Friday, July 18, 2008

Krustie fights back (repost by request)

Don't blame me for the property crash

n recent weeks I've been described as a “property porn queen” in the New Statesman, sniped at on the pages of The Guardian and lambasted by Panorama for excessively inflating house prices. I only wish that the show I present was as influential as some have been claiming. It's plain silly to point the finger at these programmes for puffing up the property market, forcing people into taking out massive mortgages or into negative equity. Some of the recent gloomy headlines make me suspect that all the journalists in the country have sold up and are doing everything in their power to cause a property house price crash so that they can buy at rock bottom.

Posted by little professor @ 08:50 AM (1380 views)
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30 thoughts on “Krustie fights back (repost by request)

  • So her media hype had no effect but everyone else’s ………..

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  • So you admit there is a crash then?

    Idiots like her have been denying it for months……..

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  • Nice hat Krustie, it would go well with a roasted vegetables with celeriac jus (the veg should help prevent the obesity of eating your oversized hat).

    As for bringing Jamie Oliver into the argument, isn’t he the face of the “feed the family for a fiver” Sainsburys campaign? Surly Krustie’s not gonna next imply that he’s only doing this so as to enable the masses to invest more in property now that food prices are rising, houses being, well, safe as houses?

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  • Sceneclub68 says:

    Vintage stuff. Haven’t laughed so hard for a while.

    I wonder how long it will take before we see Kirsty, in a desperate bid to save her career, penning an article expressing her ‘sincere’ apologies for ramping up the bubble, and effectively asking the readers (and the C4 producers) for a second chance? Probably more likely than her tucking into that hat…

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  • I did appreciate her second point (off-topic), about “embedded energy” – the energy used to make things. This is particularly relevant as the government intends to introduce punitive taxes on certain cars built after 2001, effectively turning many into scrap metal.

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  • As our Country awaits “Cometh the hour, cometh the man” (no it isn’t Gordon, I agree)

    Kirsty slips away as the spent result of “Cometh the bubble, cometh the pimp”

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  • looks like the demise will be worst than the beejees and johntravolta!

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  • holding out says:

    Don’t forget she’s still got a job advising the Tories. Surely they have to ditch this embarassment. They seem to think it’s more important to have a celebrity onboard as doing the right thing.

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  • How dare people pick on Kirsty. Property Ladder with Sarah Beeny probably converted many into “property developers” than Kirstly and Fill.

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  • Where she claims to have made a public call for the abolition of stamp duty (a ridiculous waste of anyone’s time – it will never be abolished or reformed), why didn’t she instead publicly ask why banks lend 6, 7, or even 8 times people’s income? Surely that will have been more beneficial than anything else….

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  • To be fair I think bashing Kirstie is a bit rich. The boom was caused by far more structural reasons that just media hype. I think she’s being made a scapegoat, and whilst it’s enjoyable to see as she certainly deserves criticism it’s really a smokescreen for the greedy bankers/politicians and the greedy public who gourged themselves on excess for too long. (I include myself in that). We’re dealing with the failure of an ideology (Keynesian Economics) that’s bigger (but of the same nature) as the fall of Communism.

    If only media lovvies were that powerful.

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  • She has perported to be an expert during the good times, now the games up.

    Sarah Beenie has always pointed out it’s normally only market movement that has made her ‘guests’ any money in the developments. She has run a programme without ramping.

    Kirsty & Phil, do not try and deny the fact you have been outragous rampers – mainly because of your own heavily vested interest.

    I still can’t believe the Conservative Party have her on board – amazing.

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  • Yes but Sarah was always much more open about the risks, if anything I’ve always felt she was irritated by people making money by default in the boom and would have preferred to see people lose the farm when they bought or developed poorly. And Sarah made lots of comments in the media during the boom saying that the good times would not last forever etc. Yes, Property Ladder probably did fuel the boom as people saw how easy it seemed to be to make money but I think it’s churlish to blame her personally.

