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We're All Shook Up (times)

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we're all shook up

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Editor's comment: we're all shook up

Last Updated: 1:21am BST 09/10/2007

I have my suspicions about the housing market, says Paul Farrow

"There is more chance of Elvis landing on Mars than a housing market crash. No, there's more chance of finding a rose tree in the desert. We're nowhere near a property crash," said John Wriglesworth, the housing pundit, in March 2004. He was right of course. Prices kept on rising, but this week the mood has shifted considerably.

The optimism and reassurance given by the Nationwide and Halifax have managed to keep panic at bay, but there's an eerie feeling that the outlook is bleak.

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Haven't we heard this all before, I hear you say. Well, yes you have. In 2002, one national newspaper warned there was "growing evidence that the boom is heading for bust". In 2004, the same paper warned that fears were "growing of a crash in house prices amid increasing signs that sellers are being forced to accept price cuts".

These were not lone calls and to be fair, reservations about the stability of the housing market had been in the air since as far back as 1999. Indeed, I recall buying my first property just a month before we celebrated the Millennium – a one-bedroom flat in East London – for just £82,000. Sounds a bargain (it was), but my surveyor's report at the time warned me I was paying over the odds as there were flats nearby going for under £80,000.

My wife and I ignored the warning and managed to make a tidy profit just 18 months later, enabling us to step up the property ladder and buy a two-bedroom flat in Brighton. Not that we were better off: prices had roared ahead on the South coast too and, fed up with losing out playing the negotiating game with sellers, we simply met the asking price to secure the deal.

But the mood has changed. Last summer, an estate agent valued our flat and was extremely confident that our asking price it would be met; he even hinted he had a couple of buyers lined up. A fortnight ago, I had the flat valued again – and the price quoted was lower than it was 12 months ago. ............"

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The optimism and reassurance given by the Nationwide and Halifax have managed to keep panic at bay

It's called hype and vested interest.

Will the author now begin to realise that the "property ladder" he has scaled the bottom of is little more than a debt ladder, I bet his second mortgage is a dran sight greater than his first, why not mention the size of that one!

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He seems to be just as financially clueless as many others; he briefly mentions the fact that the step to a bigger place has become more expensive, but still 'hopes' that prices continue to rise. Idiot logic.

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He seems to be just as financially clueless as many others; he briefly mentions the fact that the step to a bigger place has become more expensive, but still 'hopes' that prices continue to rise. Idiot logic.

Just looking at the Mail quotes and a guy from my neck of the woods saying that It's different in London and the South East and that everything will carry on going up.

Carry on? It's stopped absolutely dead from what I can see. There are already prices being dropped on properties that 6 months ago would have gone for over the asking price on sealed bids.

I bet they don't do sealed bids now. :D

The guy must be worried about his 1.3 million pound house being worth 700k.

Don't worry mate, those big city bonuses and Polish builders will take up the slack.

:D:D:D

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John Wriglesworth has his own PR company, his clients include all the big mortgage lenders and estate agents, I listened to him him earlier in the year when he suggested that in 2008 banks would be happy to lend mortgages of seven times income...with the credit crunch I can't see that happening now!

Check his website and look at who is included in his clients, it's nothing but spin!!

Intelligent PR :lol:

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