Tuesday, June 3, 2008
Property Overvalued 30%
High Anxiety
There has been a collective loss of memory that property prices can go down as well as up. We were told our homes were overvalued but we didn't want to know.
Posted by yoyo1 @ 09:20 AM (1494 views)
21 thoughts on “Property Overvalued 30%”
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inbreda says:
I thought this program was better than the “Truth about property”. Less confusing. Much more concise. And just one of an increasing number of negative news stories that demonstrate that we are now in a negative feedback loop.
inbreda says:
Sorry – I said “negative news stories” – obviously I meant “Positive news stories”
justwatching says:
Not related but……
Where are the Halifax survey figures, they were due out yesterday?
housebear says:
“There has been a collective loss of memory”
He is so right.
Prices can go down but but but no but yeh but no but!
Can they?
Oh dear.
I mean, oh GOOD!
doomwatch says:
The Brummie EA was a classic example of the many victims of this cycle’s scam.
harold says:
Panorama just prattling out what we’re been saying for years. Depressing really.
Dave The Dog says:
#3 I think the Halifix sorry Halifax data is published on the first Friday of the month at 8.00am – so this Friday. Should be interesting what spin they put on the figures!
the haunted says:
Nice to see it trotted out for the masses. Nothing new, to us but a bit of a wake-up call for Joe Public. There was a little too much sympathy for my liking mind. I’m not heartless but if you take on a mortgage that you can’t even pay from day one and then it turns out you didn’t even read the mortgage contract then you can’t expect too much in the way of sympathy. Struggled to pay mortgage but had bought wooden flooring panels. At least she had the sense to see that renting was the better option for her and hopefully this won’t have a hugely dramatic impact on the family over the long term.
Cr(ash) says:
@justwatching – I was expecting the Halifax figures yesterday too – not unreasonable given it was exactly a month from the last lot. Except when you realise the 2nd last month was a Friday. Which is a much better day to bury “bad” news…
growler says:
I thought the programme did what we wanted it to do. We know there is turmoil coming, but the 30 minutes of prime evening TV tells the WORLD that there are real people with real problems happening real soon. The Citizens advice lady was top on “people always sold the dream”. The advice of the panel – from CML, Academia and Citizens advice was: wait and rent. If you have an option and are up against the wall, sell, sell, sell while the house still has some equity. Those that don’t read the documents are sadly a lot of people – and once again I come back to unscrupulous brokers well trained on the USPs of never-never land, forgetting the realities of today. It’s negligence – simple as that. If the owner couldn’t afford it day one, the broker MUST HAVE KNOWN.
Well done Panorama for pursuading the Corpo to invest a production team and 30 minutes and airing it right now – inbetween the most bearish house price stats the UK has ever seen.
Rental John says:
Hey, HPC website never got a mention – I thought HPC was the main fault, with a bunch of evil bloggers talking down the market.
Kim and Mike….Mike with a salary of £1500 a month, even at 5 times annual salary to give 90K can’t even hit the mid point of his local prices (at 173K + 20K according the the voice over).
Changing the mindset that buying good renting bad – well this will take a major re-eduation. But renting is good only if their is reasonable private rental stock, and a social housing foundation…..things are not so good there.
The key issue is – as stated in the programme, that we must stop thinking of houses as investments, or a cash cow….but as a home.
p. doff says:
Good programme. But like Kursty says, different parts of the country are affected in different ways. City centre flats we all know are tanking (and so do the lenders), but some areas seem to be stacking up better. I’ve been into 3 agents this morning and 2 of them tell me they are still busy on sales. The third says things are slower than last year but he’s still selling. Perhaps the sheeple are slower on the uptake in this part of North Wales!!
doomwatch says:
I hope Krusty & Fill were proud of the references to Location, Location. In fact will Location, Location at some point become Cockney slang for “debt nation” ?
Advokat says:
“p. doff said…”
Why are you believing Estate Agents
mark wadsworth says:
That was a cracking programme. I liked that little Ben Strange best, who was happy renting.
sold out says:
This was a brilliant piece of TV.Nicely presented and easy for the financially illiterate masses to understand.It was obviously not news to any of us regulars here,its what most of us knew would happen.But for any waverers out there, sellers or buyers it will certainly enlighten them.The Realisation that we are just at the start of the biggest property crash in history is beginning to seep into peoples minds.
Ah-so says:
Is Ben Strange old enough to be living on his own?
I do feel sorry for the family stuck in the 1-bed flat in Hereford – it must be awful to be in a property that size with a child.
letthemfall says:
Note the comment the reporter made about there still being a national housing shortage without any explanation or support for this assertion. Despite the welcome thrust of the programme, I still find Panorama rather dumbed-down these days.
harold says:
“I still find Panorama rather dumbed-down these days.”
letthemfall, maybe your a bit brighter than you used to be – perhaps after blogging on HPC!
p. doff says:
Advokat said…
“p. doff said…”
Why are you believing Estate Agents
Because I make it my business to know which ones I can trust and which ones spout bovine doodoo.
techieman says:
Dan Dan the stupid man!