Sunday, Sep 30, 2007
Phil Spencer: "Don't expect that to continue"
Times: Easy money from property?
Phil: "There’s blood on the streets of Britain’s housing market. Five successive interest-rate rises have gouged deep wounds, but the coup de grâce could be yet to come – an estimated 2m people on fixed-rate mortgages will have to take out new loans at higher rates within the next 12 months, sending their monthly payments soaring and reducing their ability to trade up" ehmm... how about repossessions?
Posted by confused76 @ 10:13 AM (713 views) Add Comment
5 Comments
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1. sovietuk said...
Just looking at properties round my way (south east), the market definitely sems to have fizzled out with asking prices dropping and properties being taken off the market after having remained unsold for ages. Very different picture to 12 months ago. With the effect of fixed rates finishing soon and lenders in no mood for compromises a full scale property slump looks highly likely if not a complete certainty. Just look at the way the markets of our foreign counterparts are failing to "rebound" or achieve the elusive soft landing. Whichever party is in power for the next 3-5 years it will be their last for a verylong time.
2. deepak said...
Stale news. But important is this is by Phil Spencer the Bull.
The market has been kept up in the last 18 months by the bulls that it is going up and up.
And they can't see the way down. You would expect them to say that as they make there money by doing so.
But slowly they are changing track. The last man standing for House price RISE is also not stuttering in his boots.
3. taffee said...
how laughable to see ramper phil covering himself for a crash then..........funny thing is he is likely to be unable to pay his hefty mortgage as he's about to lose his income......from ramping property up.
what a joke.....as if anyone listens to him and kirsty anyway....they'll be the john travolta and bee gees for the next 20 years hopefully
4. su said...
he's a good-looking hunk, though! Converted lurker is looking for just such a man for Firstrung - to replace the picture of girl climbing rock face...
5. voiceofreason said...
"But we can only handle a certain amount of debt, which means prices cannot keep on going up at the same rapid pace for ever. There comes a point when something has to give."
Kachunngggggggg - the penny drops !