Friday, January 5, 2007

Oh no…

Shock December house price dip

Perversely I don't really want prices to drop anymore - I want them to keep going until they suffocate in the rareified atmosphere (along with the army of amateur landlords).Halifax today reported that house prices fell by 1 per cent in December. The bank's chief economist Martin Ellis said the fall could be an early sign of market slowdown. "This could be a first indication that the interest rate rises we've seen have had an effect," he said

Posted by tyrellcorporation @ 10:28 AM (1509 views)
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10 thoughts on “Oh no…

  • Strangely the BBC has published the same article under the headline “House prices rose 9.9% in 2006”.

    There is definitely an agenda here.

    Still, it doesn’t change the figure does it? Roll on January.

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  • makes me laugh…never has there been a soft landing for housing and the us is already finding prices are falling.Its like brainwashing…’there a shortage of supply’….wrong….there are 375,000 empty properties….too many people have 1 or more buy-to-let(they will dump if prices start to fall)….and immigration great for the economy?in what way??????

    525,000 immigrants last year but failed to mention the 375,000 who left most of which had money

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  • I hope that twat of a [pretend] Times economics journalist, David Smith, is reading this. It might make him adjust those rose tinted spectacles and look at the real world, not the world of Buy-To-Let investors.

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  • is this an an early “please dont increase intrest rates as we want house prices to go up further”

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  • “…prices fell by 1 per cent in December”

    Hmm, must be coming up to the MPC meeting.

    Cynical? – yep.

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  • tyrellcorporation,

    Agreed. I no longer care what happens. I’ve recently decided to become a BULL! I’m now a VI. I rely on HPI, but not because I own a house. I work in contaminated land regeneration, which is dependent on HPI as I see it. However, the firm I work for has recently suggested that I may move to the Far East and provide consultancy over the Internet! Mrs. Mjchum is Thai, so is my daughter. House prices there are WONDERFUL and FALLING very FAST! £60k = 3000 sq.ft 4 bed + tropical gardens + swimming pool. Buying either the end of this year, middle of next, already changed up £80k to THB – READY TO GO!

    So from now on I don’t want to here anymore of this HPC rubbish. This website is to be renamed HousePriceInflation.co.uk and you will all campaign for HPI on my behalf !!!

    Thank you in advance of your kind responses

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  • tyrellcorporation says:

    Halifax figures just don’t ring true eh? I smell a ‘spinning’ rat!

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  • tyrellcorporation,

    “Smelling a rat”.

    Agreed, I think pressure is being applied by the BoE secret agents to all manner of statisticians at the moment. BoE can’t raise rates, it would over value GBP even more, send half the country bankrupt and generally ruin the country’s whole weekend. Thus bear spin has replaced bull spin in the media controlled house prices game. They fcuked up when they dropped rates in 2004 rather than raise them, now there’s no way out.

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  • Reporting on the Halifax press release Mark Bridge in the Times stated that “The bank’s chief economist Martin Ellis said the fall could be an early sign of market slowdown.”

    In the Halifax press release Martin Ellis actually says “House prices fell by 1% in December, but it remains too early to conclude that this indicates a genuine slowdown in the housing market.”
    http://www.hbosplc.com/economy/includes/HousePriceIndexDec2006.pdf

    That’s not even spin. It’s a ham-fisted perversion of what was really said. There are lies, damned lies and statistics and then there are journalists.

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  • I have come to the conclusion that most Journo’s are paid up members of NuLabour or are part time BTL Landlords. Can’t wait for January and February’s figures as it will get increasingly difficult to put a positive spin on the figures without the reporting looking blatantly biased.

    P.S. After talking to my mate who’s a Court Officer over Xmas he now has a 3month waiting list for IVA’s and a 6 week waiting list for Repo’s.

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