Sunday, January 13, 2008

More coverage of our very own HPC man Jonathan

Should first-timers rush to buy now the door is half-open?

"first-timers willing to resist temptation will be handsomely rewarded, according to Jonathan Davis a chartered financial planner at Armstrong Davis and a contributor to the website Housepricecrash.co.uk. He predicts that prices will tumble by around 35 per cent over the next five years, kicking off with falls of between 5 and 10 per cent during 2008. "My advice to those thinking about getting on the ladder is simple: don't touch property with a barge pole. A £250,000 home now will be worth £150,000 in as little as four years' time."

Posted by jack c @ 05:28 PM (6001 views)
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8 thoughts on “More coverage of our very own HPC man Jonathan

  • Interesting comment by Ray Boulger who advises FTBers to wait until the summer because “the soft slowdown we are witnessing will give them around a 10 per cent reduction on current prices by then”. Am I missing something here or is this a mortgage broker (i.e. VI) saying there’s going to be a 10% reduction in 6 months?

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  • @Becky – my take on this is that Ray Boulger is hinting that he thinks FTB’s will be able to negotiate a 10% discount by summer 2008 – bit of a different stance from him !

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  • “First-time buyers should not be banking on a blanket reduction either this year or in the foreseeable future,” says Dean Sanderson.

    Who is this Dean Sanderson I ask myself? He’s ergh … the managing director of Sanderson James estate agents.

    How I laughed 😀

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  • Disclaimer at the bottom of the article:

    “This article was sponsored by estate agents and property investors.”

    In tiny weeny white writing.

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  • Lets face it: All the VIs are filling column inches with as much hype as they have learnt. They all know that come March and Aprils figures there will be nowhere to hide. The “typical winter doom” will not have given way to the “traditional Spring buoyancy”. Then the EAs will be thinking – “what now?”. Record supply of ever-hopeful property on the books, record low prospective buyers details and an office full of expert Soduku players – since there will be little else to glean from the newspapers they advertise in.

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  • European-bear says:

    “The latest figures from the National Association of Estate Agents (NAEA) suggests that the time is right for such a tactic. Agents had an average of 767 properties on their books in December last year – a large supply compared to the 43 available in November 2003 when the housing market was in the middle of a boom. There are far fewer buyers interested in these properties too – an average of 249 registered with each agent, against 462 four years ago, says the NAEA.”

    So lets see….in November 2003 there was an average supply of 43 properties on the books and 462 buyers…i.e. 10 buyers to every property. So prices race up. Now there are 767 properties to 249 buyers (i.e. 3 properties to 1 buyer)…so supply and demand…the price goes down down down…oh I forgot, this cannot be true, shotage of land, immigration, divorce etc,…..

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  • Louise Cuming, head of mortgages at comparison site Moneysupermarket.com:

    Renting: you are lining the pocket of a landlord …

    Buying: money is ‘going’ into your own home ….

    So when renting a place costy about 1/2 the equivalent of a 90% mortgage not inlcuding stamp duty and maintenance … explain please.

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  • Another excellent appearance by FP. The VI’s just sound like they are reading from a sheet now. I think FP’s comment about a house going from 250k to 150k.

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