"Now is the time to start buying — basically because most of the falls (in price) have happened. Provided the price has been adjusted somewhere near to 25 percent, it’s a good opportunity.”
Yolande Barnes, director of residential research at the estate agency Savills, April 2009
Go on, tell me what you think........
9 comments:
I'm holding out for 40% falls. A year and a half ago Yolande and her ilk were predicting a 5% or 10% increase over 2008 while I was predicting the first half of a 40% fall.
The unedited version should read "Its a good opportunity...for you dear house buyer to sit on a further depreciating illiquid asset, whilst helping to generate just enough revenue to keep a third rater like me in the style to which I have absolutely no economic justification but which i nonetheless possess an overwhelming sense of entitlement. So I put out these baseless predictions from time to time to play on the fear and greed of the intellectually feeble. Still life could be worse, I might have taken that job at Foxtons. Love and kisses, Yolande.
I`d say she has a few houses she really needs to shift...silly woman.
What Mark (@2) said +1
At some point it will be wise to buy property before the Great Inflation sets in. Not yet, I suspect.
c. 60% real falls, less with inflation taken out, bottom in south c. 2015, national average hits bottom c. 2018.
It's all clear from the real house price graph with all the four bubbles since the 70's - big, big drops to come, the troughs form roughly a line on this graph. Maybe it's even a falling curve...
B. in C.
Naah,there's no rush. We've had about 20pct from the peak in Oct 07 so another year before you need to look and longer before you should think of buying. Peak price less 40pct for your dream home if you've plenty of cash, otherwise 50pct. But if you're struggling to afford it, chances are so's everyone else, so the new mantra must be bid lower.
Self serving baloney. Market will bottom out at or near long term trend line which indicates 40% drop off 2007 peak.
Wrong. Not only are house prices heading for mean of three times average salary, with rising unemployment and coming salary cuts, three times is going to be a lot less than it was a year ago. So two forces to pull the prices down further: where average wage pre-crunch was £25,000, it may end being £15,000 by the end of this year.
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