Bbc Have Replied To My Complaint

[underpressuretobuy]

I have recieved a reply to the complaint I made about the BBC News article predicting house prices would rise in 2006 based on predictions by the Halifax

Here is my complaint:

Please could you tell me exactly what is the news element to a story

which makes predictions about house prices, future bank of england base

rates etc? This is no more than fortune telling it is certainly not

news. If a particular organisation has made very accurate predictions

regarding the housing market in the past and is now making an important,

newsworthy prediction now then an article clearly showing this might be

acceptable. Simply reprinting the statements from mortgage lenders press

releases does not constitute 'news', it certainly does not involve any

active kind of journalism and consequently I feel it devalues the BBC as

a news source, particularly since as both a taxpayer and licence fee

payer I am paying for this sloppy journalism. I am sure that in this day

and age if someone wants to know what a particular mortgage lender is

saying they are more than capable of accessing their website. I expect a

BBC news report to involve rather more journalistic skill than was

demonstrated by this article. What is more the article's headline is

contradicted in the text of the article. The headline proudly states

that 'Hous! e prices to rise 3* in 2006' but the article points out

that another source, Capital Economics, predicts that house prices will

fall by as much as 5* in 2006. This article gives no explanation for

favouring (in its headline) one prediction over the other. A more

accurate headline would have been, 'Predictions for UK Housing Market

mixed' or something like that. If the BBC believes that one prediction

has more merit than the other then they should explain why. I get fed up

with reading articles that bear little relation to their eye-catching

headline.

And here is the response:

Dear Ms Smith

Thanks for your e-mail.

Well, the Halifax is one of the largest mortgage lenders in the UK, and

their assessment of the housing market is an interesting contribution to

the vigorous debate where this market is heading.

We also quote an economics consultancy, Capital Economics, which

released a different forecast on the same day.

And that's all we did - report that different groups of experts have

different views as to how the market will develop.

Accurate economic data are difficult to compile, and very often - like

the data from the Land Registry - are months late.

A lot of the activity in financial markets - not just property, but

stocks, bonds and currencies as well - is driven by forecasts, e.g. from

analysts, ratings agencies, economists.

In my opinion such assessments and forecasts are indeed news, and from

our experience they are also of great interest to many of our readers.

On balance the views of the country's largest mortgage lender are of

more importance than that of a group of City economists - although both

are worth reporting.

There is only that much that can be put into a brief headline without

making it meaningless, and I believe it is correct to lead the story

with the Halifax comments.

Regards,

Tim Weber

Business Editor

BBC News Interactive www.bbc.co.uk/business

Does everyone agree with the BBC's assessment that "On balance the views of the country's largest mortgage lender are of more importance than that of a group of City economists".

Personally this sounds like an admission that they prefer the view of a vested interest (a mortgage lender) to somehow who might look at property prices within the bigger picture of the UK economy (City Economists).

Edited January 5, 2006 by underpressuretobuy

[dnd]

So, it's an opinion on an opinion...

[Father Fred]

I'm very curious to know why the country's biggest VI (which presumably it is if it is the biggest lender) is more important than economists with less of an obvious axe to grind.

By that logic the best judge of whether supermarkets offer good value would be Tesco and anything said by Which would be relegated to the footnote.

[Justice]

What would you expect from Blair’s state controlled ministry of propaganda

The Russian Federation of news agencies release a statement that Russians are now the most content people in the world and Europe have seen the light and will be turning communist ASAP.

BBC is given our licence fee by the government and in return they must report the truth as told by there paymasters, simple business proposition I thinks

Well said farther fred

Edited January 5, 2006 by Justice

[Catch22]

I have recieved a reply to the complaint I made about the BBC News article predicting house prices would rise in 2006 based on predictions by the Halifax

Here is my complaint:

And here is the response:

underpressuretobuy

you have always struck me as somebody worth listening to, and yet again you prove that to be the case, well done.

Tim Nice but Dim apparently sets more store by the spin of the Halifax that has obvious vested interest reasons to promote the inferance of rising house prices. As against the view expressed by a leading analytical economist that advises the "City" and HM Government Treasury Select Commitee.

It would be interesting to know what Tims exposure to the Housing Market is

Edited January 5, 2006 by Catch22

[nobody]

What would you expect from Blair’s state controlled ministry of propaganda

Beat me to it

[Goat]

He seeks to justify the decision by arguing that

A They quote Capital Economics and

B The Halifax's forecast is more important as the largest lender

There are however two flaws with his argument

A The quote from Capital implies that they have ditched thier 20% drop forecast and broadly agree with Halifax

B The fact that the Halifax is the biggest mortgage lender is exactly why scepticisim should be the order of the day.

[AgeingBabyBoomer]

Opinions?

They don't do 'opinions', they just report the facts as

they are presented to them, no questions asked.

