House prices will carry on dropping, says Item Club

I've got a suggestion - bear with me, it's a good one. I reckon that every "economist" should be included in a compulsory league table - like football teams. This league table should be based on the percentage of "predictions" they get right. Eg a good one will be near the top of the list with say 95% of their predictions being proved correct etc. The worst will languish at the bottom of the table with my Aunt Fanny, sho is borderline insane. I further propose that newspapers, websites, the BBC etc should agree that unless an "economist" has at least 75% accuracy that they never ever mention any crap they spout in future. I think it's a cracking idea. Run with it gents.

• 22 October 2010 18:59 PM

"An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today." -Laurence J. Peter

• 22 October 2010 14:17 PM

Stuff the opinions of economists; when - and ONLY when - the Board Man tells me the market is sh@gged for the next year will I believe it! ;0)

• 20 October 2010 11:49 AM

To be fair agents say that they don't control prices, it is just the market - which is essentially true. I hardly think therefore pundits exert any more control over the market. These so-called pundits are usually just trying to get their company name in the press - it's just PR. They don't actually know anything more than the average person who is interested in the property market.

There will be a lack of activity (which of course may well lead to falls, we don't know yet) but this will be due to tightened lending of mortgages, wage freezes and job losses and general feeling of poorness and realisation that house prices have gotten too expensive. Pundits are only using these facts to guess what will happen, they aren't controlling what will happen. It is disingenuous for agents to pretend otherwise.

• 20 October 2010 11:10 AM

Two things never cease to amaze me, firstly the fact that the housing market only ever responds to these "predictions" as a knee jerk reaction, we all see it, the papers print some ridiculous claim about prices plummeting and of course what happens? People stop buying, therefore house prices soften! self fulfilling prophecy, then AMAZINGLY we have surveyors and stupid estate agents (mostly corporate!) talking down the market in attempt to gain themselves, and of course what happens? The prices soften! Frankly its all rubbish, lack of houses and the growing population should keep the market steady but with these idiots who generally overvalue in good times and under value in the bad its never going to be plain sailing! They all need to stop the BS and sort themselves out!

• 20 October 2010 10:26 AM

All of these dozens of 'pundits' hedge their comments in lots of 'ifs & buts'.
If they have nothing more definite to offer why not just stop knocking the market, shut up, and let agents get on with doing their best in what is obviously a difficult time!
P.S. What is the NFoPPs opinion on this?

• 20 October 2010 10:23 AM

The drop will be more like 10-15% . viewings are down , offers are ridiculously low and the only real buyers are those with money , not reliant on the banks for 90% loans and they have the choice . soon sellers will realise that they have to be realistic about asking price and more realistic about taking an offer otherwise they simply wont selll and the prospective buyer will just move to another property and bid on that , and so on until they find the weakest seller. QED

• 20 October 2010 10:14 AM

I find it amazing these so called experts in our market predict such a drop. At the end of 2008 didn't they also predict house prices would fall by 30%...this did not happen so why should there be a further drop? There are less properties coming to the market and therefore demand will stop or slow any further drop in prices.

• 20 October 2010 10:05 AM