Tuesday, Oct 27, 2009

Have a guess

Channel 4 News: House price predictions for 2010

It’s a nervous time for many people involved in the property market. So nerve wracking in fact, that many of the companies that normally predict what’s going to happen to property prices in the next 12 months – haven’t. So who is giving forecasts for 2010 property prices and beyond, and are they likely to be accurate?
Savills predict 3% fall in 2010, Cluttons estate agents 2% fall (but 3% rise in Lahndan), Knight Frank estate agents 3% rise, Market Oracle 3.5% fall, Capital Economics 10% fall.

Posted by little professor @ 01:04 PM (5833 views)
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1. little professor said...

More from the article:

" How accurate could these predictions be? Market Oracle and Capital Economics have consistently been wrong over property prices. They are economists that tend to treat property prices an asset, and as a result they don’t factor ‘human behaviour’ in their calculations. As such, both wrongly predicted big falls this year. They expected people to panic and sell up their homes for fear of further falls.

However, people didn’t panic, they just decided with all the bad news about the credit crunch NOT to sell their property, but to stay put. As a result, the huge amount of stock that had driven prices down in 2008 came off the market.

Estate agents such as Knight Frank and Savills seem to do better at predicting property prices, but they tend to be London focussed.

What Should First Time Buyers Do?

If you have the money to buy and certainly if you are in an area that is stabilising and isn’t dependent on the local authority or civil service for employment, then it’s worth considering buying. Some areas, such as London, are forecast to do quite well from 2010, and in 2011 to grow quite quickly, so it’s worth seeing if you can find a good property at a great price. As a first time buyer, always try to get a good deal – try not to offer the asking price.

New builds, if you can afford the deposit, could be well worth while purchasing, especially towards the end of the developers' financial year when you can get a good discount.

However, if you are buying in an area that’s not performing too well and you are not planning to stay there for more than five years, then it’s worth you hanging on until you can see that prices are definitely on the rise, otherwise you could suffer from a short term fall in prices after you’ve bought."

Tuesday, October 27, 2009 01:01PM Report Comment

2. mr g said...

LP: Apart from London and the South East where the housing market is distorted by the City, how can you justify price increases with unemployment still rising, public sector cuts to come and lastly, higher interest rates likely sooner rather than later?

Tuesday, October 27, 2009 01:19PM Report Comment

3. cynicalsoothsayer said...

"They expected people to panic and sell up their homes for fear of further falls"

Unemployment will cause forced sales and house price falls. FTBs are just waiting for it to start.

Tuesday, October 27, 2009 01:24PM Report Comment

4. str 2007 said...

Interesting to see the HPC predictions

For what it's worth I currently see things going sideways until interest rates for mortgages go up from say a current avarerage of 4% to 6%+.
That may not involve base rates going up 2% as I imagine lenders can absorb some increase in their current margin. So to see further falls I think we would need to see the base rate go up say 3%.

The most I envisage prices falling by the end of 2010 is 10% from here with any falls being concentrated in the winter months.

I guess this would give us a max fall on all measures of 25% from peak (actual) not counting inflation/deflation. That IMO will be the bottom.

Anyone else dare hazard a guess ??

Tuesday, October 27, 2009 01:25PM Report Comment

5. doomwatch said...

From the not so objective Kate Faulkner.


"To ensure Kate could always make money out of property, she started to buy property that she could renovate and add value to, and has now bought, sold and rented in between, over 13 times! As a result of her personal experience, Kate developed specialist knowledge of how house prices work and how to accurately value a property for sale or purchase as well as how to renovate old properties on a budget.

Kate enjoyed property so much, she used her sales and marketing expertise to become a consultant to the property industry, introducing new on-line products such as a move planner and an area relocation guide; re-branded and prepared for launch the National Self Build and Renovation Centre, a dedicated 60,000 square foot centre in Swindon and recently worked with developers to carry out part exchange services, as well as working in the renting and letting/property investment sector."

Tuesday, October 27, 2009 01:36PM Report Comment

6. letthemfall said...

Sounds like another valuable contributor to the economy. There must be national shortage of property consultants.

Tuesday, October 27, 2009 01:37PM Report Comment

7. inbreda said...

@1 LP "they don’t factor ‘human behaviour’ in their calculations"

I agree. And interestingly I was in an EA in Dorchester last week and the EA said he expected a flood of properties and further price falls. See! THey're not all dishonest!

