Tuesday, August 10, 2010
"Suckers rally" say Savills - a headline that may take some explaining
My old colleagues at Savills may have some explaining to do if any recent clients happen to drop in for afternoon tea over the coming weeks.
Yolande Barnes is their head of residential research and is quoted in this Bloomberg article as saying:
“The mainstream housing market is at a tipping point....the lack of homes for sale and drop in transactions resulted in price gains that some in the stock market might call a ‘sucker’s rally.”
They also say that the market probably won’t recover until 2012. Prices will drop 2.5 percent this year and 1 percent in 2011.
Hmmm...fighting talk but if I had just bought a house through Savills buying agency Prime Purchase I'm not sure I'd be best pleased at the colourful and headline grabbing description used.