Thursday, December 20, 2007

I’m afraid we have got it all wrong

RICS predicts stable house prices in 2008

The Royal Institution of Chartered Surveyors predicts UK house prices to remain stable in 2008. It also predicts repossessions to hit 45,000 next year from 30,000 in 2007.Although RICS foresees little change in prices over the course of next year, RICS acknowledges that the market could experience some short-term weakness. RICS does not believe that any drop in house prices will be lasting - Well a long vacation in Japan might alter this view !!

Posted by jack c @ 03:56 PM (1504 views)
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10 thoughts on “I’m afraid we have got it all wrong

  • Well it would. Would be worth finding what it’s view was in 89 ?!

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  • Seems a little daft to forecast house reposessions going up, and house prices merely ”bottoming out”.

    Looks like wishful thinking to me. Mind you, I don’t think you would ever get an honest answer from these people….as they are probably funded bythe VI’s.

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  • David Stubbins says:

    I agree with you. You have got it wrong AGAIN. Why try to break your 100% record so far.

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  • why do people still believe asset prices only go up or plateau?

    average house prices are 9.5x average salarys with long term average 3.5…and lets face it the average salary is only up ‘cos high earners have earned more.

    typical middle managers still struggle to get more than £30-40,000

    Prices are 40-50% overpriced and thats being generous

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  • planning4acrash says:

    Oh, gosh, its really too depressing to think about.

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  • Looks like rubbish to me. I don’t see anything about this on http://www.rics.org.uk. Where do mortgagestrategy (who?) get this from ?

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  • it_is_going_with_a_bang says:

    The bottom line is nobody invloved in the buying and selling of properties wants in any way to sound negative.
    Sure there is a pent up demand of FTB, but they are not going to buy at todays prices – full stop. The ability to do so is just not there.

    I’m a FTB for a Ferrari, but I aint gona buy one until I can afford it. Lets face it a house costs alot more!

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  • There may be a belief that the Government will do what it takes to prop up the housing market and banking system using interest rates and liquidity injection as it is preferable to the collapse and recession alternative.

    The £ doesn’t matter anymore – lets just inflate the debt away.

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  • I normally respect the RICS reports, as they not totally wedded to spin – but this is a pretty pathetic statement (which, curiously, does not seem to feature on the RICS website..)

    I’m wondering if one of their bods has decided to cash in his 15 minutes of fame without official sanction…?

    The logic fails to realise that if the speculators stop buying, those who would take their place do not have anything like as deep pockets; nor does it realise that once the imperative to ‘get on the ladder before it’s too late’ is taken away, FTB’s will take their time – especially if the word is out that prices are falling…

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  • Cheekie Charlie says:

    Its OK deflating debt away but if wages are kept below the phoney CPI figure (to try and keep it down) then people will still not be able to afford a mortgage or to pay their mortgage or their bills, food etc. Their must be a compromise somewhere and unfortunately for some, high house prices and easy credit don’t come into the equation.

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