Tuesday, June 30, 2009
Has the housing market found a floor
FTSE holds steady after robust house price data
It's probably a little bit too far into summer to keep calling this the Spring Bounce. On a note of caution, Howard Archer, chief UK and European economist said, "We are still far from convinced that house prices have bottomed out and we certainly do not think that we are at the start of a renewed sharp upward trend. While buyer interest has clearly picked up markedly in recent months, this is only slowly translating into increased house sales".
Posted by denzil @ 09:40 AM (1028 views)
6 thoughts on “Has the housing market found a floor”
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techieman says:
bit of book talking here re Footsie D? 🙂
denzil says:
techie 🙂
Nah, I’m far from confident re the markets. Still a high risk of a double-dip. Wolseley looks promising today but further investigation showed it was the chief exec standand down as opposed as to any optimism for the building sector. FTSE seems stuck between 4200-4300 at present. I’m still sticking with my prediction that the momentum will be upwards.
denzil says:
techie 🙂
Nah, I’m far from confident re the markets. Still a high risk of a double-dip. Wolseley looks promising today but further investigation showed it was the chief exec standand down as opposed as to any optimism for the building sector. FTSE seems stuck between 4200-4300 at present. I’m still sticking with my prediction that the momentum will be upwards.
techieman says:
Denzil i heard you the first time… typical bull!! Only joking mate!
Praying For Hpc says:
Reluctantly I am starting to think that we can look at all the statistics and past trends all we want, as a nation we are in love with property. House price rises in the current economic climate is madness. I have a big deposit, a relatively secure job and a mortgage agreed; I am starting to think about dipping my toe. Please someone reassure me that this is wrong decision.
51ck-6-51x says:
Hey Praying 4 HPC,
You know it. (“Please someone reassure me that this is wrong decision.”)
Just make sure you get a steep enough discount and you’ll be fine ;p
I’m in the same position ( I can get up to 5* LTV too – boo hiss ). I have offered 33% below on one place ( which also had an overinflated asking, even relative to others on the market ), but of course it was rejected, I am happy to let him stew ( property had no offers in the 4+ months it’s been on ). There is another place I like ( the asking is what I would expect from the current market ), but my offer would be 18.5% below asking, and I since it’s a relatively new instruction I am leaving them some time to discover the lack of demand.
So… just play your cards right is my advice. There is nowt wrong with buying before the low as long as you price in the ‘risk’. In fact I’d prefer to buy a house just before the low than just after due to the greater likelihood of finding a decent property ( the asset class is inhomogeneous ) – I think that this in itself adds to the time it takes to reach the bottom ( although I don’t think it adds as much as the existence of an active rental market, but this is becoming saturated now ). Furthermore picking the bottom ( yuck ) is a very tough task to ask of anyone ( if not markets would not work ).