Saturday, June 28, 2008

An instant classic: David says it is not overvaluation

Time to ease the loan stranglehold

Steve Nickell, head of the government’s National Housing and Planning Advice Unit, believes that current developments will exacerbate medium and long-term housing shortages. Prices may be falling now but the long-term trend is “relentlessly upwards”, he said in introducing a new report last week. If the market overshoots down now, it will overshoot up again next time. It is hard to see that is in anybody’s interest. What’s going on? It may be a bit of “can’t move, will spend”... BAHAH

Posted by confused76 @ 11:13 PM (1326 views)
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15 thoughts on “An instant classic: David says it is not overvaluation

  • This is good, I shall wait for the bottom of the market, buy 10 houses of more and retire early off the back of todays university students.

    Three Cheers for David Smith, ‘relentlessly upwards’ sounds potentially very financially rewarding and I look forward to having a go early on in the next bubble.

    P.S. flats are still SH1T.

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  • Quoting a charlatan like Professor Nickell propping the next bubble AHA HHA HA HA H A AAAH HA

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  • why doesn’t David Smith just admit he was wrong?

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  • “SOMETHING extraordinary is happening in the housing market. We are seeing an unprecedented collapse in mortgage lending and no sign of an official or private-sector response.”

    It’s called the market, stoopid!

    “Nobody, however, benefits from a disorderly correction, or a malfunctioning mortgage market.”

    No, what you mean is that as a recent house purchaser, you suffer particularly.

    Don’t try to dramatize a private issue you have with the downwards spiral of house prices that your detractors predicted months and months before you saw it coming into a public problem – remember the majority of the UK public have no problem with falling house prices.

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  • montesquieu says:

    How much longer will the Times suffer this guy? It’s not worth any more debating whether he is being mendacious (perhaps attempting to prop up his own BTL empire) or just plain stupid: whatever the genesis of these outporings, they are making Murdoch’s flagship look decidedly ill-informed on this topic. (You can bet that Irwin Selzer, Murdoch’s personal tame economist, doesn’t share these views).

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  • it_is_going_with_a_bang says:

    This guy is a complete idiot.

    Suggesting that frst time buyers are no better off is complete rubbish and he knows it.
    What a waste of reading time.

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  • The first half of the article surprised me because in highlighting all of the problems facing the market he just reinforced how much of a crash is likely. Even Smith is predicting a large monthly fall to be announced this week (how he must have hated typing that sentence out). But then, true to form the rest of the piece was special pleading…he is sounding desperate.

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  • Do we actually read his stuff and take it to be his voice.
    Do we believe that he actually believes a word of what he writes.
    He’s just having a laugh. What can he get readers(the bloody idiots) to read this week.
    NewsCorp promote this kind of journalist.

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  • bidin'matime says:

    “I have been puzzling about why Nationwide and Halifax surveys have been showing such sharp price drops, at least as bad as at the corresponding stage of the early 1990s slump,”

    Why dont they employ someone who understands his subject..?

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  • letthemfall says:

    I stopped reading this article after a few paragraphs. The author is a rather stupid man I think. The Times is the worst of the broadsheets.

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  • “This is not an implosion of the housing market under the weight of its own overvaluation.”

    Excellent, so after the falls caused by the credit crunch we can await for further falls due to the good old overvaluation.

    And oil will cost how much per barrell?

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  • @enuii… i really can’t see another hpc happening again, after this one of course. I truly believe it has saved the government a fortune in upgrading the british housing stock, this is now nearly complete, after the crash will come new legislation to quell B2L. Although, I could be wrong.

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  • Time and time again Nickell, has been getting away with spouting utter rubbish, The guy is a complete idiot… who has the ear of an increasingly desperate government.

    I imagine Gordon & Co. flapping round like demented people… ‘what are we going to do… what are we going to do…’ Open to influence from any so-called ‘expert’ (ka-ching) because they haven’t got a clue, and they will do anything to avoid the blame.

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  • “…I stopped reading this article after a few paragraphs….”

    Exactly! I find the articles very difficult to comprehend in view of the fact that I thought one was supposed to tell at least a verisimilitude of the truth. His continuing ‘contribution’ (if one can call it that) to Economic debate is making Rupert Murdoch’s Times look distinctly sleazy.

    I can’t think that Rupert has put him up to this but the The Times is the casualty I fear…

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  • Can anyone actually tell me what his qualifications actually are?

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