ABB

[Catch22]

I have recieved a reply to the complaint I made about the BBC News article predicting house prices would rise in 2006 based on predictions by the Halifax

Here is my complaint:

And here is the response:

underpressuretobuy

you have always struck me as somebody worth listening to, and yet again you prove that to be the case, well done.

Tim Nice but Dim apparently sets more store by the spin of the Halifax that has obvious vested interest reasons to promote the inferance of rising house prices. As against the view expressed by a leading an analytical economist that advises the "City" and HM Government Treasury Select Commitee.

It would be interesting to know what Tims exposure to the Housing Market is

Edit:

Father Ted an excellent analogy

[underpressuretobuy]

By that logic the best judge of whether supermarkets offer good value would be Tesco and anything said by Which would be relegated to the footnote.

In my view that is precisely the methodology the BBC have used when reporting on supermarkets.

[Goat]

I think one of the major successes of this site has been to make people think about where stories in the media are coming from.

Before I found this site I would have probably taken this sort of report as fact, now I recognise it as nothing more than PR work from a company who's profits depend upon talking the market up.

[geranium]

A lot of the activity in financial markets - not just property, but

stocks, bonds and currencies as well - is driven by forecasts, e.g. from

analysts, ratings agencies, economists.

This strikes me as a very dangerous argument. There are huge differences between the financial markets and the residential property market.

Financial markets are not heavily reported by the mainstream media, but generally limited to the business pages and specialist press (eg FT). Broker reports are the main source of information and these are covered in disclaimers, worded cautiously and then read by registered professionals, thanks to heavy regulation by the FSA. If a member of the public does act on this sort of information, it is generally in an ungeared fashion using excess cash. When did you last read "shares to soar in 2006" in the press? I didn't, but they'll probably perform better than property this year.

There is no real regulation of the property market. It is widely and irresponsibly commented on in the mass media, led by VIs. People act all to easily on these "predictions", gearing up massively in the process and making decisions that could affect them for the rest of their lives.

If there is an HPC, blame and finger-pointing will surely follow .... and maybe some meaningful regulation for the market in the future?

[Tester]

My complaint was similar and here is the reply from the BBC:

Dear Mr Test

Thanks for your e-mail.

Well, the Halifax is one of the largest mortgage lenders in the UK. We

also quote an economics consultancy - Capital Economics - that

released a different forecast on the same day.

I would agree with your judgement if we had not reported the predictions

of Capital Economics.

But we reported both, and on balance the views of the country's largest

mortgage lender are of more importance than that of a group of City

economists - although both are worth reporting.

Theirs is only that much that can be put into a brief headline without

making it meaningless, and believe it is correct to lead the story with

Halifax.

Regards,

Tim Weber

Business Editor

BBC News Interactive www.bbc.co.uk/business

My latest reply:

Dear Mr Weber,

You have revealed a major flaw in your thinking with your reply.

It is exactly because the Halifax is "one of the largest mortgage lenders in the UK" that you should be cautious of their press releases! However, on this occasion you provided balance with the report from Capital Economics which I commend.

But, you have missed the point of my complaint. The headline does not represent the balanced article. It tends towards the "bullish" report from the vested interest. Therefore, the bias is explicit; an unacceptable situation for an independent report.

How about:

Experts divided on House Prices.

Mixed Messages for Housing Market

Indepedent Economists disagree with Mortage Lenders

House prices may rise, or fall!

House Prices: Who do you believe?

Compare to:

House prices to rise 3%.

Clearly your headline is unacceptable. I expect better from the BBC.

But, credit to the BBC for taking time to reply.

[Guest consa]

I have recieved a reply to the complaint I made about the BBC News article predicting house prices would rise in 2006 based on predictions by the Halifax

Here is my complaint:

And here is the response:

Does everyone agree with the BBC's assessment that "On balance the views of the country's largest mortgage lender are of more importance than that of a group of City economists".

Personally this sounds like an admission that they prefer the view of a vested interest (a mortgage lender) to somehow who might look at property prices within the bigger picture of the UK economy (City Economists).

Well done for putting your views across,

"On balance the views of the country's largest mortgage lender are of more importance than that of a group of City economists"

from this statement I believe that they cannot or don't want to acknowledge the fact that the Halifix are major VI's as opposed to City Economists who IMO take a more rational approach to things VI or not.

I don't like the BBC anyway, t#ssers.

[othello]

I have compained threee times to the BBC News web site. They responded twice but not to my third complaint. I will try to find their responses but the first was arguing rather weakly that they can't win - they get compaints from the VIs if the report the falls and from people like me etc. if they report the VIs. Their response missed the point I made which was that they should NEVER just report an 'opinion' from a VI but should balance it with an 'opinion' from an independent economist. They have shown a little more balance in recent times, but are still biased heavily towards the VIs. Not sure why. Could be government propaganda or could be simply that they get a lot more pressure from the VIs than HPC-ers! Perhaps we need to complain more.

