MSE News: House prices 'to climb further'

chucky

Emy1501 wrote: »

Maybe you can explain which part of my comment is not true. I know estate agents who will confirm the first part and everyone know valuation drive buys were common pre crash

you're now saying you can confirm the first part and you made the second and third parts of your post up then....mmmmmm.... :rolleyes:

chucknorris

Really2 wrote: »

I don't think the qualification is deemed relevant for estate agents, but it is for surveyors.

Yes that's right, commercial estate agents usually have chartered general practice surveyors to value commercial property freeholds, leaseholds, rent increases to leasehold properties (which are usually done periodically iee every 5 years) etc

Thrugelmir

Emy1501 wrote: »

I dont think too many bears are going to be really bothered by a bunch of estate agents telling them prices are going to rise. RICS do not have the greatest of track records on house prices.

RICS are a professional body. I think you'll find that there's a lot more commentary than them just saying prices are either rising or falling.

Markets are determined by actual activity and individuals perceptions. Not by forecasters.

Really2

Emy1501 wrote: »

I know estate agents who will confirm the first part and everyone know valuation drive buys were common pre crash

Drive by valuations are for mortgages not selling.

You can still get them if you have a low LTV (but still only mainly used for remortgage).
But if you were buying you need shooting if the house is second hand and you do not cover your self with a proper survey.

If the LTV is closer to the maximum LTV the mortgage company will usually want a proper valuation.

chucky

Thrugelmir wrote: »

RICS are a professional body. I think you'll find that there's a lot more commentary than them just saying prices are either rising or falling.

Markets are determined by actual activity and individuals perceptions. Not by forecasters.

they haven't been too wrong with their reports though. when prices were going down and now when they have been rising.

they are a good lead indicator of information to where the market is going similar to Rightmove.

Really2

chucky wrote: »

t
they are a good lead indicator of information to where the market is going similar to Rightmove.

TO add to that they should be the most accurate as valuing estate is there profession.
I would say out of any future value forecasters surveyors should be the most reliable and accurate. Far more so than any EA or mortgage company.

chucky

These two peices from the article/report were interesting as these discount the arguments that many HPCers put forward and cling on to...

"Although the supply of property is beginning to pick-up, it is still insufficient to keep pace with the increase in demand which points to further prices gains in the near term," said Jeremy Leaf of Rics.

Increased supply of property but there is sufficient demand for property...

"Cheap money remains a critical prop for the market and this is being reflected in the continuing appetite for finance from first-time buyers despite the large deposits still being demanded by lenders," he added.

so there is a demand for finance from FTBers despite what many say on here :rolleyes:

Thrugelmir

chucky wrote: »

they haven't been too wrong with their reports though. when prices were going down and now when they have been rising.

they are a good lead indicator of information to where the market is going similar to Rightmove.

Short term yes. Though they do caution with regards to the combination of higher interest rates and affordability ratios in the longer term.

chucky

Thrugelmir wrote: »

Short term yes. Though they do caution with regards with the combination of higher interest rates and affordability ratios in the longer term.

but that's the whole point of a RICS report - it has to be short term, max 3 months. valuations and surveys are not done 6 or 12 months in advance. they are done for purchases/sales in the short term.

posters seems to like the RICS report when they are more negative - when they have positive news they seem to be discounted as having a VI...

StevieJ

Thrugelmir wrote: »

Short term yes. Though they do caution with regards to the combination of higher interest rates and affordability ratios in the longer term.

Yes they do, they have been fairly conservative in the past, certainly not one of the property rampers