Tuesday, August 30, 2011

Hurrah!

HOUSE PRICES TO SOAR BY 21%

HOUSE prices are set to soar by 21.3 per cent over the next five years, according to economists.In what is hailed as “fantastic” news for the property market, the average value of a home in England is expected to rise from the current £214,647 to £260,304 by 2016. Warning; Trying to find anything accurate in this article could result in you not doing much work today.

Posted by timmy t @ 08:06 AM (3947 views)
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35 thoughts on “Hurrah!

  • Righttoleech says:

    Thanks for sharing your wisdom with us Kamlesh Padhra. I have never heard of you or your company thank god the Express knows where all the sages are.

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  • Daily Express: HOUSE PRICES TO SOAR BY 21%

    ~ The young ones,
    Darling we’re the young ones,
    And young ones shouldn’t be afraid.

    To live, love
    While the flame is strong,
    for we may not be the young ones very long.

    Tomorrow,
    why wait till tomorrow,
    Tomorrow sometimes never comes.
    Love, me,
    there’s a song to be sung
    And the best time is to sing while we’re young.

    Once in every lifetime
    comes a love like this.
    I need you and you need me.
    Oh my darling can’t you see.
    Young dreams
    Should be dreamed together,
    Young hearts shouldn’t be afraid.
    And some day when the years have flown
    Darling, this will teach the young ones of our own.
    The young ones
    Darling, we’re the young ones
    The young ones
    Darling, we’re the young ones.

    Cliff Richards. Them were the days!

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  • righttoleech says:

    Thanks for sharing your wisdom with us Kamlesh Padhra. I have never heard of you or your company thank god the Express knows where all the sages are.

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  • Sibley = Richard Desmond

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  • There’s an article on BBC saying rents are set to soar by 20% by 2016.
    I find that almost believable as there’s an increasing shortage in my neck of the woods.

    Whether or not they’ve linked the house price rises to this, I’m not sure.

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  • No one can afford to pay increases in their rents of 20%, so it will be a short sighted landlord who imposes this kind of rise on their tenants.

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  • The frequency of those headlines seems to be increasing. Perhaps one day, the headlines will be permanently be ”HOUSE PRICES SET TO SOAR”

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  • mark wadsworth says:

    The article is full of accuracies, it refers to “a housing shortage” and describes it as a “fantastic forecast”.

    The bitter irony is that the NHF was trying to illustrate that we need to allow more housing to be built if young people are not to be priced out completely, from the NHF’s point of view, such price rises are A Bad Thing.

    Note – the NHF is the umbrella body for Housing Associations, so like all quangoes they are eternally trying to raise their own profile and increase the amount of money they get from the government, but hey.

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  • Don’t worry, the DE will have closed in 2 – 3 years. Clearly has problems. The increased frequency of this and any other inflammatory headlines aimed solely at people’s hopes, fears and prejudices is an indication that it is in its death throes. Go and pick up a free Metro instead. Problem is – which publication will be contaminated with these ‘journalists’ and editors when it does go belly up? At least we know what we’re dealing with when it comes to DE headlines.

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  • MW – interesting that “Fantastic” is derived from the word “Fantasy”

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  • “Some people will find these predictions very hard to believe given the current economic situation and the fact that the housing market is still struggling” – so they did get something right ! and no one so far in the comments section of the article believes any of this garbage.

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  • mark wadsworth says:

    TT, exactly, as Jack C points out.

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  • Firsttimebuyer says:

    @10 – Sky News press review last night also skipped the Express, they even reviewed the Star about Kerry Katona leaving big brother!!

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  • Does the Express put out these headlines just to see how many comments they elicit on this site?

    And isn’t a “Homeowner agony” or “House prices to plummet” headline due soon?

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  • 13. icarus

    I think it’s called keeping ones readership engaged through fear and excitement.

    In the end you are going to be right, unlike all of the readers.

    Isn’t it wonderful to be an authoritative.

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  • Does the Express put out these headlines just to see how many comments they elicit on this site?

    No they do it, because struggling home owners people will buy their newspaper to find out more.

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  • icarus – they operate the Grand old duke of York house price headlines – when they are up they are up and when they are down they are down ………………………. and when the vested interests cant get a buy to let loan they are neither up nor down.

    It’s a few years back now but over a Christmas and New Year period they had run out of Diana and Maddy stories so they hoisted up a house prices set to fall story and a few days later countered it with a prices set to rise story, however once into the New Year they issued a new housing market set to stall tale.

    Little Prof set the thread going (and I wish I could find it again) but we all p11ssed ourselves laughing at their ridiculous headline antics and nothings changed since !

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  • I wonder if they have compared how many papers they sell with “Houses set to soar” headlines with “Houses set to crash” headlines, realised that soaring houses sell more papers, and so on any day there is no news about Cheryl Cole or Diana they just get one of the postroom boys to say “House prices are going to soar” so they can quote an “expert” and sell more papers.

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  • timmy – but “soaring” headlines don’t make the same impact unless there’s been a recent “plummeting” headline.

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  • I can never remember the headline.. “Diana set to crash then soar.” I must have missed it.

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  • Hurricanes wreak havoc and Syrians are mown down and the Express has a headline that defies the facts about houses. One has to conclude that the Express should be bracketed with the Sunday Sport. Its not a newspaper, its a porn rag with houses in place of busts and buttocks. I do wonder whether we shouldn’t encourage them by putting comments below the on-line articles. The problem is how we then get our message across to those poor benighted suckers who buy and believe this poisonous filth. Perhaps my big brother is right, you can’t, they won’t listen and don’t want to hear. The market will collapse with or without their acceptance of the truth.

