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RICS: Prices Rising or Stable in 75% of country
HAMISH_MCTAVISH
Posts: 28,592 Forumite
http://www.bbc.co.uk/news/business-10915210House prices are starting to fall, the latest survey by the Royal Institution of Chartered Surveyors (Rics) has said. It is the first time since July last year that its monthly survey has detected a downturn in prices.
Rics said this was because more homes were being put up for sale, while enquiries from potential new buyers had fallen for the second month in a row.
Buyers are still finding it hard to get a mortgage, while fear of unemployment is putting off others, Rics added."The fall in the Rics house price measure is broadly consistent with most other recent data that has been released," said Rics spokesman Ian Perry.
"Significantly, the forward-looking price expectations numbers suggest that this softer trend will continue through the second half of the year. "However, agents are still generally optimistic about sales activity, which should benefit from more realistic pricing of properties," he added.
The survey was based on questions to only 242 surveyors around the UK, who also work as estate agents, but the Rics report has traditionally had its finger on the pulse of the property market.
While 64% of those surveyed had not seen any change in local house prices during the preceding three months, those who had seen rises - 11% - were outnumbered by the 25% who had seen prices drop.
Annoying that prices are softening in 25% of the country though. Still, a few more reports like this and we'll no doubt see legions of sellers taking their properties off the market, reducing supply rapidly and forcing prices back up again. Just like last time around.
“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”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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You're definitely in 1st place for the positive spin of the week award. This sort of thing cheers me up no end! I'm off work sick and it's raining. Thanks HM.0
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HAMISH_MCTAVISH wrote: »http://www.bbc.co.uk/news/business-10915210
Annoying that prices are softening in 25% of the country though. Still, a few more reports like this and we'll no doubt see legions of sellers taking their properties off the market, reducing supply rapidly and forcing prices back up again. Just like last time around.
The Market dropped 20% before that happened last time McHamish :rotfl:Debt Is Slavery.0 -
Compare and contrast:
Hamish's Headline:
RICS: Prices Rising or Stable in 75% of country
FT:
Economic fears rise as house prices dip
Daily Mail:
House price fall fuels fears of double-dip recession
Independent:
Property prices will drop for the next two years, surveyors warn
As an aside, the Indie article is very interesting as it goes into how RICS acts as a predictor of house prices. link
It's worth noting that of the 4 listed above, only one isn't trying to sell newspapers.0 -
You're definitely in 1st place for the positive spin of the week award. This sort of thing cheers me up no end! I'm off work sick and it's raining. Thanks HM.
Well, there's no point in being negative about these things.;)
Besides, it's factually correct and it'll drive the bears absolutely bonkers as they log on bursting to break the news of the latest bit of pessimism, only to find someone beat them to it....
Which is enough to put a smile on anyone's face.:D“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”0 -
It's worth noting that of the 4 listed above, only one isn't trying to sell newspapers.
:rotfl:
That did make me laugh, in fact I'm now in a much better mood for the 15 hour work day...... Perhaps I should log on to MSE at 5am more often.:D“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”0 -
HAMISH_MCTAVISH wrote: »:rotfl:
That did make me laugh, in fact I'm now in a much better mood for the 15 hour work day...... Perhaps I should log on to MSE at 5am more often.:D
Are you having to work 15hours to pay off your over leveraged property debts?Debt Is Slavery.0 -
Henry_P_Chester wrote: »Are you having to work 15hours to pay off your over leveraged property debts?
Wow, aren't you being a sad sack of !!!!!! this morning..... First the duplicate thread and now this delightful little ad hominem.
Chin up, old boy.
Only another decade of scrimping and saving and you might be able to move out of your rented bedsit.:rotfl:“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”0 -
HAMISH_MCTAVISH wrote: »:rotfl:
That did make me laugh, in fact I'm now in a much better mood for the 15 hour work day...... Perhaps I should log on to MSE at 5am more often.:D
You consistently post between midnight and 6am. Out of curiosity, how much of your 'working day' is spent on MSE and HPC?0 -
Henry_P_Chester wrote: »The Market dropped 20% before that happened last time
Yes, but with mortgage availability at less than 50% of todays levels...:rotfl:“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”0 -
HAMISH_MCTAVISH wrote: »http://www.bbc.co.uk/news/business-10915210
Annoying that prices are softening in 25% of the country though. Still, a few more reports like this and we'll no doubt see legions of sellers taking their properties off the market, reducing supply rapidly and forcing prices back up again. Just like last time around.
"Prices are softening" :rotfl::rotfl:
You should work for the BBC spin doctors0
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