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Bottom Called
adr0ck
Posts: 2,374 Forumite
from the Independent
Tony Pidgley, the great sage of the housebuilding industry, has called the bottom of the market.
Mr Pidgley, who made a fortune and his reputation for calling the 1990s housing crash correctly, told The Independent on Sunday: "We all accept that, give or take 5 per cent, the market is somewhere along the bottom [of its economic cycle]."
The chief executive at Berkeley Group, one of the few cash-rich housebuilders, added that there would be between 35,000 and 50,000 construction starts on new homes in 2009. He said 40,000 was most likely, meaning government ambitions to complete up to 240,000 new homes a year would not be fulfilled.
In its last interim results, Berkeley had a pre-tax profit of £79.6m, 12.1 per cent down on the same six months in 2007 – a good result, given the sharp downturn in housing.
Tony Pidgley, the great sage of the housebuilding industry, has called the bottom of the market.
Mr Pidgley, who made a fortune and his reputation for calling the 1990s housing crash correctly, told The Independent on Sunday: "We all accept that, give or take 5 per cent, the market is somewhere along the bottom [of its economic cycle]."
The chief executive at Berkeley Group, one of the few cash-rich housebuilders, added that there would be between 35,000 and 50,000 construction starts on new homes in 2009. He said 40,000 was most likely, meaning government ambitions to complete up to 240,000 new homes a year would not be fulfilled.
In its last interim results, Berkeley had a pre-tax profit of £79.6m, 12.1 per cent down on the same six months in 2007 – a good result, given the sharp downturn in housing.
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Comments
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Really really doubt it.
The falls were still pretty steep over the last three months and untill they at least get close to leveling off for a month or two then anyone calling the bottom of the housing market is a fool0 -
Property pimps have been calling the bottom of the market for the last 18 months. They really do have total and utter contempt for the Great British public when they come out with twaddle like this. They must be trying to lure the last few suckers out there into buying now.Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
Honestly the crash is following the same route as the one in the 90's, every other week a bull comes up with a headline, desperately trying to put a floor under house prices, only for the headlines to be decimated by the next set of statistics a few days later. This kind of VI will always be about, at some point they will be right of course, probably in about 2011.:D0
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Really really doubt it.
The falls were still pretty steep over the last three months and untill they at least get close to leveling off for a month or two then anyone calling the bottom of the housing market is a fool
he called the last one though (and made a lot of money from it)
how many people did that?0 -
Honestly the crash is following the same route as the one in the 90's, every other week a bull comes up with a headline, desperately trying to put a floor under house prices, only for the headlines to be decimated by the next set of statistics a few days later. This kind of VI will always be about, at some point they will be right of course, probably in about 2011.:D
this guy correctly called the bottom of the last crash
so if its following the same route as the one in the 90's as your saying
that means it is the bottom
....by your own working out 0 -
If the recession is worsening how can the bottom of the market be called?."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
this guy correctly called the bottom of the last crash
so if its following the same route as the one in the 90's as your saying
that means it is the bottom....by your own working out
We will see, he is highly likely to have some VI somewhere, in which case it's par for the course. The bottom is nowhere in sight....no credit, no money, no jobs, huge unsecured debts, 21% down at the start of a recession, you don't have to be an economist to realise this. In fact it is laughable that anyone seriously would call it now.0 -
this guy correctly called the bottom of the last crash
The question is.... how many times did he 'call the bottom' of the last crash??
If only once.... then maybe we should listen to him.
If however he 'called the bottom' once a week for 2 years until he was finally correct ..... then maybe we shouldn't ! 0 -
BlondeHeadOn wrote: »The question is.... how many times did he 'call the bottom' of the last crash??
If only once.... then maybe we should listen to him.
If however he 'called the bottom' once a week for 2 years until he was finally correct ..... then maybe we shouldn't !
he called it once
are you listening now
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bernanke wos on bb today saying end of recession end of year for septics...or are they talking up the economies?Have you tried turning it off and on again?0
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