Monday, Jul 30, 2007
BBC have picke up the Fitch Report
BBC News: UK housing market is 'overvalued'
Yes - we on this site know this already (for years) - but the important point is that this has now got beyond the broadsheets. Let us hope the tabloids and popular papers/sites now inform the public
Posted by sirgoogle @ 04:53 PM (195 views) Add Comment
7 Comments
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1. dobber said...
UK house prices are at least 20% overvalued compared with their long term average, according to credit rating agency Fitch.
'At Least' being the key words. Typical press release from a ratings agency that is trying to tell the sheeple that it knows about the problem, having been partly responsible for the problem in the US.
Fitch along with Moody's and Standard & Poors issued AAA ratings on subprime mortgage CDO's that are now blowing up. They know what's coming and they are trying to protect a reputation that is going to come under severe scrutiny when this completely unfolds.
20% well that will do for starters, 50% anybody?
2. confused76 said...
I am with ABN Amro, say 40-50%
3. enuii said...
Wake up and smell the reality it's spreading like a nasty one as others copy the story.
4. Propertysnake said...
I sincerely hope you're right. I've been waiting for a HPC for years now, and I'm getting more and more pessimistic. I've even thought about buying :-o
If houses are overvalued by only 20%, then expect a few years of low house price inflation while rents and salaries catch up.
5. Scott said...
40-50% possibly in London to counteract the ridiculously high prices in the areas that more resemble Bosnia that Britain. The rest of the country is generally more sensibly priced and will experience a moderate correction if any.
6. Orwell said...
I agree with Amro and The European Central Bank and Evening Standard in London- 65% (about).
Note how the US are not mentioned ............... now !!!
7. hedger said...
"Yes - we on this site know this already (for years)"
I too have been a bear for years but I am yet to be proven right. Lets not be as myopic as the bulls and claim that we have been right all along. None of us can claim that we are better off now than what we would have been if we bought 2-4 years ago.