Monday, December 17, 2007

There are [email protected], there are prize [email protected], and there is David Smith

Home economics: 16 December 2007

He has developed a fixation for housing, is he a BTL landlord? His weekly commentary is now material for stand up comedians. "we have a situation where the BoE actions have less impact than they did two years ago. Even the prospect of more rate cuts, which the markets expect, will be less of an elixir for the housing market than it would be in normal circumstances. How will all this pan out? My view, shared by several forecasters, is that the positive effect of rate cuts will balance the negative impact of the credit crisis, giving us flat house prices for 2008 as a whole. Others, it is only fair to say, are gloomier." Elixir... mwauuu auauuau uuahhah hahahhahah

Posted by confused76 @ 04:41 PM (1460 views)
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13 thoughts on “There are [email protected], there are prize [email protected], and there is David Smith

  • I think he just has a problem understanding Economics. Keynes, Friedman, Walters who they Not at The University of Spunkbridge Secondary Modern Toilets?

    Lol!

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  • crash bandicoot says:

    Beacuse house prices have been detached from reality for the last several years, all manner of cokk-and-bull principles have been suggested to justify them. Now the day of reckoning is here and the one factor that limits how much you can borrow is the amount that you can afford to pay back. This in turn limits the price that you can pay – period.

    Now you have two choices, sell for what people can afford or keep it yourself. No amount of hot air can change that.

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  • Crash B – spot on comment – “affordability” is the key and prices have to return to more realistic levels.

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  • I suspect that Smith does have BTLs – that he is desperately trying to off-load before the party really gets going…
    But at the same time, he has one eye on his ‘reputation’ and you can almost hear him wincing as he shifts uneasily on the fence, trying to hedge his bets – ready to come down saying ‘I told you it wasn’t good’ when things well and truly go t_ts up.

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  • it is the perception of affordability that is changing more so than real affordability. Smith has been right many times before and I am inclined to agree with him. doubt he is selling his BTLs (if he has them), unless he’s as stupid and wrong as you make out.

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  • Crash B. Well said. Nothing more needs to be added.

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  • David Smith really doesn’t know what he’s talking about. He also wrote a piece this weekend about the price of oil:
    Times: Plenty of oil left in the global tank

    In this piece, noshbag tells us that the world isn’t running out of oil and there’s plenty left. Oil prices down, house prices up. Pretty much the exact opposite of what all of us expect to happen.

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  • We have not quite reached the “Emperor has no trousers” stage but we soon will.

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  • Easy enough to explain….he [David Smith] has a bloody massive mortgage. Nuff said.

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  • crash b totally agree i pointed out on times site that an estate agent her in n.ireland had taken out a centre 2 page spread here in lisburn n.ireland some 5 weeks ago with some 60 odd houses on it that it had revalued between15k till 20 k lower taking into account these houses use too go for 15 till 20k above theire prices houses in price range of 200k till 250k i make that some drop oh and a 595 k house dropped too 495k
    he put it down too the irish drop must say i think its worldwide

    ps i sold in july at the top of market too a property developer think i will wait and get a few houses in late 2008 i have already bought a z3 with the interest on the money the last owner lived in canary wharf is that a sign of things too come?

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  • it_is_going_with_a_bang says:

    U gotta love his disclaimer “My View – shared by several forecasters” la de da.
    Positive and Negative again la de da.
    Giving flat house prices for 2008.
    Sitting on the fence again – just can’t bring himself to talk the market down!!

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  • Van Hoogstraten says:

    If David Smith says one thing, experience dictates the opposite will happen

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  • David Smith lives in grotty Eltham in East London. He took out a massive mortgage a couple of years ago, and not really wanting to be known as a failed investor, the housing market is closely tied to his own self-esteem and credibility.

    Looks like yet another think he’s forecast which has gone completely the opposite way of his prediction …

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