Thursday, January 3, 2008

Danger: Times Vested Interests Fishing for FTBs

About to get lucky?

This is a disgusting piece of journalism by the Times. I could not believe my eyes at first. The comments to the article offer some encouragement though.

Posted by quiet guy @ 12:12 AM (1370 views)
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13 thoughts on “Danger: Times Vested Interests Fishing for FTBs

  • “This could be the time to take the plunge – if you do your research”

    “Lisa Garrett, 33, who works in the music industry, has already used the slowing market to her advantage: she knocked £6,000 off the £245,000 price of a small one-bedroom flat in Battersea, southwest London. “The flat was let, but had been empty for about a month when we went to see it,” she says. “The owner wanted a quick sale and, as first-time buyers, we are not in a chain.”

    £6,000 off a £245,000 property is just less than a 2.5% cut. Was it the buyer or seller who made the best choice here?

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  • I do feel sorry for the buyers described in that article. No doubt they’ve had their hearts set on a flat of their own for the last year now, and have been looking through the property pages with mummy and daddy, doing the rounds with the estate agents, probably even been out-bid earlier this year on their dream property. They’re living in la-la land, their feet haven’t touched the ground for months now, so giddy are they at the prospect of owning their first home. That’s why they have such a cavalier attitude to the dire warnings ahead.

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  • Hilarious.. mummy & daddy will be so delighted, Battersea!!! Geez!!! These folks really do exist, let’s hope that The Times visits them in 12 months time. You never know, mummy & daddy might have even moved in!!!

    Obviously The Times have a sense of humour!!!

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  • The article is from November 25th!

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  • This is an old (November) article. What a difference 2 months have made!

    People are waking up in 2008 as reality knocks on the door.

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  • What is an ‘unbiased’ estate agent ?

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  • Ziff says. “We predict that prices will either remain flat or, in the worst-case scenario, fall by 6% next year. But, over the long term, prices tend to recover. It is dangerous to try to call the bottom of the market.”

    HAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAAHAHAHAHAHAHAHAHAHAHAHA!!!!!

    Brings tears to my eyes!

    I love the implication that we are near the bottom of the market. ‘Ziff’ is contriticising himself rather than the bears.

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  • It is an old article. It was utterly irrelevant than, and is even more so now.

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  • but you cant deny its a good laugh!
    Interesting how many people hear seem to positively gloat at a cooling property market – as though those who want to purchase and hopefully profit from their property acquisitions are somehow to be derided. One wonders why you aren’t all typing on the Guardian’s site, if this strain of capitalism is so repellent to you all. For the record, I am familiar only with London’s market, but I have purchased 1.1m worth of property in the capital in 2007, and am currently expecting to complete on 2 more flats early 08. Will I stop? Hell no. Rents are still more than adequate to cover repayments, capital values are still rising, particularly if one targets property that needs improving, and with Crossrail, 2012, continual investment / gentrification, global money settling in London etc I’m in this for the long haul. London is one of the world’s top 3 cities – prices may ‘settle’ a little , pause for breath etc, but plummet? Nope. I’m making a fortune. You should be too.

    Howard Hughes, London,

    what a classic!

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  • Chilli said:
    ” the implication that we are near the bottom of the market”

    Well,…. depends what your definition of “near” is, on a marathon race you are closer to finishing the race when you have “only” 26 miles to go than at the start line (26.2 miles).Prices in the US started declining a year ago and have WAYS to go, another 3 years or more. The UK seems to have just crossed the start line….

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  • @paul
    @baby bear

    Fair comment.

    When I saw the article it was linked to from the front page (or the business page, I’m not sure now) at about 1am.
    At the time, I was so gobsmacked I didn’t spot the date – not that this was good advice in November either.
    Perhaps The Times were doing some web site maintenance or something using a temporary page?

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  • Can not believe one of the comments was from an estate agent. I though the common practice was that if it does not sell you are not asking enough so take your house off the market for a couple of weeks then increase the asking price!!!

    NOW IS THE TIME NOT to buy stay away do not support the market and the more people that stay away the more prices will drop. I am holding on now for atleast two years before buying I am going to do my bit to ensure that greedy speculators loose everything.

    My dream is that the Maths Teacher Buy To Let duo with 900 + properties end up having to make ends meet working at a minumum wage job in some retail outlet.

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  • The article dates from November 25th, 2007. It’s hardly *that* old!

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