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Let's laugh at Fionnuala Earley
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neverdespairgirl
Posts: 16,501 Forumite
When reading her statements, consider what she said this time last year:
There may also be problems in uber- expensive 'prime' central London. Soaraway prices in these areas are fuelled by buyers working in the financial services sector.
Now the Royal Institution of Chartered Surveyors says there is a one-in-five chance that homes in these areas may fall by 10% next year because of City uncertainty and reduced bonuses. The Nationwide building society shares that view.
'A prolonged financial market downturn would be uncomfortable given the importance of this sector to economic growth,' admits Fionnuala Earley, Nationwide's chief economist.
'Such a downturn would not only affect investment bankers but would also have negative knock-on effects for workers in law, accountancy and other professional services. The affect on London property prices could only be negative.'
Even so, Ms Earley says that prices outside the capital will rise in 2008, albeit at a relatively modest rate of 3% over the year.
and last Nov. she was predicting 1% rises in 2008:
House prices in London and the South-East are forecast by the Nationwide to rise by just 1% against the roaring double digit inflation of recent years. The values of many homes across large parts of England - mainly in the North but also in the West Country - are even likely to fall. 'A number of factors suggest that house price inflation will drop from its current rate of 9.7% to nothing by this time next year,' said Fionnuala Earley, Nationwide's chief economist.
And in Dec 2007 she was saying:
Nationwide claims that house price inflation will 'pause for breath in 2008'. It says economic 'tailwinds are turning into headwinds', and house price inflation will drop from the current rate of 9.7% to 0% by this time next year
Fionnuala Earley, Nationwide's chief economist, said: 'The supply-side of the market will still be characterised by widespread housing shortages, in spite of government targets to increase house building. These shortages will provide some offsetting support to prices amid the weaker demand environment, particularly in the south of the UK.'
She was looking on the bright side in Feb 2008:
Fionnuala Earley, Nationwide's chief economist, said: 'The trend in prices is clearly weakening, but the size of the drop in the annual rate between January and February perhaps overstates the rate of cooling, as it partly reflects the particularly strong increase in prices in February last year.
'The three-month on three-month rate of price growth rate fell to minus 1% in February, down from minus 0.4% the previous month.'
And in May 2008:
Nationwide chief economist Fionnuala-Earley said Britain is 'better-placed to weather the storm' than in the 1990s, as fewer homeowners bought at the top of the cycle and, even taking into account the recent borrowing binge, buyers typically put down a larger deposit than before the last crash.
There may also be problems in uber- expensive 'prime' central London. Soaraway prices in these areas are fuelled by buyers working in the financial services sector.
Now the Royal Institution of Chartered Surveyors says there is a one-in-five chance that homes in these areas may fall by 10% next year because of City uncertainty and reduced bonuses. The Nationwide building society shares that view.
'A prolonged financial market downturn would be uncomfortable given the importance of this sector to economic growth,' admits Fionnuala Earley, Nationwide's chief economist.
'Such a downturn would not only affect investment bankers but would also have negative knock-on effects for workers in law, accountancy and other professional services. The affect on London property prices could only be negative.'
Even so, Ms Earley says that prices outside the capital will rise in 2008, albeit at a relatively modest rate of 3% over the year.
and last Nov. she was predicting 1% rises in 2008:
House prices in London and the South-East are forecast by the Nationwide to rise by just 1% against the roaring double digit inflation of recent years. The values of many homes across large parts of England - mainly in the North but also in the West Country - are even likely to fall. 'A number of factors suggest that house price inflation will drop from its current rate of 9.7% to nothing by this time next year,' said Fionnuala Earley, Nationwide's chief economist.
And in Dec 2007 she was saying:
Nationwide claims that house price inflation will 'pause for breath in 2008'. It says economic 'tailwinds are turning into headwinds', and house price inflation will drop from the current rate of 9.7% to 0% by this time next year
Fionnuala Earley, Nationwide's chief economist, said: 'The supply-side of the market will still be characterised by widespread housing shortages, in spite of government targets to increase house building. These shortages will provide some offsetting support to prices amid the weaker demand environment, particularly in the south of the UK.'
She was looking on the bright side in Feb 2008:
Fionnuala Earley, Nationwide's chief economist, said: 'The trend in prices is clearly weakening, but the size of the drop in the annual rate between January and February perhaps overstates the rate of cooling, as it partly reflects the particularly strong increase in prices in February last year.
'The three-month on three-month rate of price growth rate fell to minus 1% in February, down from minus 0.4% the previous month.'
And in May 2008:
Nationwide chief economist Fionnuala-Earley said Britain is 'better-placed to weather the storm' than in the 1990s, as fewer homeowners bought at the top of the cycle and, even taking into account the recent borrowing binge, buyers typically put down a larger deposit than before the last crash.
...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
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Comments
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I guess a "Spokespersons" job is to put as positive a spin on News as possible, So she really has been between a rock & a hard place.
The thing I find really Sad is that Some would have Jumped into the property market when they perhaps didnt need too or could not really afford too, based on her & her kinds flawed or downright disingenuous Analysis .... When to most of the rest of us it was clear she was talking total Boxxxks !! ..0 -
I'm sure she gets paid a pretty sum for making stupid statements so I doubt she cares!
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Yes; she is real amazing with her forecasting.
Some earlier ones...
Fionnuala EarleyMay 2007: Britain's biggest building society reckons that house prices will end this year up about 8%.
August 2007: Fionnuala Earley of Nationwide said she expected house prices to rise by no more than wage inflation next year - the current rate of which is at a four-year low of 3.3%.0 -
"Her interests include reading and running."
http://www.nationwide.co.uk/mediacentre/individual.asp?person=earley
I hope she has kept the running training up. There could be a few angry people who bought houses in the belief that she was correct in her forecasts.0 -
I reckon she has a BTL empire as she's constantly trying to talk the market up. She's nearly as bad as an Estate Agent. Shame on her.Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
Aww, poor Fionnuala. She got a bit of a roasting on Sky this morning:
http://www.youtube.com/watch?v=n4U7kUH3UTYpoppy100 -
I have yet to read her forecast anything. she just says whatever the nationwide data tells her, with a positive spin on it.0
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And this is her on Bloomberg this morning - "Let's not get too excited.... it's just a number"
http://www.youtube.com/watch?v=dx5CnDMWphIpoppy100 -
She's funnier than Billy Connolly, I'll give her that0
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