Monday, October 11, 2010

RICS Ian Perry – “Many areas are reporting a correction rather than dramatic fall”

House prices fall further, surveyors say

House prices have continued to fall, weighed down by an increasing supply of homes on the market, a survey of surveyors shows. The proportion of surveyors reporting falling house prices grew for the third month in a row, with 44% reporting a fall in September. Just 6% reported a rise and the remainder said that prices had been static......... Overall, the survey appears to tally with results from the Halifax which last week reported a record 3.6% drop in house prices for September.

Posted by jack c @ 06:37 PM (2377 views)
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19 thoughts on “RICS Ian Perry – “Many areas are reporting a correction rather than dramatic fall”

  • Well done Jack C, back on track.

    Now, pass it by me again, where are we on the bubbles graph.

    No great falls in my backyard to be seen as yet.

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  • Vested Interest

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  • mark wadsworth says:

    Yay! Inspired by Smuggy, let’s all go out and behead our grandmothers!

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  • What is the difference between a fall and a correction in the context of house prices?
    Sound like the same thing to me.

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  • It’s a correction; a corrective crash.

    Smugdog needs to realise that the market simply cannot support the massively high prices.

    Supply and demand – too much supply.

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  • Have we entered a timewarp? This article is dated ‘Oct 12, 2010 at 00:01’

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  • smugdog – as the articles suggests there will be regional variations – where precisely is your back yard?

    This is my back yard http://www.journallive.co.uk/northumberland-sites/ponteland-northumberland/ponteland-news/2010/10/07/darras-hall-affected-by-property-price-plunge-61634-27421328/

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  • CIWF is holding a conference in London on 10 May entitled Understanding Animals. Its theme is animal awareness, emotions and intentions.

    The concept that animals are sentient – possessing a level of conscious awareness, and able to have feelings – was recognised by the European Union in 1997.

    Smugdog, take note. There are no excuses now.

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  • I have this sneaking suspicion that our Smugs is a classic wind-up merchant who for some reason (possibly un-related to this site) has crossed swords with MW at some point. He may well have played the BTL game, but may also be ahead of his peers and got out..

    Maybe the Stig, (sorry, Smugdog) should reveal all..

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  • “No great falls in my backyard to be seen as yet.”

    The real acid test will be:

    1) Put your own house on the market and see what offers you get.

    2) Take it off the market for 12 months

    3) Put it back on the market again

    4) Report back to us on the results

    You see, its ‘easy’ to say your house hasn’t dropped in value, the real test is actually trying to sell it for that price.

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  • Investors can be thought of like sheep. When one moves (sells), the rest follow. I expect to see more and more sellers coming onto the market.

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  • You see, I expect this to artificially correct itself once more, less coming to market, less sold.

    This may well recreate conditions just like we have witnessed over the last year. Who knows!

    You may well be right and a good old purge is what is required.

    Just be well placed to handle it if and when it does come. Or deal it well if it doesn’t.

    Nighty nite, love you.

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  • Ideas,back of a fag packet please:

    Why the increase in supply?
    Surely in balanced market the buyers = sellers,(sell one, buy one) unless there has been a regional outbreak of black-death that the coalition is hiding from us…….or maybe that is a reason Smuggy cant sell his backyard?

    AHA….Smuggy is ROSE WEST!!!

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  • mark wadsworth says:

    The real question is, how much ammo do the Lib Cons have left to throw at the ‘problem’ of falling house prices?

    I personally have no idea. They might keep going for ever, until like Japan we have government debt-to-GDP ratio of five (or whatever, maybe it’s only three) and banks that have been bailed out so often that we’ve forgotten where it all started. And where property prices are still steadily sliding.

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  • Banks aren’t lending, so the money’s drying up, and people are worried about jobs so don’t want to borrow, result: mayhem for house prices, shares, everything. That means more trouble for the banks, leveraged to the hilt on mortgage debt that’s getting increasingly under water and delinquent. Hang on to your cash and keep it under the mattress!

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  • “The real question is, how much ammo do the Lib Cons have left to throw at the ‘problem’ of falling house prices?”

    What little ammo they have is in much more demand elsewhere.

    I think they perceive the ‘problem’ as being how do they get the cat down the tree, not how do they keep him up there.

    I think it’s pretty well known amongst the ruling class that house prices are unsustainable – a truth that no-one dare mention, because no-one has a soft exit strategy..

    ..a steady gradual decline – perhaps 5% p.a. – would be the favourite route out, but no-one with half a brain thinks that likely.

    The last govt reasoned – correctly – that by going overboard on HB and putting obstacles in the way of foreclosure, they could defer the horror until after the election.

    I doubt anyone in this govt seriously thinks they can delay the issue for another five years, and so far all their strategies have been consistant with the principal of bring it on, lance the boil – and get it over with.

    MW – you’re beginning to look a bit lonely when you argue that the new govt is hell-bent on keeping prices high..

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  • MW – you’re beginning to look a bit lonely when you argue that the new govt is hell-bent on keeping prices high..

    If house prices fall dramatically, it will make the government look like they are not in control. so that won’t happen. It all depends on how much high house prices are a drag on the economy, as to whether or not the govt. will do anything about it.

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  • I live in Bath, unfortunately no comment from there in the report. The comment below however shows some realism for once. If it doesn’t sell, reduce the price!

    Frome, Somerset – My Frome office has just had the best summer (May – August) in my 22 years in the town. The reason is we have focused on accurate pricing and price reductions. Quite simply if a house has been on for two months with no sale, then a 10% reduction is required (and again 2 months later).

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  • mark wadsworth says:

    UT, as I have said dozens of times, I hope you are right but fear you are wrong. Every single thing that any of them have ever said suggests that they will do their damnedest to keep the bubble going.

    The Lib-Cons had a window of opportunity to let prices crash and blame it on the Red Wing of the HO Party and they have completely missed it.

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