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Realistbear

R I C S Report Is Wildly Optimistic

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http://uk.biz.yahoo.com/060118/323/g1ezv.html

"The housing market pick-up is illustrated further by the fact that the quarter to December saw an 8 pct increase in completed sales, the largest since November 2003. Surveyors are even expressing concern that an influx of properties to the market in December may not satisfy the renewed demand.
'Home buying and selling is being supported by a healthy job market and business climate, which looks set to continue for now though one potential obstacle to growth could be a shortage of available properties to meet growing demand,' said Leaf."

The "influx" of properties in December does not mean there is a commensurate number of buyers. The subdued market other VIs are reporting is due to one fact: potential buyers can't afford current prices and are waiting for further decreases.

RICS are usually conservative in their reports and this one shows definite signs of desparation.

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I think it is well documented that a lot of property is now selling.

Much of this is down to more realistic pricing by agents who no longer get away with a "Take the p1ss valuation" in the hope that some mug will turn up and throw some cash at it.

People are now much more relaxed in their buying than they have been over the past four years. No longer do people drop everything at work to rush out to see a property to find 5 people viewing it also. People now book up appointments for the week ahead and have a casual look around.

It is a buyers market, however we are way way way off of a crash.

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I think it is well documented that a lot of property is now selling.

Much of this is down to more realistic pricing by agents who no longer get away with a "Take the p1ss valuation" in the hope that some mug will turn up and throw some cash at it.

People are now much more relaxed in their buying than they have been over the past four years. No longer do people drop everything at work to rush out to see a property to find 5 people viewing it also. People now book up appointments for the week ahead and have a casual look around.

It is a buyers market, however we are way way way off of a crash.

This may have had some truth a few weeks ago but today's unemployment figures look ominous and no doubt reflect the sharp decline in GDP and rising debt. RIC's "increases" are based on a very low reference point also. If an EA sold 2 properties in November and 3 in January that is a 50% increase in sales.

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I think it is well documented that a lot of property is now selling.

Much of this is down to more realistic pricing by agents who no longer get away with a "Take the p1ss valuation" in the hope that some mug will turn up and throw some cash at it.

People are now much more relaxed in their buying than they have been over the past four years. No longer do people drop everything at work to rush out to see a property to find 5 people viewing it also. People now book up appointments for the week ahead and have a casual look around.

It is a buyers market, however we are way way way off of a crash.

Is it selling? We won`t know that until the next round of land reg figures. In my area everything is stuck to glue (as my 4yr old is fond of saying!) <_<

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Much of this is down to more realistic pricing by agents who no longer get away with a "Take the p1ss valuation" in the hope that some mug will turn up and throw some cash at it.

Or take the P155 valuation and wait for the market to catch up?

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'Home buying and selling is being supported by a healthy job market and business climate, which looks set to continue

The above quote from the RICs propaganda has failed to consider that the reverse is true as evidenced by todays news about unemployment (see unemployment threads--its the worst for 2 years) and the business climate--it is not as RICS sees it. Are RICS delusional or are they just another VI lacking any semblance of credibility?

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As per last months RICS report - these figures are seasonally adjusted

RICS December 2005

Most regions show -ve balances [more surveyors repoting falls than rises], which are 'seasonally adjusted' to +ve figures - ie rises

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I think it is well documented that a lot of property is now selling.

Much of this is down to more realistic pricing by agents who no longer get away with a "Take the p1ss valuation" in the hope that some mug will turn up and throw some cash at it.

People are now much more relaxed in their buying than they have been over the past four years. No longer do people drop everything at work to rush out to see a property to find 5 people viewing it also. People now book up appointments for the week ahead and have a casual look around.

It is a buyers market, however we are way way way off of a crash.

Cool, because seeing a property I was interested in.. dropping from £170,000 peak down to £130,000 many months ago now..

Still loads not sold..

Can't wait until this crash gets moving..

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In my area all of the houses that have been up for months and months have still not sold, the recent reported increased confidence in the market is just the usual VI spin.

When they all sell at their current over inflated prices, I will agree the market is looking good. Until then I will take the market as is...... fubar!

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The RICS are a bunch of beardy weirdy, leather elbow patch and shoes like Cornish pasty wearing, twits.

They know a lot about property construction, specification and costs. But they are not subject matter experts on market forces, sentiment and elasticity of pricing due to real economic forces!

This bunch caught a cold last time. Looks like their heading for bird flu this time arround.

Pablo Silver or Lead?

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It worth pointing out that its a survey of pure valuers and also small independent estate agents... (read the comments at the end of the report) This doesnt make it wrong though.

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The CRASH will start (if ithasn't already in the BTL market). Surplus 2-bed flats to rent, values static and starting to fall, low rental yields. When the BTL herd wake up to this you won't see them for the dust, then the market which this sector has been underpinning will start to crumble.

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The CRASH will start (if ithasn't already in the BTL market). Surplus 2-bed flats to rent, values static and starting to fall, low rental yields. When the BTL herd wake up to this you won't see them for the dust, then the market which this sector has been underpinning will start to crumble.

http://www.findaproperty.com/regi0019.html

A BTL and For Sale website in Surrey that I am watching. The numbers grow weekly. E.g. Walton had 810 for sale a week ago nows its 856. The huge numbers for rent in that area reflects the BTL buying frenzy that went on for several years. The rents are lower than a year ago due to the sheer magnitude of the numbers of empty properties. The stockbroker belt is saturated with empty properties.

Edited by Realistbear

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  • 302 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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