Thursday, July 30, 2009

Not so full of ‘advice’ these days

Question Time: Phil Spencer

It is a beautiful thing when the boomtime property shills and gloaters get their comeuppance.

Posted by paul @ 12:52 PM (1761 views)
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15 thoughts on “Not so full of ‘advice’ these days

  • “Have you seen any green shoots lately?

    In the London market, most definitely yes; it’s been busy the last six weeks and I think it has seen the bottom. The City took its punishment at the end of last year. The worst is over in terms of redundancies, so the City is feeling more confident. However, I worry greatly about unemployment across the country, and that brings forced selling and forced selling means repossession, so there will be some fairly serious heartache for people out there.”

    So then the loss of his company must have been an aberation – if only you had held on Phil eh? Once a bull…..anyway im gllad he has explained it to me i was feeling a bit dense.

    “What would you do if you were made housing minister tomorrow?

    Ring up Kirstie.” – or Sh1t myself – not really sure which is the more attractive proposition!

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  • So did it actually go bust? So you were left with the debt? Yes.

    Do you feel you should have seen it coming?

    It would have been nice to see it coming, but it happened so quickly it caught everyone by surprise – the chancellor of the exchequer, all of the banks, they didn’t see it coming. No one saw it (with the exception of those bast**d regulars on housepricecrash.co.uk)

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  • letthemfall says:

    “When the bottom fell out of the market there was nowhere to run, nowhere to hide.”

    Isn’t that from a song? I’d no idea Fillyaboots Spender was so musical. Yeah baby.

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  • Q “Has anybody in the last 12 months come back and said, “You gave me really bad advice, now I’m in negative equity”?”

    A “… the houses they chose were right for them at the time and are still right for them, and they will absolutely not be thinking of leaving them for a good long time.”

    Well if they were thinking of leaving that would be a problem now, wouldn’t it? There is only one piece of advice that is any good as I can see, and that is buy a house as a home, and not an investment, and ensure that you can bear an increase in payments (say up to 50% more), as a buffer just in case. 20-25 years is a long time to pay off a mortgage, and much can happen that you cannot plan for. But putting some margin of error into your repayments must always be a prudent thing.

    If you want to move soon, don’t buy!

    BTW, when is his sidekick going to pay a visit to the milliners again, to replace the one that she said she would eat? There are many on this site that are still waiting…

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  • “I spent 12 years building it up and it was very successful” Yeah, right.

    And when did you hear him say that the value of your property can go down as well as up?
    What a dangerous schil.

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  • What a git. I bet there’s so many people who feel they were overly ‘encouraged’ by Phil and Kirsty. If I remember rightly they were forever urging people to maximise their exposure to the housing market. AND they were still doing it long after Kirsty had started spouting off about the ‘nay-sayers’ on this site, so to claim they didn’t see it coming is a little dis-ingenious as we’d warned them!!!!

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  • You’ve got to be kidding me.

    Oscar for this one : “It would have been nice to see it coming, but it happened so quickly it caught everyone by surprise …”

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  • Hey, give the guy a break. He said buy strategically didn’t he? What’s wrong with that advice?

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  • icarus said…Hey, give the guy a break (Thursday, July 30, 2009 03:49PM)

    More like give us a break from both Krusty & Phil !

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  • Hey, give the guy a break. He said buy strategically didn’t he? What’s wrong with that advice?

    What. Like he did?

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  • Another_pleb says:

    This is the same man who would routinely show the victims in his show a house that was “Only” £20K over budget and encourage them to buy it instead of somewhere cheaper.

    I’m glad to notice that at least he seems to have been taking his own advice and is now left with the “liabilities” of his ruined business.

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  • Irony @8, ‘ Buy strategically’ means everything and nothing – and it was the only thing he said to which you couldn’t object..

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  • bidin'matime says:

    He and Krusty said over and over again that people should buy, buy, buy – they were forever repeating the mantra that people were ‘throwing money away on rent’. They were and remain complete fools. It’s just a shame that the Guardian hasnt enabled comments on this piece (of sh*t..).

    As for, ‘No one saw it coming…’ – all the regulars here did – lots of us sold our houses and rented because it was staring us in the face – yet this t0sser is still presented as some kind of property guru by people who continue to deny our existence. I hope they get sued and have to pay back some of the fortune they must have been paid for this bad advice over the years.

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  • gone-to-colombia says:

    There is something about the British, a kind of national fault, we follow the advice of nearly anyone with a public school accent.
    This smug idiot never was an expert, he was no guru, no sage. Nor was his silly sidekick.
    So, what were they? just a mere pair of media types who happened to become the personification of all that was vulgar and selfish about the great property bubble.
    Let’s not worry about their just fate, a fickle and capricious British public has a habit of turning upon such fallen idols.

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  • Real reson for Admiistration:

    Phil’s advice: Buy property.
    Price of advice: £’000’s per day most likely

    My advice: Don’t listen to d1cks like Phil and Krusty
    Price of advice: Free

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