Friday, October 3, 2008

Ten tenuous “facts” from the Times Property section

Ten things you didn't know about the property market

1. Land Registry data isn't comprehensive. 2. Houses bought with mortgages show greater falls than houses bought without mortgages. 3. Halifax and Nationwide figures are based on their own lending, not objective data. 4. Valuers are controlled by banks. 5. Valuers have hidden vested interests. 6. Valuers have a bias to under-valuing [don't remember them complaining on the way up]. 7. People with normal credit records can still get a mortgage easily. 8. Houses and shares have similar capital gain. 9. Houses and shares have similar yields. 10. As a proportion of take-home pay, houses are far below their peak.

Posted by drewster @ 12:37 AM (1245 views)
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11 thoughts on “Ten tenuous “facts” from the Times Property section

  • 11. Buy a house now and loose an effing packet!

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  • honest valuer says:

    8. House and shares have similar capital gain.

    Does that therefore imply similar capital loss?- if so its back to last century’s price levels for houses.

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  • 2. Houses bought with mortgages show greater falls than houses bought without mortgages.

    Dubious ‘fact’ this one.
    Cash buyers are normally sought after and get a better discount, especially in a frozen market as we have at the moment.

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  • planning4acrash says:

    Shicesters letting us know that they knew enough to carry out investigative journalism during the crash, but, oh, were kind of FU£CKING WITH US!

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  • mark wadsworth says:

    Item 10) is correct actually. They are also 12.4% below their peak in nominal terms. Big deal. They are just dresing up a blindingly obvious fact with a few extra words.

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  • None of the above alters the fact that the People have decided that they don’t want to buy at these levels.

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  • 10) Mortgage payments are lower now than in 1989 because of lower interest rates, but because some borrow 7.5 times their salary they have far less disposable income.

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  • Is this the last stand of the property Bull? Nit picking over the various house price indices, pathetic.I noticed Stuart Lawz was posting something similar on his website last monday,the reality is Its a CRASH, bigger than the 90’s and most likely the mother of all crash’s.And its only just begun.

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  • Will – agreed. The govt are happy to talk about how interest rates are low, but forget to mention that the amount people are paying interest on as a multiple of salary is ridiculous. You could have zero interest rates, but if the loan is big enough then people will default – which bit of that is dificult to understand?

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  • 11. A 12.4% drop cancels out a 15.5% rise.

    Yeah. He’s kept that simple mathematical calculation quiet.

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  • @10

    Actually it cancels out a 14.2% rise…but hey, the VIs canfudge the figures so why can’t we lol.
    As long as it looks convincing, sheeple will believe it.

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