Thursday, May 15, 2008

Connells latest cry for help

Connells slams £200m pledge for housing market

Connells Survey & Valuation says the government's pledge of £200m to help the housing market is a "distraction technique" and just grazes the surface of what is needed. Ross Bowen, managing director of Connells, says: “This £200m is a drop in the ocean in terms of housing supply. It would only purchase around 1,000 homes.

Posted by jack c @ 03:57 PM (1104 views)
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13 thoughts on “Connells latest cry for help

  • Makes a change for these idiots to be talking about “fundamental problems in the housing market” rather than it being “underpinned by sound economic fundamentals”!

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  • Why bail out the market – if it is overvalued then let prices fall. The Government should keep out and let first time buyers have a chance to own their own homes without Shared Equity schemes etc.

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  • I hope the owners of these luxury city centre appartments are pleased to hear about their proposed new neighbours. I think they should start with gated communities – a bit of social re-engineering. The only problem is that luxury flats are usually too small for large families (which are the ones most in need of housing), and there is nowhere for all the kids to play.

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  • ……….and why exactly should the taxpayer subsidise the housebuilders? It’s pretty dammed obvious that the best thing that could happen for first-time buyers is prices to drop to a realistic price, not remain falsley elevated by public subsidisation.

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  • The Haunted says:

    “Ross Bowen, managing director of Connells, says: “This £200m is a drop in the ocean in terms of housing supply. It would only purchase around 1,000 homes.”

    Well Ross, not when the prices come down, I am sure the money will go a lot further. Having said that I am amazed that we are using tax payers money to help bail out the home builders.

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  • dohousescrashinthewoods says:

    It definitely is a drop in the ocean. Even after houses have halved in value and reached fair price, that’s still only 2000 homes.

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  • Yes, it’s obviously window dressing and we should be grateful for that. Perhaps they have decided on a non-intervention policy for the housing market. Or maybe that’s wishful thinking.

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  • Mytimeis Nigh says:

    People should only be able to borrow for mortgages 3.5 of their income. Deposits of atleast 5% should be payed. If people have saved hard and have additional deposit, they deserve to have a nicer home, likewise, if people have worked hard and have good jobs, they can afford to borrow more than people who earn less.

    This is a fair society.

    Paying vast amounts of tax from your hard earned wages to prop up irresponsible bankers and house builders who have spent the past ten years becoming multi millionaires is not fair.

    Saving the face of a failing government until the election can take place is not fair.

    Bailing out people who have borrowed beyond their means is not fair.

    I’ve tried to do all of the right things, work hard, save hard, take personal responsibilty…but because this way of life has not included, greed and recklessness, this government is hell bent on stopping me from getting on.

    This government is characterised by sleaze, lies and corruption.

    The country’s now bankrupt, have we all got to be dragged into this sorry mess, including the sensible hard workers?

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  • What a dick! The fundamental problem with the housing market is that it allowed a bubble to create and the bubble has burst. I didn’t notice any VI’s bleating to the govt when the bubble was being created.

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  • The Connells guy talks about significant issues that need to be addressed – but doesn’t say what these are or what he proposes. Rate cuts? Liquidity ‘injections’? Mervyn’s been there, done that. The only thing this guy’s done in this statement is to work out that £200m will buy 1,000 flats, and even that’s wrong – it works out at £200,000 per flat and you can buy unsold new-build flats for a lot less than that.

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  • scandinavian pessimist says:

    Risk is the lubricant that keeps the market machinery running. Envy investors who become rich when they win, and watch in horror (or laugh if you’re confused…) when they lose. That’s life and that’s what makes it worth living. So f*ck off Brownie and leave the market to do its job!!

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  • Landedgentry says:

    “This £200m is a drop in the ocean in terms of housing supply. It would only purchase around 1,000 homes.”

    Remind me again, who talked up prices in the first place?

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  • £200million is just a drop in the ocean of taxpayers cash NuLab are more than happy to squander pumping up the housing bubble. Lets not forget the £billions already poured into Northern Rock.
    NuLab see soaring house prices as a good thing, atoning much of their election success of the last decade to this.
    Consider also how many MP’s are property multi-millionaires on both sides of the house. Why would they want to rock the boat ?

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