Tuesday, October 14, 2008

Spot the missing exaplanation

House sales hit new 30-year low

The article includes a load of pat phrases like "The housing market continues to hold its breath and unless mortgage liquidity improves, the market is likely to remain a dormant beast for some time to come." but does not actually say that buyers are put off by the fact that house prices are a) ridiculously high and b) sliding rapidly.

Posted by mark wadsworth @ 07:39 AM (734 views)
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5 thoughts on “Spot the missing exaplanation

  • This is NOT good news.

    It indicates that the lower prices are based on a very low number of transactions. What we want is lower prices with normal levels of activity. There are a large number of houses for sale which have not lowered their asking prices. This evidence suggests that a small increase in buyers will cause prices to rise again.

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  • Last night I watched a BBC interview and the interviewer was continually posing the question, ” is now the right time to buy”?, “the market has dropped 15 – 20% should cash buyers go in”?

    I think the Beeb are talking people into buying or encouraging buying. Gordon may think it’s time the housing market recovered, but it’s not the BBC’s job to help!

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  • So even during the height of the boom, estate agents only sold 2 houses per month?? Wish I had a cushy job like that.

    Here is a suggestion; lets increase their workload to say 1 a day. That way we could get rid of 15-30 estate agents and they can do something usefull with their lives.

    So they will sell 1 house a day; Wish I had a cushy job like that.

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  • It is astonishing that the BBC can write this article without once mentioning the headline statistic that RICS use – the balance of surveyors expecting price falls over those expecting price rises has now fallen to an all time low on a non seasonally adjusted basis. Not that I would rust the seasonal adjustment methodology that RICS employ for this series. Are Mandelson’s puppet strings controlling the BBC news editors?

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  • I like this quote best:

    ‘ “As it stands, only those with significant finances are in a position to access the market,” said Rics spokesman Jeremy Leaf. ‘

    Translation: You can only buy something if you can afford it.

    This morning I am pleased to report that I am confident enough that the loose change in my pocket is sufficiently significant to access the canteen’s take-away luncheon market.

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