House Price Rises Exaggerated - Stunning Revelations

[Marina]

Yes, there are so many properties up for sale in Berkshire, so it can only be described as a sellers' market...

Now, why didn't they bother mentioning that when they floated off RM?

Well I live in Berkshire and the market here is unrecognizable from say 6 months ago. The backlog has shifted and new stuff is selling in days/weeks not months/years.

I can't explain where the money is coming from - but it's coming from somewhere.

It seems we have had our 'crash' here and I guess prices went down 15% from the peak of Summer 2003. The pattern always seems to be repeated across the country with London/South East leading the market up and down with the provinces following a couple of years later. So places like Manchester are now at their peak and beginning to stiffen. I guess you'll have a tight market up there for a while and then the normal relationship will return between North and South.

At the moment a 4 bed box estate house in the North that has always been half the price of one in the South is now about the same money.

But, while the South was struggling over the last couple of years - the main volume of transactions was in the North, South West and Wales. So the media could keep the spin going.

Now the main volume will swing back to the South (with a lot of repressed demand down here) and volumes in the weaker part of the market will be low. So, again, the media will be able to keep the spin going.

It's time to face it I am afraid. While the media have an iron grip on what people think - there won't be a crash unless something dramatic happens in the global economy.

Edited March 15, 2006 by Marina

[ʎqɐqɹǝʞɐɥs]

Volumes dear boy, volumes.

That retort speaks volumes!

[needle]

In all of this I have to say "hats off" to Realist Bear for finding this article.

I've been having a pop at some of RB's recent posts so its only fair to give credit where its due.

Excellent post. Well Done.

EDIT : This should be pinned.

Edited March 15, 2006 by needle

[music man]

It seems the troops are rallying for a battle in defense of their pride again. After the bullsh1t we knock down it is only fair to put up your shout on the subject.

The V.I. side is a major media giant and I don't hear you knocking them too much fellas. So in the interest of fairness lets hear your views on issues rather than the strong fisted ignorant manner that you apply to discredit.

Why do you all think that so many people with high credentials have been quoted in this article, and could it be true?

http://www.mjdazeley.com/HBOS_2005.pdf could paint a picture you won't like.

Maybe there is some truth in what you see before your eyes in the link.

Edited March 15, 2006 by music man

[spline]

RICS Housing Market Survey,

Published: 16 February 2006

Link: http://www.rics.org/Property/Residentialpr...ary%202006.html

This is what the "professionals" said in their latest report:

+ House prices have risen for the third consecutive month.

+ Nine per cent more chartered surveyor estate agents confirmed a rise in prices than a fall for the three months to January, compared to eight per cent in December.

+ Buyer enquiries have increased for the eighth consecutive month, the longest continual increase since the survey began.

+ Completed sales are up by 15 per cent compared to this time last year.

[killerbee]

+ House prices have risen for the third consecutive month? Clutching at straws.

+ Nine per cent more chartered surveyor estate agents confirmed a rise in prices than a fall for the three months to January, compared to eight per cent in December. Clutching at less straws.

+ Buyer enquiries have increased for the eighth consecutive month, the longest continual increase since the survey began. They are looking for the last straw!

Killerbee

Up the Bees

[Realistbear]

RICS Housing Market Survey,

Published: 16 February 2006

Link: http://www.rics.org/Property/Residentialpr...ary%202006.html

This is what the "professionals" said in their latest report:

+ House prices have risen for the third consecutive month.

+ Nine per cent more chartered surveyor estate agents confirmed a rise in prices than a fall for the three months to January, compared to eight per cent in December.

+ Buyer enquiries have increased for the eighth consecutive month, the longest continual increase since the survey began.

+ Completed sales are up by 15 per cent compared to this time last year.

It is possible that the Surveyors in the report are giving their own opinions outside the "party" line. As a "chartered" body they have a duty to the public and some RICs members may be whistle blowers. The latest Rightmove survey could have triggered the backlach against spinning market data (25 million pound 1 bed flats etc. skewing the data).

It is nice to see some counter arguments as the Bears lack any reliable data source other than the LR (unless the government are skewing that data also to protect their interests as a HPC will see the back of Brown and Blair at the next election--the government have been known to lie about things in the past although nothing serious comes to memory that I can use as an example ).

[BenH]

whoops_apocalypse, I am not sure what your point is.

Both myself and Marina, and numerous other posters are just reporting what is happening in this part of the country. And that news is, that houses are selling for the asking prices and even above. There is NO visible evidence of any price reductions.

We have been out bid twice on houses we were interested in, and one of the houses went for £75K above the asking price. Maybe house prices are not doing that in your area, so fair dinkum mate, but they are doing that in Kingston/New Malden, and in Wandsworth et al.. I do hope to god (is there one ??) that this does NOT last, otherwise we will not be able to buy anything decent for years...

Yes, I agree house prices are too high, yes I agree, there may be a HPC eventually (?)... but this year or next year ?.. doesn't look likely...

Like I said, don't shoot the messenger....

Edited March 15, 2006 by BenH