Tuesday, October 27, 2009 01:52PM Report Comment

8. jack c said...

str 2007 - I don't envisage lenders absorbing any increase in rates by reducing their margins. In my experience the lenders are slow to pass on rate reductions but very prompt in passing on any increase. The other thing to note at the moment is that the choice of mortgage lender is shrinking still further eg Barclays buying up Standard Life Bank - nowhere near the competition in the market that there once was.
Now for the $64,000,000 question - I'm gonna stick my head on the chopping block here with 50% off peek by end of 2012 as I really think after the next election there will be a period where we will be off to hell in a hand cart.

Tuesday, October 27, 2009 02:19PM Report Comment

9. will said...

So the estate agents think it's all over.

Tuesday, October 27, 2009 02:30PM Report Comment

10. mark wadsworth said...

I'm sticking with 40% off peak (or another 20% from here on in). I've been saying it for two or three years, and if I'm going to be wrong, I might as well just be wrong the once.

Tuesday, October 27, 2009 02:42PM Report Comment

11. brickormortis said...

May I ask what the point of making predictions is when most predictions are made adn revised endlessly without even moderate success in most cases. Perhaps we could give a monkey a key pad and a percentage button, get him whipped up into a frenzy by eating his banana in front of him and see what he comes up with?

Just look at all the experts on the HPC website who make/made predictions and track those predictions back in time too and you will find lots of things like most of them never predicting any falls in the first place, while most predicting things like 10% rises in 2008 for example. I have learned one thing in the last few years. There is no such thing as an expert in the sense that they are able to predict anything more than a monkey and a keypad!

Tuesday, October 27, 2009 02:48PM Report Comment

12. ontheotherhand said...

str 2007 - I think that the bubble will retrace it's steps symmetrically. Look at the house price graph against trend on this site. We went above trend price of 125k in April 2002 and the bubble inflated for 5 years to 189k in July 2007. My prediction is a 5 year retrenchment to the trend price April 2002 adjusted for inflation. Therefore 155k today down to 125k (adjusted for inflation) in winter 2012. So another 20% from here in real terms over the next 3 years.

Tuesday, October 27, 2009 02:55PM Report Comment

13. stillthinking said...

Putting a percentage on predictions gives them more credit than they are due. 2010 is a big big unknown, further commercial losses, end of QE, public sector cuts, industrial action. Who knows how badly housing gets hammered.
Further large drops are expected is about as close as you can go.

Tuesday, October 27, 2009 02:59PM Report Comment

14. james stephenson said...

Totally agree with stillthinking @ 13.

Can anyone here predict what experts predictions are going to be correct? When you have some 'experts' predicting 3% drop and other 'experts' predicting 3% rise, then you can see how utterly useless it is to worry about predictions.

However (and completely ignoring what I just wrote), I predict further drops and then a stagnant market for a decade or more. Can anyone tell me where the recovery is going to come from?

Tuesday, October 27, 2009 03:26PM Report Comment

15. mystie010 said...

The problem is that we all know what should have happened to house prices, instead we have a market that is being completely manipulated. After renting for over 5 years now and waiting for the illusive 'mother of all crashes' I have come to the conclusion that predicting house prices is far too difficult becuase whatever you think they ought to be then some VI politician somewhere will chuck in some stimulus or something to ensure that the market behaves differently than it would normally. Therefore my conclusion is you can't really use logic to predict this market and for those without a house then we have just got to hope that at some point eventually some common sense will prevail and people will stop meddling!

Tuesday, October 27, 2009 03:37PM Report Comment

16. estrader said...

Warren Buffett famously said, "Never ask a barber if you need a haircut."

Tuesday, October 27, 2009 03:52PM Report Comment

17. str 2007 said...

Oh Jack & Mark I do hope you're right.

Can't help thinking though that as soon as we see any falls the printing presses will speed up.

Tuesday, October 27, 2009 03:55PM Report Comment

18. mystie010 said...

@ str 2007 post 17 about my post @ 15 my point exactly :-) Unfortunately I think we are currently in a no win situation.

Tuesday, October 27, 2009 04:05PM Report Comment

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20. mark wadsworth said...

@ TC, what does QE have to do with it? It's the massive bank bailouts and artificially depressed interest rates that have made all the difference (and the other cr4p like making it impossible to repossess etc etc).

