Sunday, July 19, 2009

Yearning for the good times

Home Economics: the worst of the house price crash is behind us

An important milestone was passed last month, according to the Royal Institution of Chartered Surveyors (Rics). For the first time since May 2007 — before the credit crunch — more surveyors expect house prices to rise, rather than fall, in the next three months. In a generally upbeat survey, Rics members reported rising demand, increased sales, limited supply and falling stocks. It is still, in many ways, a strange market, with prices apparently stabilising at levels of activity much lower than normal.

Posted by quiet guy @ 04:11 PM (1594 views)
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15 thoughts on “Yearning for the good times

  • little professor says:

    David Smith. Should have known.

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  • As I commented on another article, Smith is a half wit.

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  • As I commented on another article, Smith is a half wit.

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  • Phew, for a moment there I thought the crash was resuming again…

    I love the way he describes luck being on the side of the FTB. I’m sure these poor souls won’t feel very lucky in 6-12 months time where they are £20k in negative equity and have no job to pay their mortgage with.

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  • what a bozo

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  • So… EAs THINKING property market is up is now officially certified as a MILESTONE.

    There are about 60,000 EAs in the country and each of them laid about 2 dozens milestones for the last 12 months. That’s 1440000 fxcking stones on the road.

    No wonder the road to recovery is blocked!!

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  • David Smith should be sacked – he is simply too biased.

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  • …er…if the house I sell has lost 14% of its value in the last year, and the house I buy has lost only 11.6% of its value over the same period I suppose there’s a sense in which I’ve lost out. But what does the size of that second house have to do with anything?

    And where did those figures come from? I thought that bigger, posher houses were supposed to hold their value better than those at the bottom of the “ladder”.

    And what does that last para have to do with the rest of the article? What’s he on?

    They say that staying too long on a Murdoch paper looks bad on the CV. How long has Smith been at the Times?

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  • David Smith is as unbiased as Jeremy Clarkson is about speed cameras

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  • David Smith is as unbiased as Jeremy Clarkson is about speed cameras

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  • Forget my second para @6 – the point doesn’t contradict what he’s saying. I stand by the rest of that post.

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  • I am a child of the last major crash and when I left university, I had a dim future like others today with high unemployment and few graduate opportunities. I remember my parents house falling in value by around £30,000 which was about 20% less the full top market value in 1989 (I think that was the date when it last went tits up). They sold it, having bought it about 20 years before and didnt bat an eyelid. The current market value for the same property, even in this crash is £450,000. Bet they wished they had held onto it for a few more years. MY POINT….life goes on and a loaf of bread does not cost what it did at the end of the second world war!!!

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  • Average price for a 3-bed semi in my area in November 2008 = 221,000
    Typical discount on advertised price in November 2008 = 15%

    Average price for a 3-bed semi in my area now = 230,000
    Typical discount on advertised price now = 10%

    Look at that crash go……..um………where did it go?

    But another crash is coming, right?! Get real people: buy when you can afford to and not a day later. After all, so long as you can afford your mortgage, who cares how much your house is worth in a year? So what if another crash looms, houses are for living in, not profiting from, right? Unless you want to spend another eight years insisting 40% falls are just around the corner, after which time you’d have spent about 150k on rent……

    I’m ****** if I’m waiting another eight years with you lot. Just had an offer of 240k accepted on a delightful Victorian semi (advertised at 255k) with a five-year fixed mortgage I can easily afford on just my own wage, so The Wife can have those squids she wants.

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  • Smithy what did you study at University? Point is the forecasts are linear which are right MOST of the time. But completely wrong SOME of the time.

    Your mission – should you chose to accept it – is is this MOST of the time or SOME of the time?

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  • Jayk you pays your money and takes your choice! What you do is your business what i do is mine…… isnt it? Eight years where is that from?

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