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Is it different this time ?


Guest wrongmove
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Guest wrongmove

Looking at the Rightmove report, I was struck by their reaction to their own figures. The headline is "If this is not a slowdown then what is ?", and while I am a bear (and also a wannabee FTB), I cannot even agree. One months figures, on the back of endless rises, and in August ? Hardly proven beyond reasonable doubt, IMHO

Anyway, my point is, we have all seen press reports from the last downturn, and EAs and other vested interests seemed to remain publically bullish last time, long after real evidence proved otherwise. Why the change - is it going to be different this time ? I guess that they just want to keep buyer confidence up, rather than prices, as it is sales that matter to EAs. Any opinions on this ? and will it affect the course of events, perhaps even accelerating any falls ?

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Maybe they want people to think they never wanted these rises.Its just seller greed

what i mean by that is people get more than one valuation don't they.Why,they want the highest price for there house. ie higher house prices, EA will price higher to get the business.

SO vicious circle

Not sure how true but i would guess at that.

Be gentle with your replies. :blink:

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Looking at the Rightmove report, I was struck by their reaction to their own figures. The headline is "If this is not a slowdown then what is ?", and while I am a bear (and also a wannabee FTB), I cannot even agree.

I think you are rightly concerned. Assets never fall with concensus, they fall against it. Perhaps we need another push up to relax absolutely everyone into a false sense of security?

On the other hand , if FTBs have dried up perhaps the EAs figure a fall is the only way to increase trading and commissions....

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Difficult to tell at this stage. We will have to wait.

I think EAs have been suffering over the past six weeks, as there is effectively a buyers strike. So I think EAs are trying to talk sellers into lowering their prices so that the properties will shift. As has been said, EAs are ultimately only interested in turnover and they will try to achieve it by any means, whether it is talking up or talking down the market.

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Guest wrongmove

TW: I am a gentle man !!

so you think that the EAs may be trying to deflect public anger at their part in this situation (or mess, IMO). I wonder if they can succeed ? I doubt it, EAs are pretty unpopular at the best of times.

SH: that's what I think, EAs just want turnover at (almost) any price.

Thanks for yuor replies, but my main question is will this attitude affect the future course of events (SH did comment on this). Was this the attitude of EAs last time, i.e. one months bad figures and they turn all bearish. Will the lenders and builders follow suit ? And if so, wll it moderate or accelerate any future falls ?

p.s. I am new to posting on this forum (except last night as rightmove in the other place) but I have lurked here a while. Thanks to WM and ALL the posters (old and new). Informative and sometimes very very witty. Cheers.

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I think it's a combination of two things:

1) Trying to convince vendors that we are in a falling market, to try to convince them to lower their prices, to try to attract some kind of sales volume back to the market. Estate agents would rather have a reasonable volume of sales at a slightly lower price (at the vendors expense) rather than no sales at all,

2) Since the BoE have started to look concerned about the housing market, estate agents now was it to look like the Interest Rate rises have had a immediate effect, hopefully in an attempt to persuade BoE that further rises are not needed, which would damage their businesses.

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And don't forget that Rightmove showed a downturn in July and August last year, only to be immediately followed by a sharp upturn in September.

I agree, they want to tell Mervyn that the market has turned and he doesn't need to turn the screw any more.

Did I see a paper article last week in the Sunday Times mentioning in brief that BB were shedding EA staff (cutting costs I think they described it) in preparation for the big drop.

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This is the most bearish publicity i've seen for over 3 years now.

All this must be a real smack in the face for all those "experts" that say it just wont happen, It will just Hhmm whats that word now ...... oh i know Level off,Soft Landind whatever else that is not anything to do with price falls. :P

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Traditionally, turnover falls when prices are falling because buyers stay away. It's too late to do anything about it. If the EA's somehow think that falling prices will get the market moving again they are as dellusional as the BTLs who still think property is a good investment. Falling prices will kill the market stone dead as everyone will adopt a "wait and see" approach!

A world of pain awaits if you're an estate agent!

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