    Kirsty’s a different kettle of fish. She has been a cheerleader in the press for the relentless rise in property values, campaigned against HIP’s, gave countless interviews in which she said prices would keep rising, etc. Her nasty little programme consists of her bullying people into making offers on houses they don’t really want, and getting openly annoyed at them if they have the temerity to want to think it over for more than 30 seconds.

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  • Kirsty has made a very good living in recent years from the relentless increase in house prices. She has media savvy having spent years fronting her own show/appearing on Question Time/being spokespig for the Tories/writing newspaper articles etc. If she’s prepared to publicly state that she’d eat her hat if prices declined then she has to accept some responsibility for the situation we are in. I don’t recall her advising people that prices can go down as well as up or to be more cautious with their finances etc. She had her snout so deep into the trough she couldn’t see what was going on around her.

    At the end of the day if people on this site could see what was around the corner then people like her should have seen it coming too. She’s flown too close to the sun and is now going to have to pay the price. By December she’s going to be utterly sick and tired of trying to defend her position and serves her right.

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  • Lets be quite clear here. Nothing is as bad as the BeeGees and John Travolta.

    I would like to very clear about my objection to this post Marcuse style revisionistic nonsense.

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  • ‘The housing malaise goes far deeper than that. So many of the milestones in our lives depend on our progress up and down the property ladder. If a young couple can’t get their first step on the ladder and buy an apartment together, they will put off getting married. And, if another couple can’t trade up from their flat to a house, they will put off the business of procreation.’

    Great news that the crash is finally starting and home prices will be back down to affordable levels then, isn’t it Krusty ?

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  • Me thinks this young lady is getting pretty scared that she is going to become one of the most vilified creatures (in modern television history) whose (un)fortunate careers almost mirrored the whole property boom – How many thousands does she earn an episode and how many endorsements/books/articles/other earning oppurtunities has she earned of the back of the biggest asset bubbble in british history.

    “Likewise, I hope that I give sound advice rather than inveigling viewers into “get rich quick” schemes. ” says Kurtsie. This err, woman (sorry women) pursuaded a man called Hereward Gleghorn-Brown and his wife, that they neaded to put in a “really good bid” for a country pile that was being sold under a sealed bid system. The Gleghorn-Browns bid was 140k ABOVE the nearest other bidder (they bid 650k and the closest other bid was, I believe 510k). Some how (I suspect the estate agents did this deliberately, just to show how naff and way-out Kurtsie and Phril were) the Estate Agents sent the Gleghorn-Browns information about the other bids! What expert advice Kurtsie! (I know iv’e posted this info before, but it is evidence of her “skill” in property valuation and “deal” making – what a cretin.)

    Far from involving people in “get rich quick” schemes, you have helped to ramp up the market sooo much, I reckon Paul Burrel will get a better press and better reception from the british people when the dust settles, than a overpaid sloanie, who, along with all the other “property experts” have singularly failed to let the public in on the great big pyramid scheme you’ve all been selling.

    Kurtsie, give it up girl. Stop trying to defend herself, we are no longer listening (and only the foolish and greedy ever were) and your silly attempts at defending yourself, just make it obvious that you are so completly out of touch with what has actually happened here. The bubble has burst, people are going bust, families are splitting/hurting, the market has gone, anyone buying now WILL lose money on the purchase price and the fall could go on for years but of course you’re not to blame, it was everyone else. The property market is now a DODO and of course it’s stamp duty that’s the problem, not the endless lies and half truths you spouted about “investments” and all the other BS you spouted for well over 8 years now.

    Read my lips Kurstie “You helped ramp up the prices of property to RECORD levels far above their actual REALISTIC value” – We all know it here and the british public will see through your crocodile tears in an instant (especially if they are trying to sell their home!)

    I personally really don’t care whether she ever eats her hat, as long as she never appears on telly and I never have to hear her plummy voice say the word “hoyuse” ever, ever again.

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  • voiceofreason says:

    The boom n bust was caused by reckless lending. QED.
    Look back at 80’s, 90’s recessions and now noughties recession. Same old story.

