Saturday, Apr 28, 2007
Nationwide argue the market is cooling despite their own figures!
Home.co.uk News: UK Housing crash alert
Fionnuala Earley, Nationwide's chief economist, now tries to temper interest rate rises with scare tactics. Having helped talk up the market (and house prices) to their current dizzy heights it would appear they now wish to impede desperately needed corrective measures.
Posted by tinecu @ 09:47 AM (214 views) Add Comment
3 Comments
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1. Tails said...
As we now approach the BoE's interest rate decision in May, the Nationwide et al are starting to come out with the same stuff every month that the market is cooling and yet as soon as the interest rate decision has passed they talk up the markets once again.
2. Scott said...
Yes Tails, but it is inflation that is concerning the bank now, not the made up news about cooling property. Therefore, the usual smoke and mirrors will not work. Unless the media can think of an ingenius way to convince them, the hammer is finally going to fall hard.
3. Nelson said...
"In our view, the talk of rates climbing to 6 per cent and beyond is overblown and if implemented in the current climate could be damaging to housing market stability."
Housing market stability - ??? - how is a vastly inflated market ever described as stable - and how they can get away with saying that beats me.