This week, exactly two months after the vote for Brexit, I spent an hour on the property site Zoopla looking at the latest housing sale data available. Anyone can do this at the click of a button. Unlike the rise in stamp duty in April, which was well anticipated, the vote to leave the EU was not. And all markets react most strongly to the unanticipated.
Known information is already in prices, it is unknowns which become known which change prices.
Of course, if you actually asked Danny Dorling about the EMH he’d say it is nonsense. Because it’s neoliberal, you know.
But he does still believe in it.
Do the Danny Dorling’s of this world realise that they can visit sites like Zoopla because neoliberals made it possible. Socialism did not do it, Governments did not do it. Just ordinary people you and me signalling our needs and entrepreneurs finding ways to to provide for those needs. It was all done by the use of Free markets where ideas, goods and services are exchanged and has been since time immemorial. Where the purest form of democracy is practised. When socialists replace those free markets with their means of provision for our needs in the end it denies us that provision and replaces our prosperity with poverty.
“And all markets react most strongly to the unanticipated.” In what way has this market reacted? I mean, London house prices, at least for the expensive ones, had already been in decline for many months, hadn’t they? (Or had the newspapers been misleading me?)
P.S. He’s one of those illiterates who thinks that “anticipated” means “expected”. Shoulda gone to Ampleforth (unless, of course, he did).
“Being a geographer, I viewed the data county by county beginning with London”.
Because you’re a geographer? And that lead you to doing it by counties?
Danny Dorling would appear to be signalling the hollow mess of his discipline. I genuinely don’t believe that to be right (the vacuity is all his own). Perhaps geographers could set the record straight.
Ummm… It’s a long time since I was I this area, but sales/prices declining April to July? Isn’t that the normal annual fluctuation? People want to move house in Spring, not so much in summer?
Don’t have much access, but if some checks the Nationwide monthly index they may find this…
Best price index is Land Registry, though it lags as it is based on transactions registered.
http://landregistry.data.gov.uk/app/ukhpi/explore
London prices have been flat for a least a year, the rest of the country will follow