It is extraordinary how far sentiment has turned. Previously, the Times was in the forefront of housing market hype.
Today, the newspaper has turned. It was full of dismal news for home sellers. One article reported that:
"Almost half of all properties going to auction are failing to sell on the day, as sanguine buyers wait until the bidding has ended before making rock-bottom offers on unsold lots. Behind the scenes, struggling auctioneers are urging sellers to drop their reserve prices and some investors are quietly snapping up deals for up to 40 per cent below market value."
If investors are "quietly" picking up deals at 40 percent below market value, then the UK housing market is well beyond a correction. It has slipped into a full scale crash.
The Times followed up with a second article, pointing out that second home owners are also about to start flooding the market with unwanted properties:
"One in four second-homeowners could sell up in the current downturn, prompting even more dramatic house-price falls."
Auctions and second homes may not fully reflect the housing market. In many respects, these activities were typically seen as fringe activities, dominated by speculators and misguided investors. Nevertheless, this sudden collapse of confidence contributes to the prevailing atmosphere of panic.
I am now waiting for the final collapse of the housing hype-merchants. I am waiting for the sudden disappearance of all those horrific property shows on TV. I give it three more months before Kirsty and the crew get dumped. My only fear is what will replace them; more X Factor and Britain's got talent?