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  • I worked for a bit in the mid 90s as a casual sub-editor for this rag, in between proper jobs on returning to the UK from abroad.

    It was shit then and it’s even worse shit now. I didn’t even bother to take a first edition home at the end of my shift.

    I don’t understand why people here get so worked up about it, it’s complete pish from start to finish and is only read by coffin dogers in old people’s homes.

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  • Who are these shysters exactly at “Oxford Economics” conducting fallacious (or is it fellatio-us?) “research” for the shilling of the National Housing Federation?

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  • montesquieu (Tuesday, August 30, 2011 12:55PM) – top comments – but I think this bit nails it ” it’s complete pish from start to finish”

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  • > it will be a short sighted landlord who imposes this kind of rise on their tenants

    That’s handy, ‘cos there are plenty of those about.

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  • Its no use dismissing the paper as the same story is widely reported from the BBC to SKY news today. It has a basis in fact, thats why its news.

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  • @ Montesquieu. Its very abusive to refer to the elderly as ‘coffin dodgers’ and we are all heading in that direction if we are lucky. The Express has never been regarded by anyone as a quality paper and this headline is probably the wishful thinking of it author who maybe owns some property. We are all used to hearing conflicting reports based on vested interests and most of the printed word is opinion, not fact.

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  • Daily Express headline, 7th August 1939: “No war this year”

    Some things never change.

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  • Can someone post these links on the Express comments section please. (I don’t have a log in)

    I think people need to have a look at their track record on this subject.

    These predictions are from 2007 and are quite hilarious to look back on…

    http://www.express.co.uk/posts/view/15664/House-prices-to-soar-by-40-

    http://www.express.co.uk/posts/view/3652/Property-prices-in-60-leap

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  • 31st May 2011 Daily Express headline was ‘House Prices to Soar by 16%’… this was the prediction that prices would rise by 16% by 2015…. so guess latest headline is update with usual level of [email protected]!

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  • I’m a long-time reader, first-time poster here at HPC.

    I work in Southampton and am looking to buy there (I’m no lover of the city itself but ‘needs must’).

    I’ve been waiting to buy for more years than I care to remember. House prices went nuts in Southampton in the ‘noughties’ and, despite living frugally and saving as much money as I could, I was very quickly priced out of the market. The final straw there came in about 2005 when I found a house that ticked enough of the right boxes and was tiny, very run-down and right next to (i.e. 50 feet from) the tracks just as they go into Southampton Central railway station (therefore, very busy and noisy). So, thinking ‘this MUST be affordable’ I went in to the EA’s office. £140K! I shook my head, walked out and gave up on the idea of ever being able to afford to buy a house.

    Then, a few years later, the ‘slump’ came and I thought “Finally! This is it! Prices will fall dramatically and I’ll reap the rewards of being a sensible, frugal soul”. Well, as so many have said here before me, the BoE’s forgetfulness of their remit and hobbling of the base interest rate largely scuppered that idea.

    So, here I am, several years into the ‘slump’, still waiting for the big fall in house prices and listening to the people on HPC that say “it’s coming, it’s coming. Keep your nerve!”. I continue to live frugally and save at least £250 a month against the day I can buy (although, despite my best efforts to find good deals, “save” is hardly the right term when inflation is above saving’s account interest rates).

    Anyway, that’s all by the way of background. What I really wanted to say is that, in my experience, since the beginning of the ‘slump’ (can’t call it a ‘crash’ by any means), I’ve seen a modest decline in house prices and a very big drop in sales volume. In the last year or so, though, the bracket of houses I’ve been looking at have, it seems to me, gone up from asking prices of £165K-£175K to £175K-£190. I can only assume that this is because the vendors are trying to factor in the amount (10% or so) they’ll have to sacrifice in order to get a sale. This, of course, would seem to be in collusion with the EAs. Also, several of the EAs (not sure if I’m allowed to name names here so I won’t) seem to be more willing than others to put places on the market at absurdly high asking prices.

    But here’s the thing that really gets me: houses in Southampton and district are still selling pretty well! Not at the volumes they were during the early noughties but still pretty well. I find a house on RM and think “that’ll never sell at that price” only to find, within a few weeks, it is marked as “Under Offer” or even “Sold STC”. I don’t understand what is going on! People are at least as hard up as they were a few years ago and employment and job security are certainly no better in Southampton than they were a few years ago so who is buying these houses?

    I suppose you could say that, having saved so much for so long, I am fortunate in that I have a very healthy amount to use as a deposit and I COULD, now, afford to buy a place at around £175K. But I am loathe to do so as I know that, with my luck, that will be the cue for prices to start falling faster than Nick Clegg’s popularity.

    As much as I despise the Daily Express and the rational part of my brain says “don’t believe this ridiculous tripe they put on their front pages in order to sell more copies of their odious rag”, I do still get a knot in my stomach and the thought (“is the whole , ridiculous, depressing merry-go-round about to really take off again?”

    So, still, I wait, repeating to myself, “It’s coming. It’s coming. Don’t lose your nerve”.

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  • @ Grumpybob

    Can I claim a ‘me too’ on this? I honestly almost wept when I read your comment as it could so easily have been written by me. Granted, it would not have been written nearly as eloquently by me. We are in exactly the same situation as you and are now reaching desperation point. We just know that the second we commit to buy, something will cause the whole Market to come crashing down like a tonne of bricks. I can offer no comfort other than to say ‘you are not alone’ and offer a somewhat girlie cyber hug!

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  • @ Vindicated

    Thanks :o)

    So I guess we just keep treading water until ‘something’ changes. I think, though, if house prices do, somehow, take off steeply upwards again I will emigrate. After all, why pay over the odds to live in an overcrowded, outrageously expensive little island?

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