Thursday, April 30, 2009

UK properties are undervalued – according to property developer

Taylor Wimpey boss questions valuations as debt deal is struck

The boss of Britain's biggest house builder, Taylor Wimpey, says he is "concerned and frustrated" by the valuation of homes in the UK, warning that it is costing the company sales as cautious lenders put pressure on valuers.

Posted by peter_2008 @ 10:38 PM (1003 views)
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7 thoughts on “UK properties are undervalued – according to property developer

  • Mr Plumbase says:

    £1.9bn loss! Mr Redfern do you remember when your company used to build houses with it’s own money and not with unaffordable loot borrowed from the banks?

    No, I thought not.

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  • the average salary has fallen to £23,600 and average house prices are £151,000 that’s 6 x whereas the mean is 3x

    says it all really….£50k to buy a 1 bed flat?….madness and will be proved to be

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  • quiet guy says:

    Has Pete Redfern never heard of the property cycle? During the boom years, building companies were happy to watch their land banks appreciate in value rather than compete to produce affordable housing. Now their land bank speculation has gone bad. No sympathy.

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  • The house builders reached a glass ceiling with prices on the way up, with no concern as to the affordability by it’s customers. Now they are groveling around looking for the next opportunity to fleece us all. We must stand fast brothers.

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  • Agree with the above comments. Why do people take these VI’s so seriously?
    Estate agents warn against falling house sale volumes and call for government support
    Association of buy to letters express anger at house price falls
    Car manufacturers express concern at people not splurging on new cars and demand taxpayer subsidy
    Turkeys unanimously vote against Christmas
    Teachers say teachers don’t get paid enough
    Schoolchildren say kids don’t get enough pocket money etc

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  • fancypants says:

    this bloke is hilarious! If the valuations are too low then why aren’t the properties “flying off the shelves” then? Dolt.

    Similarly, all this talk of “low valuations become a self-fulfilling prophecy” – erm, you mean low valuations become proved correct? I know this guy has a VI in deluding himself but some of the logical flaws in his arguments are cavernous.

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  • The trouble with the VI’s, as they have been termed is that they are happy with a free market whilst things are going their way ( although free market is a loose expression when you look at the abysmal lending practices that temporarily supported the house of cards but another story ) yet when the “market” goes against the profit laden grain the collective cry is “foul” and that some legislative rescue act has to be performed. You can’t have it both ways, take your medicine and belt up.

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