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BBC Property Watch

Propertywatch

I’ve just been watching the BBC’s ‘property watch‘ program which I understand is on every night this week. I dread watching stuff like this because I normally find when I watch programs about things I know it winds you up when you hear the rubbish that they sometimes come out with.

I’ve only watched last night’s program (from Tuesday 12th May) so far and overall I’ve surprisingly found it OK. The ‘election-night special’ graphics don’t do it any favours – someone’s run away with the graphics. When they say “50%” you get a 10 foot high graphic behind him showing what 50% actually means. Thanks mate – I’d worked that one out actually.
The biggest doom-monger was some ‘expert’ called Merryn – she took delight in saying that the property market has a load more price falls to come. Rubbish! Every other report in the program seemed to be coming to a similar conclusion – that we’re at or near the bottom of the market in terms of price. So I’m not quite sure where Merryn buys her crystal ball – she didn’t explain about it other than saying it was what she felt. Don’t know if she’s related to the BBC’s harbinger of doom correspondent (Robert Peston) but there’s got to be a good chance.
They touched on the auction market – currently a hotspot in the property market. If you’re prepared to do your homework it can be a good way of getting a property at a good price – each of the auctions we’ve been involved in over the last few months have been thronged and all the properties have sold – many for quite a bit more than the guide price. I had started to type up some initial guides but I’ve split that into a separate blog.
Anyway back to the program.
So what’s my take on the property market?
Well the fall started for us at the end of 2007, and accelerated in spring 2008 – helpfully aided by the press with some stunningly scaremongering headlines. In terms of numbers of people moving it really dropped Around June/July 2008, reaching a bottom in August.
It moved up a tiny bit over the following few months, and then in December we started to hear the first signs that things were changing – people were suddenly out there looking at property – they weren’t buying at that stage but at least they were looking.
That increased activity didn’t start to kick in until February when we finally experienced a bit of a leap in volumes to levels we haven’t seen since last May. Through March and April these volumes have stayed the same – not really rising but not going down either. As the news starts to get out there that prices have stopped falling then I expect more people to come to the market. If you want a conveyancing quote for then just click on the link
Another chestnut that also popped up in tonight’s program:-
“You can’t get a mortgage for more than 75%”
Rubbish! There are a number of 90% mortgages floating out there – the last time I looked HSBC and Nottingham Building Society were both offering this
The main problem I have with programs like this is that they’re designed to entertain – and to do so they always bring in the big graphics, show extreme cases, and try and dewll on the appallingly bad or the amazingly good. The stuff that’s ‘just OK really’ won’t make it onto the program. That’s why we get delightful souls like Merryn popping up on the box. A mate from years ago ran a wine shop and eventually got asked to do reviews of wines at wine tastings. He quickly cottoned on that the way to make sure that his review got into the magazine’s article was to ignore the OK wines, rave about the really good ones and slag off the poor ones – once he’d cracked that he always got his comments published. I suspect Merryn may have tapped into the same rich vein.
While it’s a pain if they’re making a program about the subject you work in, if they did it any other way I suppose it would make for dull television.
That’s all for now – I’ll try and watch some of the other episodes but I’ve got to say it’s a bit like a busman’s holiday, or homework
Cheers
Mark

One Response to “BBC Property Watch”

  1. conveyancing in Nottingham says:

    I think the problem we have is high street lenders wont offer 90% Mortgages, but so called lesser lenders will and this then represents poor value as the interest rate is huge.

    Gavin Moore

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