Friday, November 28, 2008

Bottom feeder bait

House prices: Are we over the worst?

"The price of the average property in Britain now stands at £158,442, a fall of 0.4pc from £158,872 in October, Nationwide's house price index shows. Prices are 13.9pc lower than at this time last year. These figures are less doom-laden than last month's, when the month-on-month fall was 1.3pc and the annual decline reached 14.6pc. So does this mean that the housing market is about to turn a corner, or do prices have further to fall? And if we haven't yet reached rock bottom, how much longer before we do? We asked the experts – economists, mortgage brokers and estate agents – for their predictions." Despite my title, most of the article is quite reasonable but check the predictions made by Peter Bolton King of the National Association of Estate Agents near the end of the piece.

Posted by quiet guy @ 01:30 PM (1168 views)
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12 thoughts on “Bottom feeder bait

  • bottom of the market, my ars&e, lol

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  • Worst was about August last year…..
    Prices have been getting better since then.

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  • Out of the 7 ‘expert’ opinions given, 6 are from VI’s – just reminds you of what we’ve been battling against all these years!

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  • it_is_going_with_a_bang says:

    Err.

    No.

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  • I hope there is plenty more to come, but how can we be sure the great British public won’t start to test the waters again and cause a bounce, which may in turn cause a rise. If this happens, we could see the banks see profit again and begin to lend more like they did in 2006/7. I hope I am wrong, as I need average prices to come down by another 20K, just to begin to make sound financial sense.

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  • Long way to go yet. One of our clients has had to take another 5k cut to 150k for their property following the survey. Originally marketed at 200k, that’s 50k or 25% fall since April.
    They’re emigrating.

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  • I quite like the comments at the bottom of the article…some looked quite familiar 😉

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  • charlie brooker says:

    Well done to the six stand-up comedians in that article who made my weekend. Its always nice to start the weekend with laughter.

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  • A 50% increase on the approximately zero enquiries most estate agents are getting at the moment is how much exactly?

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  • I'm Alan Partridge says:

    i read the comments after the article and the general opinion is -50% with some as far as -90% (if that happens then im buying Castle Howard!!). As has been said VI’s clutching at straws. Btl portfolios falling to bits, rising unemployment, quite a pile off empty dwellings nationwide, a fraction of house building ongoing and debt, debt, debt. -40% will do me fine, anything greater would be a bonus.

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  • Hi bystander:
    Well, the good old public will have to find the money first to buy an asset which is still overpriced. And they have to find money in the worst economic crisis since the 1930s, with record personal debt and a network of concealed debts in the underworld of derivatives, deflation threatening, several banks nationalised to prevent them going bust, and so on. I suppose there could be some collective backturning on all this and the banks could try to carry on as before, assuming they can raise the securitisation genie from the dead. Hard to imagine though. There will be a few who go ahead and buy – those with the readies – who feel they need to or still subscribe to the housing myth. It won’t make much overall difference: it didn’t in 1990 and there is no reason it should now.

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  • Reassuring words Letthemfall. Thanks.

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