Friday, Nov 13, 2009

More "unexpectedly re -availables" on RM as Buyers Get Cold Feet

Guardian: House price drop indicates 'double-dip' for property market

"Many leading forecasters are now expecting 2010 to be a tougher year for the property market than 2009. Savills says price falls next year will be driven by the lack of mortgage products, erosion of pent-up demand constraints, gradually increasing supply and the overhang of unemployment. It forecasts a slow "extended W-shape recovery" starting in 2011......the Communities and Local Government department confirmed that the number of first-time buyers last year had fallen to an all-time low.The figures show that in 1999 there were nearly 600,000 first time buyers. This fell to below 400,000 when prices peaked in 2007 and were down even further last year – to just 193,600" Can you have a W shaped recovery without another 20% fall?

Posted by sybil13 @ 03:59 PM (1743 views)
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13 Comments

1. will said...

Just getting estate agents and sellers to accept the first 20% fall would be a start. There seems to be a policy this time of continuing to market a house at peak prices and see what you can get from the asking price.

Friday, November 13, 2009 04:24PM Report Comment
 

2. estrader said...

CLASSIC stock market behaviour...the bear campaign will begin in earnest if my figuring is correct.

"many leading forecasters are NOW expecting 2010 to be a tougher year for the property market than 2009"

'Now' after they spent 7 months offloading their stock onto the public...classic, classic stock market behaviour...

Friday, November 13, 2009 04:56PM Report Comment
 

3. mr messy said...

" ANOTHER 20% FALL " i am still waiting for the first drop of 20% to appear, cant believe where people are getting the money from to buy these over valued houses , what with high unemployment, no pay rises, and good dose of doom and gloom i am astounded with this countries love of owning property at any price

Friday, November 13, 2009 05:38PM Report Comment
 

4. greenshootsandleaves said...

Mmmmmmm ... Looks as though *the boat* (you know, the one they said everyone had missed and was sailing away at a rate of £1,000 a day!) may be heading back to port for repairs!

Friday, November 13, 2009 06:40PM Report Comment
 

5. nomad said...

Tried to sell my wife's '96 Ford Fiesta for £2,500. A potential buyer told me it was worth £350 - so it's re-available!

Friday, November 13, 2009 06:46PM Report Comment
 

6. Mr G said...

"erosion of pent-up demand constraints"

What the hell does that mean?

Friday, November 13, 2009 07:21PM Report Comment
 

7. mr g said...

"erosion of pent-up demand constraints"

What the hell does that mean?

Friday, November 13, 2009 07:22PM Report Comment
 

8. markj69 str05 said...

Bring it on. Maybe then people will stop telling me 'now's the time to buy'.

The next 3 months should add to the drop a bit. But I expect the stat's will be 'Seasonally adjusted' to suit the required spin.

Went to view a 2 bed bungalow, desperate for some TLC. Marketed at £250K (small village nr cambridge). Thought it might be worth a look. The agent told me it alreaady had offers at £275K. So I won't bother putting an offer in. If they were bidding it up, they might have lost out on a slightly lower bid. I wonder how the vendor would feel about that?

Friday, November 13, 2009 08:18PM Report Comment
 

9. hpwatcher said...

Flashman seems to think all is well in the world......so I guess it must be.

Friday, November 13, 2009 09:03PM Report Comment
 

10. clockslinger said...

There is no mention of a 20% fall in thie article. It won't happen either, at least not in sterling falls on UK house prices. More oplausible is the 6.6% Savilles predict. Wishful thinking helps no one and, although I have similar feelings, I'd like to see a lot less of it on here. Flashmans stregnth is that he assesses the evidence objectively.

Friday, November 13, 2009 09:56PM Report Comment
 

11. This comment has been removed as it was found to be in breach of our Blog Policies.

 

12. cat and canary said...

"6. mr g said..."erosion of pent-up demand constraints" What the hell does that mean?" :)

I mean, i have pent-up demand for a Bugatti Veron, doesn´t mean I can afford to buy one!

.. stupid EA terminology isn´t it! Probably made up by some tit cocker in a lilac shirt from Foxtons!

Saturday, November 14, 2009 09:34AM Report Comment
 

13. letthemfall said...

bystander
Refreshing to hear someone who is not in love with the one you refer to. Funny how those here in the finance world are almost worshipped - maybe because they want to be like them, as shipbuilder once implied.

Saturday, November 14, 2009 11:18AM Report Comment
 

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