The problem with speculating is that it's nowhere near enough to guess what "the market" will do, you have to guess what the government will do.

Tuesday, October 27, 2009 04:24PM Report Comment

21. Smithdebs said...

a house is a home

Tuesday, October 27, 2009 04:26PM Report Comment

22. mystie010 said...

titaniccaptain I really hope you are right I've been renting for 5 years now and I'm not getting any younger :(

Tuesday, October 27, 2009 04:27PM Report Comment

23. Smithdebs said...

House prises are still affordable to hard working people. Young people who are wiling to save a deposit and perhaps have a joint income, should be able to afford something. E

Tuesday, October 27, 2009 04:29PM Report Comment

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25. Smithdebs said...

The idea that everyone should own their own house is a new one. It takes hard work and a lot of saving, unless you can go to the bank of mum and dad which for many of us, doesnt exist. If house prices totally fall then a generations hard work and saving will have been lost. Its complete rubbish!! Young people seem to want everything now..I was chasing the housing market for years, but as a single applicant didnt have much chance and eventually relocated and made some lifestyle changes, and bought. I would never sell my house for anything less that I bought it for and I know their are many people my age that think the same. I have friends that have not bought because its expensive. They go on big holidays etc...but you cant have everything!!! Joint salaries help!!

Tuesday, October 27, 2009 04:35PM Report Comment

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27. letthemfall said...

According to the article below this one, bond yields will rise as QE is withdrawn, which implies more expensive money, meaning falling house prices. Coupled with that may be further recession, meaning more falling prices. QE has, according to some, prevented depression. So far anyway.

Tuesday, October 27, 2009 04:50PM Report Comment

28. Mark Wadsworth said...

"QE has allowed banks to trade and have the liquidity to lend just as the bailouts did"

Nonsense, frankly.

Day 1, before QE. Banks own gilts, i.e. bits of paper saying that the govt owes them money. If they'd wanted to lend, they would have sold the gilts and lent. But they didn't want to.

Day 2, QE invented. BoE buys up the gilts from banks for ever so slightly above market value, banks get a number on a computer screen telling them that the government owes them money. If the banks wanted to lend, they could withdraw cash from BoE and lend it. But they still don;t want to, which is why banks' balances at BoE are roughly equal to the amount "spent" on QE (there is £30 billion or so missong, that's because some non-banks thought it was a good idea to cash in while gilts were still slightly overvalued. But non-banks don't lend money, by definition).

What is the difference between Day 1 and Day 2?

Answer - absolutely nothing.

Tuesday, October 27, 2009 04:52PM Report Comment

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30. Smithdebs said...

Rent for 16 years and see how it feels!!! 5 years is nothing!

Tuesday, October 27, 2009 04:54PM Report Comment

31. mystie010 said...

@ titaniccaptain I'm not sure really but something is keeping house prices afloat so I'm guessing it's QE, so my best guess is that if this stimulus is withdrawn then prices may become more affordable. I'm finding this market so confusing.

Tuesday, October 27, 2009 04:57PM Report Comment

32. wally said...

Gut feeling - this current situation is nuts and prices are gonna fall off a cliff.
Rational thought - interest rates are going to go up as soon as govt stop interfering.

Tuesday, October 27, 2009 05:03PM Report Comment

33. crunchy said...

Ok let's join in on the free for all.

If house prices start to crash do you think it will be easier to borrow or even harder.

Damn, that crunchy again!

Tuesday, October 27, 2009 05:10PM Report Comment

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37. Chubby said...

My guess (and it is only that) is that over the next three years getting a mortgage to buy a house will become very difficult indeed, for both first timers and ladder climbers.

House prices will fall.... 40% from peak minimum.

Until the bottom of the market 2012 (a fred harrison prediction, but luck more than judgement IMHO) after which, not a lot of improvement for the next four years (2016) and then we will see some decent growth. At this point people will begin talking about how bad an investment houses are and how bills are high etc, that they cannot afford a holiday and how expensive holidays have become. blah blah. doom and gloom. (at this point the BBC will still be broadcasting programs about recession and house market crash blissfully behind the curve with the rest of the nation, as they are now.)

I read that collectively we have an 11 year emotional/risk memory.... so my guess is that things will not get better until 2016 at the earliest (from 2007 being the peak) as this will be where the majority of people (sheeple?) will begin to gain appetite for risk (in bricks at least) again.

