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Debate House Prices


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RICS & Price-Waterhouse Predict Prices To Rise

Price predictions vary across the country, but surveyors in London and Scotland were still expecting prices to rise in the coming months.

PricewaterhouseCoopers said it expected prices to be flat for the second half of 2010, with a full price recovery taking many years.

"Although the average UK house price overvaluation of around 25% in mid-2007 is now down to around 5-10% despite the market rally since March 2009, our analysis suggests that house prices remain vulnerable to setbacks," said the firm's head of macroeconomics John Hawksworth.

"The possibility of a renewed fall in house prices over the next few years, particularly in real terms, cannot be ruled out as mortgage interest rates start to rise again."
http://news.bbc.co.uk/1/hi/business/10603905.stm

I was fascinated to read how prices in London and Scotland are forecast to rise over the coming months.

I took a look around here before posting it, but couldn't see such information anywhere......

Why, even PWC's normally bearish tone seems to be suggesting prices will not fall this year, and will actually rise in the future, with any "setbacks" to be more likely in "real terms", ie, when comparing house prices against the price of bananas and chocolate bars, rather than cash or wages.....;)
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

Belief in myths allows the comfort of opinion without the discomfort of thought.”

-- President John F. Kennedy”
«13

Comments

  • System
    System Posts: 178,371 Community Admin
    10,000 Posts Photogenic Name Dropper
    Excellent news if you live in a country where the currency is bananas though.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Joeskeppi wrote: »
    Excellent news if you live in a country where the currency is bananas though.


    I eat bananas, will I be ok?
    Not Again
  • flaire wrote: »


    The [STRIKE]best[/STRIKE] most worrying line in there is "nearly half of all homeowners have no cash left for food"
    Not Again
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Nice one Hamish.

    RICS actually expect prices to fall, no rise as in your title.

    The articles title is "surveyors expect prices to fall".

    The opening to the article is:
    Surveyors are expecting house prices to fall in the coming months owing to more home sales and economic uncertainty.

    The rise in supply means more are expecting property values to fall than rise - a shift in sentiment from a similar poll a month ago.

    The survey, from the Royal Institution of Chartered Surveyors (Rics), said that the number of enquiries from new buyers dipped in July.

    This was only the second fall since the latter part of 2008.

    A separate forecast by accountants PricewaterhouseCooopers has suggested that house prices might not reach the levels seen at the peak of the market in 2007 for another decade.
    Wouldn't want to accuse you of homing in on a tiny little section of the whole article, but seriously, your title is well out, as RICS have not suggested rises anywhere in the title at all. They have suggested falls.

    What RICS actually said:

    "A shortage of stock has been one factor holding back transaction activity in the housing market but the abolition of Hips is helping to belatedly address this issue," said Rics spokesman Jeremy Leaf.

    "This is likely to be reflected in higher sales numbers over the coming months. However, with supply of property now beginning to outstrip demand there is a risk of some modest slippage in prices during the second half of the year."
  • Guitar
    Guitar Posts: 157 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    The linked article is about how prices could fall....
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    Nice one Hamish.

    RICS actually expect prices to fall, no rise as in your title.

    The articles title is "surveyors expect prices to fall".

    The opening to the article is:

    Wouldn't want to accuse you of homing in on a tiny little section of the whole article, but seriously, your title is well out, as RICS have not suggested rises anywhere in the title at all. They have suggested falls.

    What RICS actually said:

    nice work Mr Muddle but Hamish and the actual article did say
    I was fascinated to read how prices in London and Scotland are forecast to rise over the coming months.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    chucky wrote: »
    nice work Mr Muddle but Hamish and the actual article did say

    And where exactly did RICS state that?

    Wow, those straws are really being clutched at now!

    Must be getting harder. Have to home in on a single sentence in a pretty long article to make a point, ignoring all the other sentences.

    What's more, instead of just merely disagreeing, have to start calling posters silly little names as it must, somehow, have more impact if you call them a name, right?

    I take it the playground as we know it on here, is going to turn even more pathetic over the coming months?

    My dribble guards are still on sale if anyone is interested :p
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    edited 13 July 2010 at 10:19AM
    The [STRIKE]best[/STRIKE] most worrying line in there is "nearly half of all homeowners have no cash left for food"

    You have got to love the mail, With the obesity epidemic also, what is happening?

    Are we eating each other?
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    And where exactly did RICS state that?

    In the RICS report on what their surveyors said.....

    From the article....
    Price predictions vary across the country, but surveyors in London and Scotland were still expecting prices to rise in the coming months.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

    -- President John F. Kennedy”
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