Thursday, May 29, 2008

There there Peter, take a pill and have a lie down

House price crash not on the radar - NAEA

Following the release of the Nationwide house price index today, Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), said: "The national sales figures do not tell the whole story. We know from our members that the picture is still very regional with some areas continuing to do better than others. Indeed, our recent survey of agents records some stability returning to the market in the number of sales agreed, the number of viewings before a sale is secured and the average difference between asking and sales price.

Posted by converted lurker @ 12:56 PM (949 views)
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11 thoughts on “There there Peter, take a pill and have a lie down

  • It’s an overall figure, you silly s*d.

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  • It seems as though a lot of Estate Agents are fooling themselves! How on earth can they recover a market in freefall, with buyers wisely avoiding negative equity?!

    What a bunch of arsehats!

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  • mark wadsworth says:

    “silly s*d” is putting it mildly.

    Going by Nationwide’s figures and adjusting for inflation, the annualised fall since the peak last October is about 15.5%.

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  • ………and the Americans are dying like dogs on the road to Baghdad.

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  • The man is an anus.

    Its a beautiful day.

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  • It’s going to be an Annus Anus for the NAEA and NFOPP

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  • Distant_adz says:

    Peter Bolton King, Chief Executive of the NAEA wimpered…..’some areas continuing to do better than others.’ Translation = some areas have fallen less than others.

    ‘….people are adopting a ‘wait and see attitude’, watching the market, before making any decisions, which is affecting prices.’ = Prices drop, people wait, the price drops more, people wait longer….

    ‘There is no denying that the credit crunch and tighter economic factors have affected confidence in the market’ Credit crunch = indications of a return to long-term ‘normality’ in lending prcatice. i.e The bank wants to see a deposit. If you can’t afford a deposit, you can’t afford a house – its not a right!!

    ‘….remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a latent demand for houses.’ Oh why don’t you just talk to the wall cause no-one is listening to this stuff anymore.

    Low unemployment – Its like they have a mantra, which ignores the dynamics of the situation. House prices and employment are indirectly related in a complex way. Which ever comes first doesn’t matter, they still follow each other. Unemployment will rise, so stop banging on about ‘low unemployment’ and look at the big picture!

    Historically low interest rates – they just don’t seem to get it – low interst rates in themselves are meaningless if the sum loaned is substantially more than ‘historical’ amounts – its called leverage!

    Latent demand for houses – tell me something new. When has there not been a latent demand for houses? I have a latent demand for a tropical island. So what? Financial backing (i.e ‘000’s in the bank), a good credit history, and a track record of regular income are the criteria required to translate a ‘demand’ into a sale. All the rest is word w**k. Lets see how the populus measure up to these ‘new’ criteria.

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  • Would have liked to ask him to list the areas that were doing worse than the average then!

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  • waiting patiently says:

    “latent demand for housing” …… but not at the elevated prices still being asked. The demand is going to remain latent until the crash happens only then will there be real demand.
    I heard a story yesterday about a 5 bed 4 bath property in Rossendale valley (just N of Manchester) that was repossessed. The asking price was just shy of £400k but the eventual sale price was £250K. I tried a couple of “silly ” offers myself yesterday. The agents have taken my details in case anything changes. Following the Nationwide figures I am expecting a call – but my offer would have to be revised downwards by a further 2.5% to account for ‘inflation’!

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  • letthemfall says:

    An issue of confidence? No, it’s a matter of money. But Bolton is too busy recycling his cliches to think about that. More pearls of dribble from another highly paid spokesman.

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  • Peter Bolton King wins this weeks Comical Ali award:

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