Tuesday, October 27, 2009 05:39PM Report Comment

38. Soldforapittance said...

If the property market really is 'sentiment driven' then can everyone join me in spreading the word that prices are going to go DOWN.....and then they will & we'll all be happy & I can finally buy a house for the same as I just sold for.

Tuesday, October 27, 2009 05:40PM Report Comment

39. brownsters_billions said...

My take is that property will start to go down again (naturally, as it's still too high), but as it does, so too will the economy suffer and QE will be continued.

Eventually all this magic money will have to feed through into inflation figures, and interest rates will be put up. However, continued inflation and low wage rises (at least initially), will make housing look even more expensive, until BANG, hyper inflation (5%+) sets in and debt is gradually eroded (your savings too). There's no other route out of this mess, unless we all put up with being poorer for a lot longer (which, I will grant, is one possible scenario).

BTW, I've just bought a house that had 6 offers put in above asking price on the day after it went on the market. Will I get burnt? The answer is I don't care, I need a place to start a family and live for 5+ years - why must I continue to put my life on hiatus for things I can't control? It's a nice place, and it will sell in the future.

Tuesday, October 27, 2009 05:44PM Report Comment

40. str 2007 said...


I take it you're implying that when the falls start they will accelerate ?

Personally I can't help thinking that the view from on top now is absolutely anything is better than seeing prices fall therefore the printing presses will simply be switched back on.

And or they will come up with another weaze to aid the housing market 'at any cost'.

Tuesday, October 27, 2009 05:50PM Report Comment

41. Tennaval said...

Next Autumn when the austerity measures are really beginning to bite amidst rising unemployment and tax increases, one hitherto elusive element will be the trump card that will change the direction of the housing market in no uncertain terms - SENTIMENT.

Tuesday, October 27, 2009 05:58PM Report Comment

42. crunchy said...

32. str 2007

On the contary. I think they will batten down the hatches completely.

It has served them well so far.

The panic senario of sell, sell, sell I just don't see, rather rent, rent, rent and castrate the FTBer factor.

Anyone is welcome to put in a counter view.

Tuesday, October 27, 2009 06:12PM Report Comment

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44. str 2007 said...


Yes that's pretty much while I think another 10% or so from here, there should be the odd deal to be done when everyone thinks all hell has broken loose. But as you say the general public have it well ingrained now that help is at hand come what may and prices will soon recover.

Tuesday, October 27, 2009 06:21PM Report Comment

45. crunchy said...

35. str 2007

I see banks letting their stock rather than forced selling.

A fall in price is only realised when a property is sold on.

I feel the bailouts and stock boom along with tight lending has saved this crash.

It will now take something of epic proportions to correct this imbalance.

Tuesday, October 27, 2009 06:34PM Report Comment

46. estrader said...

@36 Crunchy,

"I feel the bailouts and stock boom along with tight lending has saved this crash. It will now take something of epic proportions to correct this imbalance."

Maybe, surely it will also now take something of epic proportions to create a new boom? Inflation? There is nothing else, this last boom was false and the majority of people are now are either broke, in debt or unemployed. This boom was built on easy credit, pure and simple. Look what that nearly did to the financial system. People talk about the Global financial crisis as if it was a natural disaster like an earthquake...

Tuesday, October 27, 2009 06:49PM Report Comment

47. crunchy said...

37. estrader

A nation of renters? Property ownership for the few survivers and banks? Radical I know!

Tuesday, October 27, 2009 06:56PM Report Comment

48. chrisa said...

34. titaniccaptain said...
Isn't QE devaluing government debt though? if it is then how long is it until the gilt auctions fail? if that happens then there must be a reversal. I may be wrong here...anyone know?

How can a gilt auction fail if all you need to do is print the money to buy your own debt?

They are going for the big one IMO. If (when) this bubble collapses there will be no recovery again, ever.....

Tuesday, October 27, 2009 07:02PM Report Comment

49. crunchy said...

37. estrader

Perhaps we are seeing this crash in monetary terms only and could be missing a bigger picture.

Tuesday, October 27, 2009 07:08PM Report Comment

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51. estrader said...

@40, crunchy

Maybe, but I subscribe to the 'Occam's razor' kind of thinking

"The explanation of any phenomenon should make as few assumptions as possible, eliminating those that make no difference in the observable predictions of the explanatory hypothesis or theory.

