Friday, 19th October 2018

The housing market An uncertain future

2009-02-14 18:07:25
Everyone is talking about the housing market and what 2009 will hold for anyone wanting to buy or sell a property. But with so much contradictive information being thrown at us, it makes a very confusing outlook for the general public.

For the last year the word from the media and has been very gloomy with their reports from the Nationwide and Halifax of the month by month drop in house prices. On the other hand if you speak to an estate agent they will tell you a different story. Some have implied the Nationwide and Halifax are over exaggerating and whilst admitting a minor drop in the market, it all just a media storm in a tea cup.

Only today whilst do my usual internet search for property price index information did I come across one of the most confusing messages about the property market so far. Right next to each other 2 headlines, one telling me that house prices had gone up last month (Jan 09) and the green shoots of recovery could be seen, and the other telling me that the housing market was set to drop a further 30% this year. Has the media really been flooded with so much information so quickly that they actually report conflicting information on the same page of their own publication.

SO what can we really expect to see from the housing market in 2009??
I don't think we should be looking to estate agents for the answers, they have no choice but to try and talk the market up. The housing market slump is certainly affecting their cash flow, insider knowledge tells me that some of the independent estate agents are cutting wages to try and prevent them from going to the wall.

It is my personal opinion that you can not trust the banks since I firmly believe they are the main cause of this recession and are not doing a damn thing to help us get out of it. Irresponsible lending around the globe has caused the problem and the greed of the bankers are preventing us returning to a stable market.
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