Thursday, Mar 29, 2007
Merv plays to the stalls!!
FT Online: Bank governor sees housing demand slowing at last
The housing market is at last slowing, Mervyn King, Bank of England governor, told MPs yesterday.
Posted by nearly30 @ 09:32 AM (164 views) Add Comment
4 Comments
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1. nearly30 said...
Ok so the market is slowing - well mortgage approvals are - but what about prices???
Is this a stall before a nose-dive or a take-off in May??
2. p. o. o. r said...
A few months ago the media was saying that IR had reached the top and would fall again, now they are saying possibly two more rises before the year end (I reckon 3), Shares are bouncing up and down. From what I can see from Merv's comments, - because oil price has dropped, we are OK for the time being, because this is hiding the increase in other areas. However, (and there is always a however), if America or the UK start something in Iran, then Oil will rapidly increase and we will all find ourselves in the brown stuff. (other external things that will present a big probelm - Terrorist attack, Bird Flue outbreak etc etc).
So does this all mean that the MPC is going to surprise the market in April, and drop by 0.25% all on the basis that house prices are now starting to cool.
3. rich said...
Since demand cannot "slow", it can only rise or fall, I assume he means the rate of increase of demand is slowing.
Surely that would mean that demand is still increasing.
4. royston said...
With these guys you always have to ask: "what's his game?"
- His "game" is leading the market where he wants it to go, which will be the least unpleasant (for the majority of people/voters) course through the foreseeable terrain. However, this leading of the market must be presented as nothing more than a highly informed forecast - so that there is wiggle room if it goes wrong and so that no blame can attach.