Thursday, February 19, 2009

3 in 5 of Londoners (59%) think that now is a good time to buy

What IS the real property picture in London?

"Over half of Londoners expect to buy a home to live in during 2009 [...] It’s encouraging that in London consumer confidence is relatively high; a great sign as we head towards a market recovery." Errrr, so let me think, is that genuinely half of all Londoners of half the number of morons who filled out a lame RightMove survey? Or... could it have been filled in by - gasp! - a bunch of estate agents?! Not that I'm suggest this is a corrupt, non-independent surveys. Given the vested interest. Hmm. I wonder how they're audited?? (Yeah, right...) Argh, this sort of twaddle really annoys me. I find it depressing to think that readers might accept it at face value. There should be laws against such misrepresentation...

Posted by james in london @ 11:45 PM (795 views)
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10 thoughts on “3 in 5 of Londoners (59%) think that now is a good time to buy

  • You know what James I fully agree.

    I’m sure xyz pension company wouldn’t be allowed to produce a fake survey saying 6/10 people will use them for their retirement.

    The MD at rightmove seemed to be talking the market down a bit a while back, trying to get people to be realistic. He must have come under pressure from fleeing estate agents who are only able to sell in a ramped environment.

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  • Eternal Sceptic says:

    What a wonderful illustration of the success of our modern educational system.

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  • Captain Sensible says:

    This is bordering on the absolute ridiculous. London is home to 8-9 million people. So a conservative estimnate would be 2 million homes. Of which 1 million are planning to buy a property this year…

    If the average london home is £305,000 then the stamp duty is worth £9150000000.

    I think that’s £915 billion. In six months.

    Rightmove has actually solved the recession and fixed the country’s finances. Well done.

    I think that we should start a petition to elect the MD as PM.

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  • it_is_going_with_a_bang says:

    ” * 3 in 5 of Londoners (59%) think that now is a good time to buy, whilst 19% feel it’s currently a good time to sell, suggesting many expect further price falls. ”

    That makes no sense – why would 59% think it’s a good time to buy if further price cuts are expected.

    This is not an independant survey anyway. It is meaningless. Looks to me like someone just sat there and made it all up for an article.

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  • While this is clearly fantasy it has been published, which is bad.

    If credit becomes more available and sheeple think that the majority think it’s a good time to buy this will cause a worse situation as people will then buy into the falling market and enter nequity, adding to the overshoot.

    However I hope that lenders are more sensible, as I don’t want people to go through more pain than they are already going to go through.

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  • Captain Sensible – even though the stat is clearly wrong, your logic is also slightly wrong – not everyone who thinks now is a good time to buy either can or will follow through to purchase.

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  • ^^ Captain Sensible – Sorry I just reread the article – your logic is correct by that!
    So please ignore the prior post from me.

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  • James In London says:

    The exceptionally sickening thing is that I received the link to this because I’m on the mailing list for Rightmove. I guess from my registration details they know I’m in London. This is what their message said:

    “What do city folk like YOU think about London’s property market?

    Consumer confidence is fundamental to the health of our housing market.

    As Rightmove has seen record volumes of enquiries to estate agents this year; notably in London, there is strong evidence that would-be buyers are ready to act on their instincts and get buying.

    Rightmove’s consumer confidence survey – attracting over 28,000 responses in less than two weeks – has found that unlike past housing markets, the current climate has united the majority of consumers in their outlook.

    So do Londoners think the next 12 months be bright or bleak? Read on to find out!”

    Like I said when I posted the article, there should be rules preventing unsubstantiated surveys.

    I actually responded to Rightmove:

    “Hello Rightmove,

    I’m putting together a dissertation for my university dissertation and I’d like to ask how this survey was conducted.

    I’m particularly interested in how you assured the independence of its results and, if possible, an explanation of how it could be audited.

    You say “over half of Londoners expect to buy a home to live in during 2009″ but I doubt all of London was surveyed. Would it be more accurate to say half of all respondents?

    A headline analysis of the respondents’ demographics would be useful.

    Thanks very much.

    james in london”

    I look forward to their prompt response. NOT!

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  • I talked to an estate agent at the Halifax the other day.I have one stipulation when talking to EA. I will only be interested in buying my first house, when houses return to what they were priced at in 2000.
    I could not get a word in edgeways. All she did was ram Rightmoves claim, down the line, that house prices would rise again in 2009!!!
    In the end I hung up on her.

    Right Move are on the verge of going under. Stinks of sheer desperation.

    My heels are firmly dug in. Not buying until they reach 2000 prices.

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  • new user 2007 says:

    “Over half of Londoners expect to buy a home to live in during 2009 “.

    Really?

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