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Sleepless in Fulham: Rambling and gambling by David Young
Tuesday, 12 August 2008
The wisdom of Kirsty Allsopp.
Topic: Misc.

I saw an unintentionally hilarious interview with Channel 4's 'property expert' Kirsty Allsopp in the London Lite newspaper about a month ago. Sadly I was not able to find it online.  In it she answered various questions about the credit crunch and gave some stunningly stupid answers. Asked about whether buy-to-let was still a good investment opportunity, she ended her reply by saying 'It was never about making a quick buck anyway'. Huh? What planet has she been living on? That's exactly what most people thought they were getting themselves into, especially in the last four or five years of the boom. Asked about the prospects of a given area, she said something along the lines of 'I'm not a believer in buying in specific areas. I'm more interested in buying specific properties'. That's all well and good, but her show is called 'Location, Location, Location'!

However this is as nothing to her masterpiece at the Channel 4 website, where she's surpassed herself with this incredible analysis of the current fortunes of the property market. The money quote:

"Your house isn't worth less than it was, but people aren't buying."

Words truly fail me.

She really seems to think that the slowdown in the market is due to Stamp Duty. She's utterly delusional. It's incredible that to be able to sell someone a few grand in shares you have to pass exams and be qualified, but you can advise strangers on the biggest investment decision they will ever make and be a total ignoramus about Economics. Allsopp reminds me of the person who claims to have had ten years experience, but has actually had one experience that's lasted ten years.

_ DY at 2:45 PM BST
Updated: Tuesday, 12 August 2008 2:53 PM BST
Post Comment | View Comments (2) | Permalink

Thursday, 4 September 2008 - 4:32 PM BST

Name: "anonymous"

To be fair to Allsop she did use her 'Location, Location, Location' programme as a vehicle to criticise the government's refusal to raise the Stamp Duty threshold. She eventually got an interview with the housing Minister (attractive woman, whose name escapes me) to press home her point, which coincidentally was the one you were making, that Stamp Duty was exacerbating the slowdown in the housing market. 

In case you didn't know, she's now an advisor to cuddly David Cameron on housing matters.  Words do indeed fail.

Saturday, 6 September 2008 - 2:15 PM BST

Name: "David Young"

I don't think we are on the same wavelength at all. I do not approve of Kirsty Allsopp using her show to campaign for a tax-change that would happen to help her industry sector. Of course I'm in favour of cutting taxes in general, but would rather see a cut in taxes that more people pay. I also think she's barking mad to say:

"If we reduce Stamp Duty, transaction levels will rise, prices will stabilise and the revenue due to the government could actually go up!"

Houses need to fall a good 40 per cent or more to become affordable for people on average earnings. A cut of a per cent here or there won't change anything. Who's going to be tempted to buy an asset they expect to fall by a third or more just because of a percent or two off the tax bill?

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