Thursday, February 21, 2008

Balanced view of UK property market

Property: The diversity and detail beyond the property headlines

Hysterical media claims of a looming recession tend to tar the entire UK property market with the same brush. An economic low, yes, but different regions have seen contrasting fortunes that cannot be lumped together, argues Richard Sexton of e.surv. Those with a need to understand their particular area of the market appreciate that it is highly granular, with significant variety across small geographical distances. Those who doubt this should consider that valuers and agents operate in areas which can be less than three square miles. This is the level at which predictions become useful.

Posted by jack c @ 08:10 AM (579 views)
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2 thoughts on “Balanced view of UK property market

  • its a good article, imo. Doesn’t say there will be a crash, doesn’t say there won’t. Claims that for this year, if economic conditions continue, a slowdown is much more likely than a crash, and any drops are going to hit new build flats and the north east most of all. seems to hit most of the points that are brought up on here as well – refreshing!

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  • A load of Jackson (Pollocks) if you ask me! It’s just another milestone on the road to a full blown crash. At this point the VIs know that we’re in deep deep trouble, so try and keep people buying and confident by convincing them some regions will be fine. Natural human optimism will convince people they’ll be in one of the ‘safe’ regions. Then when the region gets hit, it’ll be how safe your county is, then when your county starts to go down the toilet it’ll be your town which is different, then your neighbourhood, your street, your property. It’s down to the individual as to which point they actually realise what is happening.

    If people can’t get a ‘silly money’ mortgage then I would argue we cannot have a slowdown, we can only have a fall-off-a-cliff. Even those who were prepared to get a silly money mortgage must now be thinking that waiting will be worth it. The sellers and the EAs know the game is up but simply can’t be seen to admit it (not long now though).

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