Tuesday, October 27, 2009 07:17PM Report Comment

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53. chrisa said...

Why would you buy an asset that's devaluing?

If you just print the money out of thin air at minimal cost to buy it why would you care? Also it gets you out of a short term (possbly) hole.

Tuesday, October 27, 2009 07:43PM Report Comment

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55. crunchy said...

37. estrader said..."Maybe, surely it will also now take something of epic proportions to create a new boom?"

I have a feeling that carbon taxes and cartels will replace the need for future booms. http://www.youtube.com/watch?v=F8LPNRI_6T8

It is also why I feel that limiting private home ownership could be a possibily in the future to aid control.

Take it or leave it.

Tuesday, October 27, 2009 08:03PM Report Comment

56. devo said...

If Mark Wadsworth doesn't understand that quantitative easing is propping up the global financial system ( and erm, the little matter of UK house prices), then God help us.

printy printy

Yes, I went there.

Tuesday, October 27, 2009 08:20PM Report Comment

57. Christvision said...

Reading all your comments we are all running around like headless chickens not knowing what to do next. Read a book written in 1973 called The Vision and Beyond by David Wilkerson, in the book he has detailed this economic collapse exactly as it has now happened and written about the outcome.

Tuesday, October 27, 2009 08:23PM Report Comment

58. chrisa said...

44. titaniccaptain said...
not sure about the printing money bit....

OK you mean why print when you can just create it into existence with a few taps on a keyboard I presume. Is there really a difference? An electronic pound is probably as worthless as a paper one I suppose...........

Tuesday, October 27, 2009 08:24PM Report Comment

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60. mark wadsworth said...

I second TC's comment number 48.

Yes, the banks are being bailed out in various ways, but QE is not one of them.

Tuesday, October 27, 2009 08:52PM Report Comment

61. devo said...

"Yes, the banks are being bailed out in various ways, but QE is not one of them"


Tuesday, October 27, 2009 08:58PM Report Comment

62. Neil B said...

Hello?! I think everyone has lost the plot..Why is there a debate on house price rises? - The market is a dodo. Price rises are not going to perform some miracle lazurus reserection. They may stabalise for a couple of years, but, that is only going to be the selling prices of a very small number of properties - mainly in London

Tuesday, October 27, 2009 08:59PM Report Comment

63. devo said...

If QE is not financial life support, then let's do without it for a quarter or two, "to see what happens".

(I guess a few of the regular visiting banksters have just had 'a little accident', fearing I've just given Merv an irresistable challenge.)

Tuesday, October 27, 2009 09:04PM Report Comment

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65. Soldforapittance said...

If house prices are more 'sentiment driven' then why don't you all join me in spreading the word that prices are going DOWN and then they will, & we'll all be happy & I can buy a house for the same as I just sold.

Tuesday, October 27, 2009 09:16PM Report Comment

66. devo said...

House prices stopped falling when QE was introduced.

House prices will start to fall again when QE stops.

Tuesday, October 27, 2009 09:16PM Report Comment

67. crunchy said...

I don't care what they call it, money is being printed.

Don't tell me on here that is it for the fun of it.

Tuesday, October 27, 2009 09:28PM Report Comment

68. crunchy said...

Correction....Don't tell me that it has been for the fun of it.

Tuesday, October 27, 2009 09:30PM Report Comment

69. devo said...

54. crunchy said... I don't care what they call it, money is being printed.

It is being printed electronically - that's how they do it nowadays.

BUT... that electronically 'printed' money isn't for you and me.

printy printy

Tuesday, October 27, 2009 09:34PM Report Comment

70. crunchy said...

56. devo

It is still money.

See through the bull folks, otherwise the next thing you will be saying is that the banks did not get bailed out!

Tuesday, October 27, 2009 09:42PM Report Comment

71. krustyatemyhamster said...

House prices stopped falling when the majority thought it about time for them to stop falling and start going up again - it's what I hear from people all the time - I'm also hearing people wanting to get into investing in BTL again (or a pension fund as I heard it described the other day). People took houses off the market because they weren't forced to sell and thought things would improve (and they didn't fear large and prolonged price falls). Sellers are refusing to drop prices, so supply quantity at current price exceed demands quantity - hence the reason houses are taking so long to sell at the moment. For supply/demand price to be at point to support normal volumes, prices need to be much lower. End of. The demand curve has shifted to the left because of the credit crunch and keeps slowly moving to the left with increasing unemployment (and increasing import prices and taxation over the coming years). The move to equilbrium position has been delayed because of base rate slashing and repossession deferral by govt interferance. Prices will come down over the next few years. The majority need to fear prolonged price drops to spark a real race to the bottom though. Another few years of slowly declining prices with another one or two sucker rallies is my best guess. 50% drop to the bottom in wage inflation terms.