    The separation of the powers has served us reasonably well in terms of the managing the legal side of things, i.e. the legislative, executive and judiciary.
    What we need is a similar setup for financial issues. A setup where there is no shared common interest that can cause collaboration.

    The financial world has BoE, Treasury, FSA and MPs. This little lot between them all benefit from ramping of property.
    We need a counterbalance.

    I think Kirsty was a symptom, not a cause. Carry on machine gunning the messenger if you like….

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  • voiceofreason @ 18

    “I think Kirsty was a symptom, not a cause. Carry on machine gunning the messenger if you like” – Get real voiceofreason(!) – she is a property pornstar who has personally made a small fortune from ramping this bubble up.

    Sorry voiceofreason your plain wrong. These people are more than just messerngers, they are the vehicle in which this bubble has been exaggerated. True, they aren’t singularly responsible, but they are more than messengers. We all have responsiblities for our own actions. When did Kurtsie ever advise against finding that extra bit of cash for “your dream home”. The next thing you’ll be saying is that Estate Agents and Money lenders aren’t responsible for pushing this bubble to bursting point. Kurtsie is an Estate Agents dream – She travels the country, talking to these people, and when they just bung 30% on top of the previous sale of a similar property all she says is “prices have gone up by 30% recently” – No interpretation, no warnings about the market “overheating”, just an acceptance that “prices have gone up by 30%” – “better get on the market while you can”

    Kurtsie HAS ramped the market up – She ISN’T just a messenger – She IS part of the problem. People on here are far easier on other property pornstars (Sarah Beeny for instance – she said on nummerous occasions that “they only made money because the market moved so far” and other similar warnings)

    If you want to go under a moniker like yours, perhaps you may need to adjust tack occasionally and not just sit on the fence – Please don’t try and defend this leech.

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  • holding out says:

    She and her ilk have talked up the housing market – and are still trying, but everybody has to be responsible for their own actions. Whether that be Krusty or some deluded property investor advised by her. It is this lack of personal responsibility that has got us into the mess we are in. The only solution being offered seems to be yet more nannying so we are “better informed”. If more people stood and fell by their own decisions I suspect their decision making would improve dramatically.

    What does peeve me is that the Tory party should employ her as an housing expert – what does that show about their judgement. The 2 main parties both have virutally the same policies.

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  • voiceofreason says:

    nooneeo @19.

    Someone had to provide the money to let the prices reach these silly levels.
    Kirsty , Beeny, Fill and all the rest couldn’t have pushed the prices up if the public hadn’t been able to borrow 6x liar loans.

    Or are you saying that Kirsty somehow singlehandedly enabled the massive increase in money supply ?

    No way, it was the financial whizz kids who invented mortgage securitisation and all that CDO crap along with regulators asleep at the wheel that caused this mess.

    Maybe you need to read up a little on the theory behind this mess, check this out for starters (http://en.wikipedia.org/wiki/Collateralized_debt_obligation).

    Then take a look in the HPC archive at what we were discussing on here 18 months ago. It was a much more enlightened newsblog back then.

    I hate the stupid high prices as much as any other person in the Anglosphere. But if we need to ensure it doesn’t ever happen again. Banning property porn from the TV will help a bit. But it is not the underlying cause.

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  • holding out @ 20..

    I expect that Cameron and co will ditch this vote loser as soon as feasably possible, without losing face. I suspect that Ms Allsopp may be so “persona non grata” that she actually decides to live the country. I reckon it wouldn’t be hard to get a whip round up, for her “relocation, relocation, relocation” fees!

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  • holding out says:

    I’m sure the Tories will junk her. But the reason they will junk her is because she is seen as a loser not because they should never have employed her in the first place. The point I’m getting at is that PR is far more important than doing the right thing in the first place. The country is probably not yet ready, but it soon will be for the harsh medicine it so desperately needs. NL obviously can’t deliver it but can Cameron – I don’t think so.

