Guest The_Oldie Posted June 7, 2007 Share Posted June 7, 2007 My wife just phoned me to say that "UK housing market not overvalued says Nickell" is one of the headlines on Bloomberg TV. Apparently Prof Nickell has made some speech or other. Does anyone know anything about this? Quote Link to comment Share on other sites More sharing options...
ae589 Posted June 7, 2007 Share Posted June 7, 2007 Does anyone know anything about this? http://www.bloomberg.com/apps/news?pid=206...t4&refer=uk Quote Link to comment Share on other sites More sharing options...
Guest The_Oldie Posted June 7, 2007 Share Posted June 7, 2007 http://www.bloomberg.com/apps/news?pid=206...t4&refer=uk Ah, that would explain it then Nickell spoke before the opening of the new National Housing and Planning Advice Unit, a government-funded group that he leads set up to champion the interests of people priced out of the property market. The group has been formed in response to advice from Barker, who said last year that the government needs to ease building restrictions. Quote Link to comment Share on other sites More sharing options...
drrayjo Posted June 7, 2007 Share Posted June 7, 2007 ``I would vote no change,'' he said. ``My guess is one more increase probably will be enough --but what do I know? Nickell on Interest Rates. Real genius 'expert' there then. Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted June 7, 2007 Share Posted June 7, 2007 He may be right, our bubble is quite unique given our highly restrictive planning system combined with our highly liberal immigration policy. UK housing is a one-way bet compared to all other markets. Quote Link to comment Share on other sites More sharing options...
Flat Bear Posted June 7, 2007 Share Posted June 7, 2007 He may be right, our bubble is quite unique given our highly restrictive planning system combined with our highly liberal immigration policy.UK housing is a one-way bet compared to all other markets. Exactly This cannot be a good thing for anyone Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted June 7, 2007 Share Posted June 7, 2007 ExactlyThis cannot be a good thing for anyone It isn't. We are taking route 1 to the bottom of the competittive heap by intentioinally scruppering our own economy. It is insanity. China must be loving it. http://www.pcadvisor.co.uk/news/index.cfm?newsid=9630 China to overtake the UK on IT services Twice as many software engineers Jeremy Kirk China's software and IT services sector will catch and exceed the UK's output within five years. China's strength lies in robust software engineering programs for students, according to Developing the Future 2007, a report on the UK's IT industry. The report was cosponsored by Microsoft, the British Computer Society, City University London and Intellect, a UK high-tech trade group. China is also proving to be a cheaper location than India, as software development costs in India are rising 15 to 20 percent, wrote Sally Ernst, chief executive of Sinocode International, an IT software outsourcing company, in the report. "All evidence points to China developing its own national software industry even faster than was the case in India," Ernst wrote. Quote Link to comment Share on other sites More sharing options...
Oliver Sutton Posted June 7, 2007 Share Posted June 7, 2007 our bubbble is quite unique There are no gradations of uniqueness. Very basic mistake. Try "quite rare" instead. Quote Link to comment Share on other sites More sharing options...
dog Posted June 7, 2007 Share Posted June 7, 2007 Nickell is wrong for the very simple reason that we will have a French Revolution on our hands if the government fails to stop property speculation. Speculating with tulip bulbs is one thing; speculation that forces younger people into mortgage poverty is something else. Quote Link to comment Share on other sites More sharing options...
GCS15 Posted June 7, 2007 Share Posted June 7, 2007 China must be loving it. China is playing a different game and they are playing for keeps Link Link Link Link Link Link But don't worry - you're gearing up to play as well Link Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted June 7, 2007 Share Posted June 7, 2007 GCS15 Quite, if you give someone your ball in the playground don't expect it back! Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted June 7, 2007 Share Posted June 7, 2007 Nickell is wrong for the very simple reason that we will have a French Revolution on our hands if the government fails to stop property speculation. Speculating with tulip bulbs is one thing; speculation that forces younger people into mortgage poverty is something else. We live in a democracy, as such young people no longer matter, there are no votes to be had. Quote Link to comment Share on other sites More sharing options...
PotNoodle Posted June 7, 2007 Share Posted June 7, 2007 Apparently Prof Nickell has made some speech or other. This "Professor" was interviewed yesterday on radio. His presentation was dogma.... but not reasoned. He was weak in argument, gave no background references or research and was a poor speaker and a poor interviewee... (All in my own opinion) I strongly suspect that this is a Government initiative, aimed at talking the market up in a really ludicrous way .... 10 X salary by 2026. It is aimed at provoking would be buyers into rushing to purchase.. and risks the precipitation of a worse crash, at the expense of those who follow this weak, unreasoned, un supported dogma. Thoroughly shameful from a supposed "academic" .. (In my own opinion) Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted June 7, 2007 Share Posted June 7, 2007 This "Professor" was interviewed yesterday on radio.His presentation was dogma.... but not reasoned. He was weak in argument, gave no background references or research and was a poor speaker and a poor interviewee... (All in my own opinion) I strongly suspect that this is a Government initiative, aimed at talking the market up in a really ludicrous way .... 10 X salary by 2026. It is aimed at provoking would be buyers into rushing to purchase.. and risks the precipitation of a worse crash, at the expense of those who follow this weak, unreasoned, un supported dogma. Thoroughly shameful from a supposed "academic" .. (In my own opinion) Just Swap UK with Japan and 2007 with 1985 and you're spot on. Quote Link to comment Share on other sites More sharing options...
