Saturday, January 19, 2008

PDF finally available

60% of EAs report house prices falling in Dec

After waiting for the media to lost interest, RICS have finally released the full December report on their website. 60% of those surveyed reported falling house prices - the worst result since Nov 1992. Be sure to read the quotes from the various EAs to see how panicked they are.

Posted by little professor @ 12:09 PM (1657 views)
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13 thoughts on “PDF finally available

  • How can the seasonally adjusted number for net house price rises be higher every month July to December?

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  • I love all the comments blaming the media for negative spin. Just goes to show that most estate agents are topshop-suited and booted gap-toothed imbeciles.

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  • The other interesting point with regard to the comments is the sharp difference between the comments made by London Agents and the provinces.

    The comments made by London agents reinforces my opinion that they are chancers, spivs and con-merchants.

    It’s about time that their royal charter was removed as it’s the only thing that gives them an air of credibility.

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  • I’m sure they weren’t having ago at the media were headlining house price rises month after month.

    They blame the media and HIPS but fail to recognise the bubble. They are either greedy, stupid or some combination of both.

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  • converted lurker says:

    2 agents shut up shop in my neck of the woods both Reeds Ranis who are ‘big potatoes’ up here. In fact RR have been here since forever, they have plenty of new competition, but havn’t they always and managed to weathet the previous storms? Not just a perfect storm atm, it’s akin to a parralel universe were all you wishes come true. However, can’t help thiking it’ll be a ‘phyrric’ victory as the engine grinds to a halt due to bigger issues, from which we’re all gonna feel the hurt.

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  • Where I live, one estate agent told me ”Ok, it maybe a little bit quiet now, but it will pick up again very soon & prices will start rising again. Listen to a wise estate agent”

    God these people really are lying b*stards.

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  • They’re not lying bar stewards. They know the market is stalling. They’re a bit like touts for some mega hype pop band. Suddenly the band are discovered as dodgy playing hype music via tape machines. Problem is, they now have pile of tickets noone wants and are using all the tools they can to dump what they now is heavily overpriced. Faced with cutting their own commission or keeping up the front, the Walter Mittee agents are still talking the market up. By April, even the most gullible prospective purchasers will know. And the EA’s KNOW this.

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  • converted lurker says:

    Paul! I love the ‘talk us into recession’ soundbites, like talk can affect: the price of oil, set interest rates, price of fuel bills, council tax…we all just need a bit of PMA, we just need to ‘get it’ …here’s how it works; we just keep using other peoples’ money to keep paying each other more and more for houses that no one can afford to live in and we all live happily ever after

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  • Oh the comments are great aren’t they? The EAs have to make all the right noises but they know as we know (and they know we know) that their goose is cooked. They know we are on the outer edges of the worst economic storm EVER and no matter how hard they try we’re all going to get sucked in deeper and deeper and deeper.

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  • Had to stop reading the EA drivel half way through – to stop myself puking.

    Gonna be hilarious down the Jobcentre when these clowns start coming in to sign on…

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  • new user 2007 says:

    The inrease in supply is distorted. Supply has gone up because no one is buying, not because more houses are coming onto the market. Indeed, there has been a fall off in new houses coming onto the market but the stock is rising because there has been an even bigger fall off in demand. Imagine what will happen in April…IF buyers hold off and BLT start selling AND by then the mugs who bought with no cushion (self-certilied etc) will have had six months of paying higher rates and will not have access to credit (the surge in fixed rate mortgages at 4.5% started in September 2005: these were 2 year fixed so the jump in payments started from September 2007…give the first batch 6 months of these increases so from April they will have hit a wall) THEN we will see the stocks on books being incredibly higher than demand.

    They are saying once the credit crunch is over (and as if it will be over by April) everything will be fine. Completely ignoring that banks will not be giving low deposit loans, raising credit card limits or the multiples they did even beyond that. The CML says average multiples are around 3. That is true as most people are moving and so have large equity, but prices are driven by new pruchasers, and the ones who stretched will now get money. If salaries have stagnated then the rising asking prices were only possible as lenders just added an extra multiple each year. VIs seem to think that ability to pay is not an issue…all very odd.

    They say there is a slowdown in buyers disappearing, but this is because so many have gone already that of course it has slowed down.

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  • new user 2007 says:

    “now get money” should read “not get money”

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