Friday, February 15, 2008

NAEA kite flying

First time buyers returning marks a significant change in fortunes of housing market - NAEA

Are first time buyers returning in droves as the NAEA would have us believe? Is the UK housing market gaining momentum? The problem with claims such as the NAEA make is that they must be backed up with fact...Given the falling mortgage approval numbers over the past four months how can this support their claim of a re-vitalised housing market? Moreover, if as they claim prices are holding up why would first time buyers suddenly rush in given they found the housing market at its most unaffordable in the last six months of 2007? If up to 75% of 'riskier' mortgage product has been stripped from the mortgage market where would the 'mortgage tools' to climb onto the first-rung come from?

Posted by converted lurker @ 09:54 AM (1084 views)
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19 thoughts on “NAEA kite flying

  • THERE ARE NO AMERICANS ON IRAQI SOIL!!!

    Sounds like the NAEA have emploted Comical Ali as their spokes person 😉

    TB

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  • I think that anything that the National Association of Estate Agents (NAEA) says can be safely ignored.

    These people have had it so good, for so long and are now very, very worried that the party is over.

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  • So no further cuts in interest rates required then !

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  • Wow, I never knew that first time buyers were so affluent and influential to be the bulwark of the entire property market.

    They would have to be so loaded that they don’t even need the cheap credit they could get less than a year ago. But many of them refrained from jumping in then.

    peter bolton king = clown

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  • I think it’s fair to assume that the NAEA’s is going to see a decline in membership in the next 12 months. EA’s have had a good 10 year run and it’s come to an end – based on the stunt an EA pulled on one of my mates earlier this week I have no sympathy at all regarding their coming plight.

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  • No need for further interest rate reductions then

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  • Pure wishful thinking on the part of the NAEA.

    Their report is spookily reminiscent of the last crash where this sort of spin was churned out by the VI’s for five years while the property market continued to tank.

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  • Just thought, If I buy a 7K ISA in a tax year or employ a stock broker to advise me on how to manage my equity investments, I need to read through loads of paperwork and sign it that I acknowledge this and that and investments can go down…. blah blah blah. The adviser also needs to be regulated by the FSA to even give me the advice I seek.

    But if I go to an agent and enquire about a 350K property for investment for example, he can give me all kinds of ‘predictions’ about future values etc. without the paperwork of a heavily regulated enviroment… WHY?

    Sorry if I’ve missed something.

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  • “After a seasonally slow December” – this is beautiful propoganda. There is no credit crisis, anyone can borrow whatever they like, the market only slowed in December, because that is what it does every year. Anyone with ears, eyes and a television has been bombarded with financial facts that prove this idea of ‘seasonally low’ is nonsense. If prices rise they rise, if they fall they fall, but this idea that December was slow because it was December is just insulting to anyone with a modicum of knowledge and common sense.

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  • ”based on the stunt an EA pulled on one of my mates earlier this week I have no sympathy at all regarding their coming plight.”

    Oh, that sounds very interesting…..

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  • Actually EA’s are blaming the media for this mini recession….one told me yesterday. Fools!

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  • Peter advises prospective buyers “to talk to their local agents and find out what’s happening in their region – they may find the situation is not nearly as dire as some would have us believe”. Does he really think anybody will trust their local estate to give a reliable opinion of the market? I can just picture that honest chap from Foxtons kindly forfeiting his commission by advising a FTB that prices are falling and they would be better to hold off for a few months!

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  • converted lurker says:

    looking at your local market and not being fooled by the soft national data, is exactly what Peter should be advising against!! Our locality saw 62 properties added in the last 24 hours..getting ready for the spring bounce obvioulsy and it can’t be a ‘dead cat one’ ‘cos we had that in 2007.

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  • @hpwatcher – ”based on the stunt an EA pulled on one of my mates earlier this week I have no sympathy at all regarding their coming plight.”

