Friday, August 18, 2006

Global House Price Crash??

Risk of global house price crash falls away

Knight Frank have recently released the second quarter 2006 results of their Global House Price Index which they claim to be the first serious attempt to analyse pricing trends in residential property across the world on a standardised basis every quarter. The main finding is that global house price growth has continued to slow from the recent peak reached in 2004 and overall 18 out of the 30 countries covered have seen price growth slow over the last 12 months. Average global house prices stood 8.5% higher at the end of June 2006 compared to the same period 12 months earlier, the index shows.

Posted by tinecu @ 09:41 AM (558 views)
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5 thoughts on “Global House Price Crash??

  • The BBC will pounce on this, no questions asked.

    They will also probably ignore the warning further down in the article:

    “A soft landing for global property is possible but not assured”

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  • I was talking to my brother recently (who is an EA) about valuations of house prices and how local EAs share info. on sales etc. in order to help them value peoples homes ‘more accurately’. I was alarmed to descover that the ‘most reliable’ source of info. for EA’s these days was nothing other than our old friends Rightmove!

    Rather than go through all the ‘hard work’ of estimating a value via the utilisation of various available sources of info, I am reliably informed that the majority now take their lead directly from Rightmove valuations.The tail, therefore, is currently waveing the dog.

    As a result of the growing number of EAs who endorse this Company, and the fact that the public have access to these ‘valuations, I am told, that any EA whose valuation does not match that suggested by Rightmove, is considered incompetent and does not get the contract.

    In short, it seems that the logical outcome of this is that ultimately, house prices will be whatever Rightmove say they are, and any dissenting (or honest) EAs will find themself clientless very quickly indeed.

    At the risk of sounding like a conspiricy theorist (a label difficult to avoid if one seeks to unvail a conspiricy I’m affraid!) this does all look a bit fishy to me, particularly when added to the obvious CPI fraud that is taking place, and the unlimmited National ‘propperteee’ propaganda that exists at present.

    What do you think?

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  • correct me if i am wrong, are knight frank an estate agents by any chance
    what a suprise that they are predicting everything is rosy
    so for the first time in history (again correct me if i am wrong) house price growth will slow, then stagnate until incomes pick up (in japan the stagnation did happen, but only after a crash)

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  • Ticktock,
    You have hit the nail on the head. Rightmove do indeed control the market. Its not conspiracy theory stuff ….just plain ol’ business strategy.

    Of course it is in Rightmove’s interest to make prices as high as possible as then properties need to need to be advertised for longer and longer [more revenue]….the smaller EAs will go bust so Countrywide, Connells et al. (Rightmove’s owners) can expand and take over the whole UK.

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  • >> I was alarmed to descover that the ‘most reliable’ source of info. for EA’s these days was nothing other than our old friends Rightmove!

    No wonder there site is so bloody slow!!

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