'We won't see a crash': Quirk addresses house prices in new TV show

Online agency boss-turned-media-pundit Russell Quirk has been given his own money-focused TalkTV programme, with the first focusing on the hot topic of house prices.

Quirk, a renowned market optimist, discusses why he thinks prices won’t crash this year with Tejvan Pettinger, founder of the EconomicsHelp blog.

Pettinger argues that the rising cost of finance has changed the dynamics for affordability.

The interview happened on the same day that the Halifax House Price Index showed a 1.1% monthly rise in house prices but Pettinger said the annual rate is most important, which he suggested will go further into negative territory this year.

He said it usually takes six to 18 months for interest rate changes to have an effect on the market.

Quirk, in contrast said he doesn’t believe a crash is coming due to employment rates remaining high and energy prices dropping.

He also highlighted that mortgage rates have been falling from the highs they reached in the aftermath of the mini-Budget.

Quirk said: “Prices have no reason to crash, they only do so if demand is much better than supply, I don’t think we will see that.

“Britain is nation of aspirational homeowners.

“Culturally, people will always prefer buying to renting.
“There is also a massive shortage of housing stock.

He even made a £100 charitable bet with Pettinger that house prices won’t be lower in 12 months. 

The show, Money Talk, will explore a range of personal finance subjects each week and will be broadcast every Wednesday.

Watch the full video below: