However, as ever, these things are all a matter of perspective. The CML figures for August actually show gross lending was up by 13% versus a year ago.
However, why confine ourselves to such dry statistics when a far more important part of our lives is literally showing us the way? Yes, I’m talking about TV. At the time of writing, there are 18 property based programmes in the listings for the next seven days, from ‘Escape to the Country’ to the far more worrying ‘Help! My House is Falling Down’. Between them, these programmes cover 122 hours of airtime, though admittedly this includes repeats. I’m told that on average, we are awake for say 14 hours a day, so in theory, you could fill your entire waking week with this quality output.
The serious point about all this is that this it is an outward sign of the population’s rekindled love affair with property.
In fact, there have never been quite so many property based programmes broadcast – the last time we came close was in the two years running up to the crash. Whilst some may see that as a worrying sign, further analysis offers some comfort. In 2005 to 2007, we were all watching programmes which were built (sorry!) around the premise of buying a property, spending a bit of dosh and then reaping a huge profit, often without ever moving in. How very ‘pre crash’- a period when the concept of a property as a home and base to support our lives weakened, to be replaced by a tantalising get-rich-quick ideal. Unsurprisingly, TV producers scuttled off to other topics when the market took a dive, and those looking for a property fix had to make do with repeats with depressing subtitles revealing the original date of the programme and the fact that the featured properties were now actually worth the same price as the TV you were watching it on.
There is a distinct difference in tone today, with the focus on finding properties which represent a long term dream home for the show’s subjects or equally often, improving and remodelling an existing property.
So, do these more sustainable themes signal a more sustainable market? It’s as good an indicator as any in my view. Meanwhile, other older franchises like Dr Who have returned – if only we could borrow the Tardis and go back to 2007…
Richard Sexton is business development director at e.surv