[CrashIsUnderWay]

expect to see license detector vans pulling up outside ur house any second now

[underpressuretobuy]

House Prices: Who do you believe?

Compare to:

House prices to rise 3%.

The above headline is certainly more along the lines that I would have liked to have seen from the BBC (which I used to believe in) especially since it could have that "Have Your Say" addition on the bottom.

Good on you for replying to their reply though, I'm afraid I decided that it would be like talking to a brick wall.

[Guest consa]

expect to see license detector vans pulling up outside ur house any second now

What licence, they should pay me to watch their sh#t

[apom]

I have recieved a reply to the complaint I made about the BBC News article predicting house prices would rise in 2006 based on predictions by the Halifax

Here is my complaint:

And here is the response:

Does everyone agree with the BBC's assessment that "On balance the views of the country's largest mortgage lender are of more importance than that of a group of City economists".

Personally this sounds like an admission that they prefer the view of a vested interest (a mortgage lender) to somehow who might look at property prices within the bigger picture of the UK economy (City Economists).

I find this admission to be one of the most important pieces of information I have yet seen.

The economists make money if they are right.

The mortgage provider makes money if prices do indeed rise.

the mortgage lenders released a barage of such sentiment within moments of the sipps decision.

Example of BBC reporting.

"Sipp's said to be the saviour of the faltering housing market has now had the plug pulled, what we now offer is a platform to a large mortgage lender to explain why this won't effect their profits at all."

Okay I made it up, but did they not do just this..?

this is the critical line.

A lot of the activity in financial markets - not just property, but

stocks, bonds and currencies as well - is driven by forecasts, e.g. from

analysts, ratings agencies, economists.

this is a direct admision from the BBC that they support VI opinion of the housing market and are fully aware that it effects the market.

I think someone is against their charter.

I think we need at least the resignation of this guy.

Edited January 5, 2006 by apom

[Smell the Fear]

This strikes me as a very dangerous argument. There are huge differences between the financial markets and the residential property market.

Financial markets are not heavily reported by the mainstream media, but generally limited to the business pages and specialist press (eg FT). Broker reports are the main source of information and these are covered in disclaimers, worded cautiously and then read by registered professionals, thanks to heavy regulation by the FSA. If a member of the public does act on this sort of information, it is generally in an ungeared fashion using excess cash. When did you last read "shares to soar in 2006" in the press? I didn't, but they'll probably perform better than property this year.

There is no real regulation of the property market. It is widely and irresponsibly commented on in the mass media, led by VIs. People act all to easily on these "predictions", gearing up massively in the process and making decisions that could affect them for the rest of their lives.

If there is an HPC, blame and finger-pointing will surely follow .... and maybe some meaningful regulation for the market in the future?

My thoughts exactly - at what point did houses cease to be functional units for living in (a la le Corbusier) and become casino chips?

Why have the nations assets been handed to the Mr Ten Percents of this world to be ramped and churned for all they are worth?

Why are we being screwed so badly on an essential basic piece of equipment?

Why is it generally not possible for the average person to borrow £150k to buy FTSE stock, yet he can do it for a house purchase?

We are being exploited on the basis that we NEED somewhere to live - we do not NEED to own shares.

[sithclone7]

expect to see license detector vans pulling up outside ur house any second now

"Brazil", Terry Gilliam's; comment on Thatchers Britain gone mad.

Brazil at IMDB

Tony, being a thatcherite student may be continuing the process.

Poor old Auntie Beeb.

[apom]

I paid my licence for years..

the last year I was renting on my own I paid by DD..

they overcharged me.. they like to get six months ahead..

I moved, the next property had a licence.

Can I get the money back from the BBC??

Nope..

every time I speak to them they claim that I hadn't spoken to them before..

granted this is a one of mistake..

but its the sort of mistake that really annoys..

Labour and the BBC, after this is all over..

Never forgive, never forget....

I bet the Halifax guy is giggling his head of when he leaves each interview.. it must be like christmas..

[Mags]

I have recieved a reply to the complaint I made about the BBC News article predicting house prices would rise in 2006 based on predictions by the Halifax

Here is my complaint:

And here is the response:

Does everyone agree with the BBC's assessment that "On balance the views of the country's largest mortgage lender are of more importance than that of a group of City economists".

Personally this sounds like an admission that they prefer the view of a vested interest (a mortgage lender) to somehow who might look at property prices within the bigger picture of the UK economy (City Economists).

It's a shoddy defense of shoddy journalism. Much like the article, there's no engagement in intelligent debate.

[teddyboy]

I'm very curious to know why the country's biggest VI (which presumably it is if it is the biggest lender) is more important than economists with less of an obvious axe to grind.

By that logic the best judge of whether supermarkets offer good value would be Tesco and anything said by Which would be relegated to the footnote.

what a great simile!

[sign_of_the_times]

what a great simile!