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  • crash bandicoot says:

    You just need to look at the “expert” predictions that she made last year (in fact all of the usual VI cheerleaders). They’ll be no crash, seasonal blip, soft landing. It was all of this guff that made people feel safe at taking out a nonsensical income multiple mortgage.

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  • voiceofreason @ 21.

    Read my post @ 19 please – She obviously isn’t singlehandedly responsible but she does exemplify the greed that the market engouraged and encouraged and encouraged. Simple really she was the estate agents best friend.

    She engouraged many people with her attitide and at NO time did she ever warn that the bubble could burst. She IS the modern face of greed located firmly in the property market, with all its trappings. She is deluded and now worried, and If i were here I would be too. She has been the darling of the property press. Saying she has no responsiblity is wrong. She didn’t have to renew her contracts with channel 4, she didn’t have to write all the books/articles/newspaper columns and now she cries fowl because people will look to find a scapegoat now that market has collapsed. Look no further people of Britain, Kirsty Allsopp – The Labour Government – The banks – Estate Agents – “Jeez, am I creating a list of the vested interests here” Doh! (slaps head)

    You see voiceofreason (sic) – Kurtsie Allsopp is a VESTED INTEREST and therefore she is responsible and a valid target for vitriol.

    Effectively her career is gone. By Kurtsie, cheerio, adios, sayanara. Good riddance.

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  • voiceofreason says:

    nooneo,

    Agree she is a vested interest and yes, I do know what one is.

    Hmmm, but you don’t seem to be listening to what I am saying.
    She and her ilk are about 5% of the problem.

    Please understand this, and look into all the financial innovations that enabled this to happen.
    Please do learn about that stuff, it is much more important to the theme of this website.
    Please increase the depth of discussion and understanding, don’t dumb it down.

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  • Voiceofreason. I agree that other topics are more important and that she and her like are only part of the problem but have you read this article let me get a couple of Kurtsie quotes from it:

    “But it’s plain silly to point the finger at these programmes for puffing up the property market” – still in denial that anything she could have done has had any effect at all!

    “people might have taken notice of a campaign we have been running on Location, Location, Location, asking for a review of stamp duty, a tax that without doubt has contributed to the drop in the number of house sales” – still in denial that property prices have grown far to fast, are too high and that’s the problem – if they hadn’t grown so much most people would either have not paid any stamp duty (sub 120k) or not that much (under 250k)

    ” Some of the recent gloomy headlines make me suspect that all the journalists in the country have sold up and are doing everything in their power to cause a property house price crash so that they can buy at rock bottom.” – “Er like that’s a realistic option for most people, even journo’s – she is a fantasist or she is on drugs!

    “we are all slaving down the mine and estate agents are the canaries.” – Class A drugs at that! That’s got to be the sickest analogy of estate agents I’ve ever heard. So Estate Agents stop us choking and dying from not having the oxygen of their wisdom. That’s just sick at this time of recession. Estate agents and their non-regulation are parasites.

    “So many of the milestones in our lives depend on our progress up and down the property ladder” – Wow. I must not even have a life cos I’m not even on the ladder.

    “It’s even a kick in the well-padded backsides of divorce lawyers – I know of at least two couples who cannot get divorced as they cannot sell up.” – Is this woman certifiable or what.

    I can keep this up all day voiceofreason – Do you want me to go and find some older quotes from this great property sage. It wont be hard. This woman was saying in the very series of Phril and Kurtsies property guide only 4 weeks ago that their won’t be a crash!

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  • Advantage VOR ….. and Deuce!

    Think you both have a point, but it’s six of one and half dozen of the other. Financial conditions were right for HPI and these TV people capitalised on public demand for property porn. The daily drip of porn kept it uppermost in the public eye and probably helped fuel it to some extent, but the newspapers did the same thing.

    So, IMHO you are both right. End of.

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  • p.doff..

    Take a look at the quotes I pulled just from this one article. She does it to herself mate. The one about the estate agents and cararies, let’s be honest that one needs framing.

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  • oops cararies er.. I mean canaries

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