    In short this is what happened – my friend goes along to view a house and offers reduced asking price – vendor accepts. The EA acting for the vendor establishes that my friend is not a 1st time buyer and immediately offers to market his property – he agrees they can come and value it – they then say “we will also send around our mortgage adviser” – no thanks he says “I already have that side of my financial affairs sorted and I have my own solicitor”

    24 hours later – the EA phones my friend “sorry but the vendors have now accepted an alternative offer from a first time buyer”
    Smelling a rat my friend calls the vendor direct – “oh yes the EA has told us to go with the first time buyer (not you) albeit at X £’s LESS than you offered – however they have assured us we will not lose out as we’ll get the same reduction of X £’s on the house we are buying”

    Solicitor/EA/mortgage firm rolled into one – you get the picture?

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  • Jack C – I hear you! When I was selling my house last August, i couldn’t work out why it was taking so long. Turns out Bridgefords/Countrywide had steamrolled my buyer into a one-stop shop. They told her Countrywide was their independant solicitors but failed to tell her that Bridgefords were part of countrywide group. She called round to tell me they were worse than useless, frequently lost documents but had been told by the EA that this was in her interests to keep it under one roof

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  • @theboltonfury – yep it’s widespread not just an isolated case – the b******s want their cake and eat it – they have obviously cut my friend out of the loop so as to make more profit from a first time buyer where they will pick up the mortgage/associated insurances and legal work and in doing so dupe the vendor (who they are acting for remember) into accepting a reduced offer !

    Why arent these people regulated/qualified? and why does everyone hate them !

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  • C'mon Correction says:

    [email protected] – I too have heard people blaming the media for “talking us into a recession” ???!!!!!!!!!!!!

    I’m still amazed at how many people really have taken Gordon’s ‘miracle’ economy for real and don’t see why it’s not sustainable in the long-term !?! People REALLY are that stupid, one reason why I think it’ll be another few years before the majority realise the wool has been pulled over their eyes for the last 10 years and Labour will be kicked rudely out of no. 10.

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  • “Our advice to all buyers is that whilst we have been seeing a number of negative national stories about the housing market recently, it is important to keep it in perspective. The truth is that the market differs significantly across the UK and prospective buyers really need to talk to their local agents and find out what’s happening in their region – they may find the situation is not nearly as dire as some would have us believe.”

    Choice prime cut beefshite.

    Yes, let’s get the true picture from our local agent, whose livelihood depends on creating a positive picture of the housing market.

    Thanks for the advice Peter. In fact thanks for coming along. We enjoyed your contributions, but I’m afriad its now time for you to be on your way …

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  • In the last “boom” and “crash” in the 90s I did my own conveyancing. (basically because i was only selling and didnt plan to buy something else – quizzical look from the EA on both counts). Anyway sold the property and got a phone call from the EA complaining that I had left some stuff ( a few trade magazines – well ok about 100) in a room, and that the purchasers asked the EA that i be contacted to move them out. Here is the conversation:

    Me: Ok so they are in the house?
    EA: Yes and they are pretty unhappy!!! [even though i could have Gazumped them at the time for about 6k but I “shook hands on the deal” still…]
    Me: Right hold on I just need to check with the Solicitor (even though i did my own conveyancing you still need a solicitor to provide undertakings for completion, i.e. transfer of funds etc.).
    Me to Solicitor: I hear we have completed.
    Solicitor: No – we dont have the funds yet!!!
    Me to EA: Hello its…[Techieman].
    EA to Me – Right so you have called to sort out the “mess” you have left in the house.
    Me to EA: Just a second before i comment on that, Can you explain to me how you have let someone have the keys to my property without them having completed?
    EA to Me: erm er erm well erm i am sure completion has taken place.
    Me to EA: Well just spoke to my solicitor who is regulated by the Law Society and he tells me it hasnt. So i suggest 2 things:

    1. You get the purchasers out of my house.
    2. That when we finally do complete you can give them the keys and then i will give you WP 20% of your fee and that you will be receiving a letter from me – and think yourself lucky you have got that , and that if you dont like it, feel free to take me to court.

    Strangely I heard no more from them and they never chased me up for the other 80%. To be fair that was probably because they were busy with lots of sales at that time, but after when they would have been very quiet no contact!

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