It is different this time Posted June 7, 2007 Share Posted June 7, 2007 My wife just phoned me to say that "UK housing market not overvalued says Nickell" is one of the headlines on Bloomberg TV.Apparently Prof Nickell has made some speech or other. Does anyone know anything about this? Amazing, no no not what he said but the fact that his bullsh&t made one of the headlines on Bloomberg TV. Quote Link to comment Share on other sites More sharing options...
FernandoMorientes Posted June 7, 2007 Share Posted June 7, 2007 We live in a democracy, as such young people no longer matter, there are no votes to be had. Which is quite a limited outlook as one day they may cast a vote somewhere infinatly more dangerous. Quote Link to comment Share on other sites More sharing options...
SeenItAllBefore Posted June 7, 2007 Share Posted June 7, 2007 Nickell was one of those that voted for the cut in 2005 that is now regarded as having been a big mistake: http://www.bbc.co.uk/blogs/thereporters/ev...6/05/index.html He also thinks there has been no MEW fueled consumption boom in the UK. He's far too close to this government for his views on anything to be taken seriously anymore. Quote Link to comment Share on other sites More sharing options...
THE BALD MAN Posted June 7, 2007 Share Posted June 7, 2007 He may be right, our bubble is quite unique given our highly restrictive planning system combined with our highly liberal immigration policy.UK housing is a one-way bet compared to all other markets. Surely only if people have money to pay rents and mortgages plus there is plently of credit for house purchases. Quote Link to comment Share on other sites More sharing options...
Jason Posted June 7, 2007 Share Posted June 7, 2007 He's been proven wrong on Monetary policy, and he'll be proved wrong on whether this is a bubble or not. Typical bubble blower. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted June 7, 2007 Share Posted June 7, 2007 Times article. http://business.timesonline.co.uk/tol/busi...icle1896202.ece Houses will become completely unaffordable for first-time buyers unless many more are built, according to the National Housing and Planning Advisory Unit.The unit was set up after Kate Barker, the economist, proposed in an official report that regional authorities ought to be advised on how much and what type of housing should be planned. It is chaired by the economist Stephen Nickell, who was a member of the Bank of England’s Monetary Policy Committee, where he shared many a debate on interest rates with Ms Barker. This experience taught them both that the housing market cannot sensibly be regulated by interest rates while it is fundamentally distorted by a long-term shortage of supply Read this journalist's comment! Quote Link to comment Share on other sites More sharing options...
Xurbia Posted June 7, 2007 Share Posted June 7, 2007 (edited) Times article.It is chaired by the economist Stephen Nickell, who was a member of the Bank of England’s Monetary Policy Committee, where he shared many a debate on interest rates with Ms Barker. This experience taught them both that the housing market cannot sensibly be regulated by interest rates while it is fundamentally distorted by a long-term shortage of supply Strange because I thought the market was distorted by loose lending and artificially low interest rates. So can we expect house prices to defy gravity if interest rates are 8%? We all know the answer is no. I am SO glad I left Great Britain if this is what it does to its people. Gordon ****ing Brown has swamped the country with immigrants and is now going to address the shortage of property. It's like saying "I'm going to break your legs but I'll buy you a wheelchair." What a complete tw*t this man is. The ONS (Gordon Brown) has lied about CPI. The BoE (Gordon Brown) has not controlled inflation. Our pensioners have been left to rot. I sincerely feel sorry for all those that want to buy a house in Britain but cannot afford to. You are being lied to and cheated. Stephen Nickell is living in cloud-cuckooland with that Blanchflower tw@t. They have comfortable lifestyles and are telling you that you houses are not overpriced. The government and the BoE stink of corruption. Edited June 7, 2007 by Xurbia Quote Link to comment Share on other sites More sharing options...
cockrobin Posted June 7, 2007 Share Posted June 7, 2007 ExactlyThis cannot be a good thing for anyone Get Labour out!!!! I don't care who replaces them, just get them out!!!!!! Quote Link to comment Share on other sites More sharing options...
Xurbia Posted June 7, 2007 Share Posted June 7, 2007 Get Labour out!!!! I don't care who replaces them, just get them out!!!!!! What a indictment that is of Britain's political system. I personally think I'm going crazy sometimes. People are still saying "Well what's the point in voting?" or "Cameron is no better than Labour". I totally agree with you, just vote any other dimwits in and just get rid of this parasites before the country is ruined. Quote Link to comment Share on other sites More sharing options...
cockrobin Posted June 7, 2007 Share Posted June 7, 2007 What a indictment that is of Britain's political system.I personally think I'm going crazy sometimes. People are still saying "Well what's the point in voting?" or "Cameron is no better than Labour". I totally agree with you, just vote any other dimwits in and just get rid of this parasites before the country is ruined. I agree totally, any other party is better than Labour! Quote Link to comment Share on other sites More sharing options...
subsidiser Posted June 7, 2007 Share Posted June 7, 2007 He may be right, our bubble is quite unique given our highly restrictive planning system combined with our highly liberal immigration policy.UK housing is a one-way bet compared to all other markets. The graph seems to show that HPI in UK has been much higher than other countries. But the HPI has been (and continues to be?) a worldwide event. You could look at prices in Eire, Spain, Oz, NZ, Denmark etc etc. I'm not a big fan of the govt - but whats going on in the housing market here is not all their fault. Quote Link to comment Share on other sites More sharing options...
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