Tuesday, May 13, 2008

A solid 30% drop

Preview of The Truth about Property: A solid investment?

Former launderette worker turned property multi-millionaire Andreas Panayiotou reveals what he thinks could happen to house prices. The Truth about Property will be broadcast on BBC Two on Tuesday 13 May at 2000 BST.

Posted by doomwatch @ 06:45 PM (4247 views)
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16 thoughts on “A solid 30% drop

  • “It’s not easy today though. If you’re asking me today could I go back into there and do what I did in residential for the last ten years, I’d would say today, it’s near on impossible.”

    What a refreshing change – listening to a property speculator who admits he was in the right place at the right time.

    Note to Greenbay: here’s a real property pro. Was he “in it” for the long term? Of course not. He sold out at the top.

    I find myself wondering if programmes like this could interfere with future property boom cycles? If enough people come to understand the property cycle through Internet and media, then with so many people correctly anticipating and evaluating property price trends, the behaviour of the market might be altered.

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  • “Property gives a sense of something tangible, something solid” The presenter has obviously never been inside a Fairview new-build 2-bed luxury apartment

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  • Last few of sentences : “They could fall by 20-39%” “So they could fall by 20-30%?” “They have already.”

    ———– and we’ve got 2 years to go———— Wonder what the viewing figures wll be?

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  • Whoops! 20-30%

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  • move over Beany – Jenny Scott is my new property porn babe.

    Think they overplayed the emotion/psychological factor and underplayed the lack of credit in explaining the property cycle. But then I guess that’s what programme-making for the masses is all about!

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  • Well, I watched the programme and this guy was the only good bit. Clearly a switched on trader and has got rid of £700M of property to pernsion funds etc.
    He thought it would now be worth £500M. Goes to show where your money goes when you buy a pension. I bet the fund manager got a bonus aswell.

    The rest of the programme was slow and frankly rubbish.

    I thought this Andrew Verity guy had something going with his last series (which as I recall seemed to get cut short).

    The programme apart from the bit mentioned above just failed to hit the spot.

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  • Sitting Tight says:

    I enjoyed it

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  • Nice to see this show stressing the down side. Ouch, it must hurt seeing all that money being put back in its suitcase — ‘sorry madam, that’s capital gains tax!’

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  • markj69 str05 says:

    £700M to £500M euqates to a drop of 29%!!! Over what period I wonder. Only a few more years of dropping (Or should I say correction), to come.

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  • Mytimeisnigh says:

    I’d like to see far more of these programmes highlighting the negative end of the property cycle (regardless of quality), because a lot of people I speak to still can’t believe that prices are falling. The sooner the general public’s widely held veiw that the ‘only way is up’ is undermined, the sooner prices can drop and realism can be restored. And the sooner we can have a break from the endless property porn. I remember watching question time during the heights of the boom and people were saying things like ‘people are just going to have to get used to the idea that most people won’t be able to buy’. Well the shoes on the other foot now and it’s time to put the boot in!!! A nice size eleven will do.

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  • I thought the programme was spot on and just right. Especially liked the use of actual cash to explain the Buy-to-let scam to the lady who brought a 1 bed flat as her pension. She would be better putting her deposit in National Savings

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  • dohousescrashinthewoods says:

    Just watched both episodes on iPlayer and I have to agree with doom&gloom, it all ends in soft music and “love” for property.
    I think ordinary people are generally embarassed to admit they are a bit greedy and want profits, as well as admitting they are fearful of not having status – something Jenny Scott did put very well at the end.
    The property developer chap in this preview was very straight-up. I wonder what his view of “they already have” is, after saydng they “could” fall.
    The other chap I respected was the property-club whistle-blower who succinctly pointed out that the FSA bars him from selling you a pension, but is quite happy to let him to flog you 10 unbuilt flats.
    Good entertainment and I hope it stirs more people to think.

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  • There are several things about property in the UK and people don’t like to talk about most of it:

    1) It is emotional, people are attached to their “castles” – this people will admit.

    2) There is some snobbery about the whole, “my house is bigger than yours”. At work people look down on my because I rent, however now that prices are tumbling, I pay less rent that they pay mortgage and I have cash in the bank (for the bottom of the cycle) they have only debt… People in houses won’t admit it, but there is a lot of snobbery and one up man ship in this “little island”.

    3) Greed. Once you have a house people feel richer if it goes up in value. They delude themselves that it make the next buy easier (it doesn’t) or that somehow they can spend the house. Then they tell you it’s about a safe pension, free from taxes, well people don’t downsize for lots of reasons, so a big house worth a fortune just turns out to be a taxable inheritance for someone else…

    Surprise, surprise people are greedy, lazy and snobby. If I’d have been in the country at the bottom of the last property trough I may be feeling smug at the moment too but I was working overseas, by the time I came back the madness had begun and I’ve been priced out ever since. Now I’m just waiting for the correction to run it’s cycle – then I’ll buy from a sound financial position.

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  • 6. str 2007 said…
    The rest of the programme was slow and frankly rubbish.

    I agree. Some good points, but a bit of a wasted opportunity. Never mind – I am sure there will be better shows in this genre over the next couple of years.

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  • Considering all we’ve had for the past umpteen years are programmes showing how you can slap on a coat of magnolia and sell it on with an extra nought added, this is a refreshing start! Simple enough to get the point across to most sheeple and even a few dim-witted EAs. You never know, this might encourage some of those people who’ve had their houses up for over a year to knock an extra 1% off, just to prove they are not totally in denial !!! LOL

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  • I find it interesting to see how the reports in the media have changed from “property only ever goes up” to “stagnant for a couple of months but then double digit rises again” to “small falls” etc etc etc. It’s like those economists and experts with their constantly shifting predictions that never seem to go further than stating the blindingly obvious.

    But it also comforts me that before long people will be admitting that prices “could” fall by 50%, and I think a vast number of people – FTBs in particular – will be in no hurry to jump into the market after small drops. Fearful of a 50% plunge they will wait until prices start going up again or a massive fall has occurred.

    And this in a market that is all about sentiment!

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