means, even if they get that far.

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Guest consa

can the mods merge this with shakers topic - double posted topic - cheers ;)

[Moderator; Done]

[consa; Thanks]

There is another one now

:rolleyes:

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It seems to me that a lot more of these types of reports are emphasising that "overpriced property is not selling"...are the surveyors, EAs and banks trying to get vendors to lower their prices as transactions have fallen to such a low level?

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Always thought this was the most ridiculous of all the surveys in that it masqueraded as being professionally disinterested yet consists of having some people at a call centre ringing up a bunch of estate agents and asking them what they think is going to happen to a market on which they are reliant to feed their children!!! I have experienced these telephone surveys in my business and they consist of questions like "Do you think the property market is likely to rise in the next 3 months?" You respond with one of "Very likely/quite likely/likely/not sure/unlikely/no". These responses are then "moderated" to produce statistically acceptable data. I am not saying they are being dishonest just that it is appallingly unscientific and subjective.

The only dealings I have had with a chartered surveyor took place when I wanted a full structural survey on a house I had already decided to buy. Why should these guys have any special perspective on where house prices are going anymore than a kitchen manufacturer would?

Just ignore it. Some people are gullible but there aren't enough of them to keep the market up.

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RICs surveyors are fairly independant and tell it as they see it. This survey and the FT survey are probably the only two unbiased ones.

If their findings don't suit your situation I'm sure they're very sorry but they would probably advise you to see a proctologist to have your heads removed from up your respective arses.

Edited by ILikeBigBoobs

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I have data and chart in an Excel file showing the RICS survey going back to 1988.

No idea how to display the chart here though - "Add this attachment" did not work.

If anyone's interested in having the data/chart, let me know how to post it.

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I'm reasonably well up on conditions in my local market and the RICs report for my area is spot on!

"“There are satisfactory levels of market activity,

particularly in the lower price ranges and at the

very upper end of the market. There is perhaps

and oversupply of modern middle market

housing, some of which is overpriced and

therefore sales are more protracted within this

sector. Sales are taking longer to conclude

within chain delays.”

One theme does seem to run through the individual reports and that is that sellers need to be realistic.

Edited by ILikeBigBoobs

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I have data and chart in an Excel file showing the RICS survey going back to 1988.

No idea how to display the chart here though - "Add this attachment" did not work.

If anyone's interested in having the data/chart, let me know how to post it.

Send it to me and I will post it up. PM me for my email add. B)

Heres the file now available to download.

Edited by shakerbaby

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RICs surveyors are fairly independant and tell it as they see it. This survey and the FT survey are probably the only two unbiased ones.

If their findings don't suit your situation I'm sure they're very sorry but they would probably advise you to see a proctologist to have your heads removed from up your respective arses.

They are "spinning" their findings. Take Wales as an example - prediction of house prices in the next 3 months - 1% think they are going up 76% say staying the same and 24% going down yet its reported as "the downturn in the market may be close to bottoming out". On the assumption that the sample is significant 24 times as many members think prices are going down as think they will go up? Why not use that as the headline?

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Guest The_Oldie
U.K. house prices declined at the slowest pace in 15 months in October

Well, I'm glad they said that, as I was beginning to think that senility had set in. I've been watching Rightmove and EAs ads in the locals for over a year now and prices looked to me to be falling every month. But, every report up 'till now has said that prices have not been falling but have been rising less fast.

Looks like I wasn't imagining things then :D.

Now that it's official that prices are falling, it's probably not a particularly good idea to buy at the moment, unless one can secure at least 20% off.

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:lol:

I've only just read the actual report.

I love the comments from the two surveyors in my area (Finchley).

Jeremy Leaf, the main RICS spokesman (my local EA) gives a long and mixed response.

James Scott-Lee from down the road said (the full quote):

No money in the economy. Uncertainty with regard to unemployment. Decreasing economy.

No beating around the bush, no shrouding his views in platitudes.

:lol:

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  • 301 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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