Sunday, February 3, 2008

One to watch – Monday @ 20:30

Bursting the House Price Bubble

An exposure of sharp practice in the housing market which has kept house prices artificially high and plunged some homeowners into negative equity. Developers, valuers and solicitors all come under the microscope in Raphael Rowe's report, which reveals some nasty surprises for those who joined the buy-to let-frenzy.

Posted by pendulum @ 09:03 PM (1116 views)
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8 thoughts on “One to watch – Monday @ 20:30

  • stillthinking says:

    Did I miss something as usual? This is a bit rapid isn’t it? Already the BBC on the case of sharp practice, but there are still many people talking prices up! What a suspicious change. Maybe the reason for the key personnel at the BBC having guaranteed house prices, fixed at the peak, (nice canteens as well, plus tuck shop break at eleven and halfway through the afternoon (I worked there once)) prior to the move to Manchester was to encourage honest reporting by removing self-interest.

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  • japanese uncle says:

    Be in no doubt they knew it all along before things have come to this stage. The issue is why they kept it from the public. That’s why BBC’s credibility is in tatters.

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  • I would say that this is the moment the house price crash has truly arrived. The mainstream press has now moved from discussing whether or not there is going to be a crash to talking about who’s to blame for it.

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  • The BBC have been investigating this on and off for several years.

    There have been a couple of programs on Self Certification Mortgages
    Back in October 2003 there was a program in which a reporter rang up the Halifax saying he
    wanted to borrow ten times his salary. Their reply was that THEY couldn’t help but if he rang
    one of their subsideries and didn’t say how much he earnt they would be able to.
    I sold my Halifax shares the next day.

    More recently there was the three part Truth about property series. I think that lost its impact
    in that it was made before the credit crunch but broadcast around the time of it. The main themes
    was the difficulty people were having moving onto and up the ladder, and the problem builders
    were having getting planning permission for newe developments. The programs were presented
    by a BBC Sell to Letter (who had mistimed thing by about 2 years. I expect he will soon be back in
    pocket.

    The thing that I find most interesting was that the BBC correctly forcast the end of the Technology
    Boom about nine months before it happened.

    If anything their problem (like that of Capital Economics) is that they have no problem spotting “the
    Elephant in the Room” but there is such a delay that by the time anything happens everone has forgotten about it.
    The British Housing market is like a 900 mile long supertanker. It takes about 2 years to turn round. What wll
    happen when it is going in the opposite direction. For a taster I can recommend this Panoram broadcast in 1995
    (the second program on the page).

    http://www.bbc.co.uk/bristol/content/articles/2007/09/06/bradleystoke_video_feature.shtml

    :- Duncan

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  • They should have a phone in competition 🙂

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  • This could be the death blow. In times of crisis people believe the beeb… Which is why it pisses me off that they spent so much of my money talking us into this disaster.

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  • I’m really looking forward to seeing this……

    I hope it will be a defining moment – the first of many – as this country lumbers towards a full blown recession and a house price crash.

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  • @stillthinking ”What a suspicious change. ”

    Not really…the BBC is such a huge organisation, the right hand doesn’t always know what the left hand is doing. As long as website copy or programmes are being created, that aren’t too controversial – they don’t care.

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