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Rics Expect House Prices To Rise 3.3 Per Cent A Year For Next 5 Years

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Let me be the first to start a thread on this. Plenty of press about it, here's one http://www.thisismoney.co.uk/money/news/article-3777988/House-prices-WON-T-fall-Experts-reveal-property-market-remains-robust-spite-Brexit-fears.html

"The latest survey from the Royal Institution of Chartered Surveyors showed that its member estate agents now expect house prices to rise 3.3 per cent a year on average for the next five years - the most confident prediction given in the survey since the referendum vote."

So much for the Brexit wobble.

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I like the way they have to release statements like this to calm/reassure the public.

It has the feel of propaganda doesn't it.

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Hansen Lu, of Capital Economics, was circumspect but admitted there are 'increasing signs that the initial post-referendum shock has begun to recede'.

He added: 'With buyer numbers still falling and confidence still shaky, the weakness in transactions will last for several months yet, while house price growth will continue to ease. But with the recent economic news taking a more positive tone, it looks increasingly likely that the housing market will avoid catastrophe.'

So how exactly does a housing market generally admitted to be already in catastrophic crisis avoid catastrophe - crazy people.

Edited by billybong

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Rush out & buy, buy, buy! Who will lend me 40 year mortgages?

Where is the effect of MMR in these RICS reports. Where is the word 'affordability', or even 'mean earnings'? Surveyors are ignoring the foundations of the market, it makes me wonder what they ignore on their surveys?

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It's all smoke and mirrors.

Came across this recently. Sold for 1m in 2015 as a 5 bed.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=51436487&sale=45955494&country=england&referrer=soldPriceResults

Back on the market for rental as a 3 bed for 2250 per month.

http://www.rightmove.co.uk/s6p/55533988

Not sure what's going on but from looking at floorplans I suspect either the buyer has moved into the smaller section of the house and decided to rent out the larger portion (nice gig, get some renter to pay your mortgage whilst you live rent free) or maybe put the larger portion of the house up for rent first with the smaller section to follow. Either way, at these prices the market just won't function....DEAD!

Lies, obfuscation, anything but just keep them plates spinning... Wait until the mass redundancies hit RICS members... They'll soon change their tune.

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I wonder if that was an attempt to keep prices & sentiment up while selling off big time, and so is this now?

Like shares, if I buy or sell it makes little difference to the price but when huge funds (or perhaps multiple common interests) buy or sell they do, and with this housing b***ocks they are trying to keep thing up as high as they can while they make an exit.

Maybe the case in post #6 by AvoidDebt being an example of someone who is the last piece of the master plan left at the finish of the ponzi sh*t creek without a paddle.

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Hardly surprising that they would say that, they need to keep the Ponzi going....borrowing humongous amounts of debt to buy forever rising assets....only growing debt will keep it alive.;)

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It's all smoke and mirrors.

Came across this recently. Sold for 1m in 2015 as a 5 bed.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=51436487&sale=45955494&country=england&referrer=soldPriceResults

Back on the market for rental as a 3 bed for 2250 per month.

http://www.rightmove.co.uk/s6p/55533988

Not sure what's going on but from looking at floorplans I suspect either the buyer has moved into the smaller section of the house and decided to rent out the larger portion (nice gig, get some renter to pay your mortgage whilst you live rent free) or maybe put the larger portion of the house up for rent first with the smaller section to follow. Either way, at these prices the market just won't function....DEAD!

Lies, obfuscation, anything but just keep them plates spinning... Wait until the mass redundancies hit RICS members... They'll soon change their tune.

To be fair, that is a fabulous house in a very good area that has gone up by "only" £250,000 in 12 years - something fishy going on

and the rentable part of the house could be 5 bedrooms instead of just three.

Don't know what the backstory is with the house, but it's a great house nonetheless

Edited by knock out johnny

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They weren't far off with that one?

When they made the prediction in Dec 2006 Halifax was 186,035 then Dec 2007 it was 197,039 so up 6%.

http://www.housepricecrash.co.uk/indices-halifax-national.php

Maybe their 2007 prediction for 2008 was a bit iffy? :lol:

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Economic forecasts should be taken with a pinch of salt, advises Sir Charles 'Charlie' Bean, former deputy governor of the Bank of England as he takes up a lucrative post with national economic forecaster, the Office for Budgetary Responsibility.

http://www.telegraph.co.uk/business/2016/09/08/dont-rely-on-economic-forecasts-warns-new-top-forecaster/

Road-Salt-Truck-from-NW-Auto-Blog-for-SV

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^


Don’t rely on economic forecasts, warns new top forecaster for OBR

So those jobs are money for old rope - and he's making it blatantly clear as he takes the job. I dare say that in private Carney thinks the same about being governor of the BoE.

Edited by billybong

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Let me be the first to start a thread on this. Plenty of press about it, here's one http://www.thisismoney.co.uk/money/news/article-3777988/House-prices-WON-T-fall-Experts-reveal-property-market-remains-robust-spite-Brexit-fears.html

"The latest survey from the Royal Institution of Chartered Surveyors showed that its member estate agents now expect house prices to rise 3.3 per cent a year on average for the next five years - the most confident prediction given in the survey since the referendum vote."

So much for the Brexit wobble.

Volume stats here https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/546256/UK_Tables_Aug_2016__cir_.pdf

Still no real return to 2007 volumes (excluding the SDLT change distortion). I don't know whether the EA's forecast volumes. There has been recent requests to amend SLDT to get those volumes up. In 5 years where will those online agents be?

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London is actually down as static. The 3% rise is an expectation by 300 VIs that they can export the London bubble to the North.

Not northern monkey chartered surveyors in polyester suits?!?

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