Monday, August 21, 2006

Have house prices peaked for 2006?

Have house prices peaked for 2006?

There were a number of uncharacteristically downbeat pieces on the property market spread across the weekend press. Since the beginning of the year, the pundits have been itching to proclaim the return of the boom, with prices in London apparently leading the way. So why the sudden change in tone? Well, after this month’s “shock” rise in interest rates, the estate agents are getting edgy. “If we keep saying that house prices are rising, the Bank of England might hike rates even further,” they imagine to themselves. “And that could - gasp - damage the market.” To our minds, it is nothing less than rank self-delusion for property pundits to imagine that the rash of half-baked little surveys they churn out will make any difference to the mindset of the Bank’s interest-rate setting committee - which is after all, meant to be targeting inflation, rather than house prices. But still, you can rarely accuse an estate agent of thinking far beyond their next sale. And surprise, surprise, just as we said would happen last week, the data on the property market has taken a sudden downturn…

Posted by mary @ 11:29 AM (562 views)
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6 thoughts on “Have house prices peaked for 2006?

  • I pity the poor people that have bought in the past 3 year, Ms S Beg included, they will feel cheated and betrayed, all most did wrong was being at the wrong point in their lives as the time they could buy was a time of boom and unlike some of us could not remember what has happened before.
    And for this they are having their future properity destroyed

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  • I pity the poor people that have bought in the past 3 year, Ms S Beg included, they will feel cheated and betrayed, all most did wrong was being at the wrong point in their lives as the time they could buy was a time of boom and unlike some of us could not remember what has happened before.
    And for this they are having their future properity destroyed

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  • Nick,
    Pity these people? Why? It was their choice to buy at the point they did – if you are going to make the biggest financial commitment of your life it is worth doing some homework first don’t you think? We will see what happens over the next year….

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  • the only reason that people have been buying houses in the last few years or so , is because they thought they were going to keep going up in price, as prices start to go down the BTL & investors will lose interest and pull back i think you will find,

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  • It’s all about choice. Many people did not make an informed choice.

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  • It’s all about choice. Many people have not made an informed choice.

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