Marie Hunt, a spokesperson for estate agents CBRE, is quoted. This is the same “expert” who in 2007 said:
“There has been a definite slowdown in the residential sector and that was to be expected. We were never going to have a sitaution where property prices would continue to grow by up to 20 per cent per annum. Property will continue to appreciate but it will be at far more moderate levels…”
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In Q1 and Q2 2012 the IBF state there were 5,855 property-related mortgages of which 5,050 related to direct property purchase.
So unless there were nearly 28,000 mortages issued in the last two months or there were a total of 28,000 commercial properties bought in the first eight months of 2012 or this article is nonsensical disgraceful propaganda. Where are the editors to question this material or are the editors pushing its publication?
Stamp duty applies to lots of transactions: property transfers, non-residential purchase, etc.
Of course one way to find out if the property omens are good is to sacrifice an Independent hack and check their entrails.
The point is to sell the idea of a market on the up.
Here in…Luxembourg(?)… I read about the UK market and how it bottomed out after a vociferous and unrelenting media campaign.
This, by and large, has worked with nominal average UK prices falling far, far less than many imagined.
Of course that doesnt tell the whole story, but its the part of the story the media tells and its effect is amplified.
To paraphrase PT Barnum, “Never, ever underestimate the stupidity of the general public.”
Well, yes, but the point I was trying to make is that this is what people believe and what they want to believe.
Remember, 99.99% of the public dont read the Pin.
I think that increased coverage will continue to bolster the market.
People will begin to think that the market is ‘coming back’.
We’ve already had a thread about 92% mortgages where many Pinsters thought that was madness.
Nonetheless, theres appetite for, and apparently availability of, this sort of finance.
These arent gasps of desperation.
These are purposeful (and in the UK so far, successful) attempts to rinse the crash from memory.
One anecdote in the Indo is worth a thousand commonsense analyses on the Pin.
Personally, if I were advising anyone in Ireland about buying, I’d say the ‘sentiment bottom’ will come this year.
There is crash fatigue out in the real world that number crunching Pinsters dont seem to parse.
Finance may be sticky for a few years yet but dont ever, ever, ever underestimate sentiment.
You really shouldn’t be so down on the (S)Indo. The new editor of the Indo has today issued a personal message to you all
“The readers of the Independent don’t just buy a newspaper, they tap in to a reliable and trusted news source. Every day, you, our reader, join a community of people who require the highest standards and demand quality journalism.”
So wmight Stephen Rae offer a refund to the c 10,000 home buyers since January this year when the Sindo and Indo went on an all-out “buy now with confidence, we’re at the bottom”. With prices down an average of 6% across the country and the loss on an average €150,000 home being €9,000 or €90m in total which might sound like a lot but it is just half the loss that Independent News and Media declared for the first half of 2012.
The new editor also says “My commitment to you, our reader, is that our overriding emphasis will always be on quality content, insight and fearless opinion.”
So does that mean that Sam Smyth whose last article in the Indo was on 25th May 2012, who has been “ostracised” according to Vincent Browne. Does that mean that after a 3.5 month gap, we might see a new article from Sam?