Tuesday, October 27, 2009 09:46PM Report Comment

72. devo said...

@58 58. krustyatemyhamster

Could you put it into paragraphs?

I might read it then.

Tuesday, October 27, 2009 10:07PM Report Comment

73. krustyatemyhamster said...

None of your comments on this post are in paragraphs (not sure what the exact definition of a paragraph is, but I think they should at least contain more than one sentence - none of your paragraphs contain more than one sentence).

Slightly confused


Is that better?

printy printy :)

Tuesday, October 27, 2009 10:16PM Report Comment

74. devo said...

60. krustyatemyhamster said.. None of your comments on this post are in paragraphs (not sure what the exact definition of a paragraph is)

My working definition of a paragraph is a piece of writing that contains one idea.

Please don't be offended. My drunken oubursts say more about me, and my frustration at the way things are, than about you.

Tuesday, October 27, 2009 10:30PM Report Comment

75. krustyatemyhamster said...

Cheers Devo
I was rambling all over the place, to be fair.
To paraphase - I think we're buggered and house prices will carry on downwards over quite a long period of time. So nothing new then really.

Tuesday, October 27, 2009 10:39PM Report Comment

76. Yeahrite said...

Did any of you actually read the article?

Just because you all stick your fingers in your ears etc doesnt mean what you say will come true.

Sheesh. If this site had half the economics expertise I see claimed on my screen thered be a few nobel economics laureates on the members roll for sure!

Tuesday, October 27, 2009 11:12PM Report Comment

77. crunchy said...

What happened to the days when posters would predict 40% to this article.

We are all learning to see this from the government and banks side now.

To me that opens up other possibilities.

Tuesday, October 27, 2009 11:14PM Report Comment

78. crunchy said...

Apart from some of the obvious advantages that a property crash would bring, some need to spare a thought of what ramifications a crash

of this magnitude would bring about.

Tuesday, October 27, 2009 11:31PM Report Comment

79. Growler said...

House prices also stopped falling (in the hot areas) because foreign investors see the £ vs Euro rate as making the property even cheaper. They see a very big HPC in the UK already. I also know there are stats showing that the houses that are going are being bought with more cash. There is a correlation, especially when you see the very low transaction levels. It's enough of a correlation to mask the stats

Wednesday, October 28, 2009 07:20AM Report Comment

80. Alfie said...

I believe house prices will fall by 60%.....

Yeah, I dont know what im talking about...... just like these so called experts.

Wednesday, October 28, 2009 08:30AM Report Comment

81. justwatching said...

I'll go for 40% down from peak LR figures.

Krusty @ 58 (and everyone else) Are houseprices going up or down?
Landregistry figures (seldom reported in the media), last 4 months
0.3% UP
1.8% UP
0.1% DOWN
14 out of 15 months prior to this ALL DOWN (apart from 1 with no change)
Now, me thinks spring bounce is over.

This months figures due in 2 hours, I'm going with a negative. I'm not convinced house prices are going UP. It's all a (glubberment controlled) media driven ruse.

River in Egypt?

Mrs Justwatching wants to get back into pwoperty. We've seen over 10 houses since the summer. Many have had their asking prices reduced. Not many have had many viewings. A couple of the vendors looked desperate to sell. Ave time on market, about a year for the ones we've looked at.

Sit tight folks, your patience will be rewarded.

Wednesday, October 28, 2009 09:00AM Report Comment

82. crunchy said...

65. justwatching said..."Sit tight folks, your patience will be rewarded."

Nobody will win in this. It is a case of damage limitation. Why? Because it is not that simplistic this time.

Wednesday, October 28, 2009 09:19AM Report Comment

83. Johnboy said...

Had a gas fitter in the other day. He's never been busier. Spends all his time issuing safety certificates on repossessed properties the banks are holding on to and letting rather than dumping on the market. One reason prices haven't crashed as much as expected?

Wednesday, October 28, 2009 10:29AM Report Comment

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