Thursday, April 12, 2007

Housing market in “rude health” say RICS

House prices rising say surveyors

The housing market is in "rude health" state the Royal Institute of Chartered Surveyors. Enquiries from new buyers fell again but at a slower pace. My guess is that new buyers declining at a slower rate is due that most new buyers cannot buy and there are very few people to add to that group as theyr'e maxed out already.

Posted by denzil @ 09:57 AM (598 views)
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11 thoughts on “Housing market in “rude health” say RICS

  • People who behave like sheep deserve to get fleeced!

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  • Hey, they didn’t mention fundamentals?? Anyhoo, Kensington (symbol; KGN) is bombing again this morning, something is rotten…. Smoke and fire are the words that come to mind.

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  • I am happy if prices go up by 20% more this year, that will avoid a subsequent soft landing, and make it impossible for the BoE to stop or limit the extent of the crash. If I owned a property, I would rush to sell it this summer… when will prices be so ludicrously high ever again?
    We are living in a magic moment (see December 2006 Economist’s cover story “UK has never had it so good”)… lowest unemployment, rampant immigration, fastest growth among OECD, lowest BoE rates, lowest personal debt spreads, large influx of investments, strong currency, relaxed lending standards, strong high-street demand, a never-looked-so-good future…
    The change of just one of the above factors will trigger a chain of events that will cause a correction of asset prices.

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  • The most unbelieveable thing is that near when the next interest rate decision comes about, RICS will start bleating, and the MPC will prick up out of its month-long slumber, take note and act accordingly by not raising rates or lowering them.

    Bunch of muppets.

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  • sold 2 rent 1 says:

    The great swindle of the CPI (predicted to fall to 1.9% by July) will keep rates on hold and HPI flying.
    UK HPI to hit 15% for 2007 as predicted by LSR.

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  • speculatorone says:

    I don’t understand this as round my way (Northants) houses just are selling around 400k mark. There are a couple of house we have been interested in, one was 400k, got sold, sale fell through, it’s gone back on market at 450k? Another was over priced at 370k, been on market for 2.5 years, they have changed agent and it’s gone up to 385k? In this bracket I have noticed recently that there have been approx six properties that have all had failed sales.

    I just don’t understand the agents; a year ago people couldn’t sell theses houses and the agents are pushing the price up even further? I must be stupid or something……

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  • I agree Speculatorone; I sold my place in 2005, the people who bought it let it out to some nice polish people for 18months, have decided it’s not bringing enough money and put it on the market for +75k of that they bought it for. it’s been on the market for 6 months and they’ve reduced the asking price by about 5k.

    I was speaking to the polish tenents; turns out they are builders – even they said it was too expensive!

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  • speculatorone, no disrespect to your area but anyone with that kind of money would surely want to live closer to the action; London, or one of its outer areas like MiddleSex or Surrey. In my home town of Stoke, some idiot thought that building luxury apartments (replicas of ones in vibrant city centres like London and Manchester) would be great and they could be rented out at similar prices (750-850pm). Two years later, most of them are still empty.

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  • speculatorone says:

    Scott, there is no way I could afford to move to London area. I have today been talking to a Loss Adjuster who is dealing with a property claim. A Victorian Property in Shepards Bush, converted into four flats, one of the ground floor flats has suffered water damage from flat above, approx 40K of damage. It’s been on market for 390K in damaged condition. There was so much interest that agent told vendor to auction it by sealed bids. The eventual purchaser has paid 430K for it and still has to pay out 40K on repairs , and it only has one bedroom!

    I have come to the opinion I don’t know what to think of the property market anymore, when you actually stand back and think of sums invovled they are massive amounts of money……..

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  • tyrellcorporation says:

    Speculatorone. The trouble has been that in this crazy housing market it’s been more beneficial not to think too hard about the pro’s and con’s and to just pile in like lemmings! As a result it’s created a self-fulfilling prophecy through ignorance. Up until now all of us on this site have potentially lost out because the risks seemed to outweigh the benefits.

    We might in the long run prove right to have held back but I’ve grown quite a few grey hairs in the process!!! Major cracks are appearing now though so maybe, just maybe…

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  • Shipbuilder says:

    Again, it’s the sentiment keeping the market afloat – spurred on by lying EAs and the bullish media reporting London prices, people are refusing to believe that their part of the country is any different and they just won’t drop prices, looking for that illusive idiot buyer. I was in Birmingham last weekend and saw a great house that had been on the market for over a year, because the sellers ‘aren’t getting the price they want’. Unfortunately these are all people who have their mortgage paid off and can afford to wait. Reality will step in eventually, though.

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