Sunday, Sep 16, 2007
The writing on the wall could not be more clearly spelt out
Observer: 'Housing boom over@
The worldwide credit crunch that pushed Northern Rock to the brink of collapse could make a housing market slowdown worse, Earley warned. 'I think all it can do is make it [the market] cooler: that comes through sentiment, and through expectations.'
Posted by griptool @ 10:27 AM (290 views) Add Comment
4 Comments
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1. Scott said...
A crude attempt to keep the bull going. Growth will half next year, implying that there will be growth next year. This ignores the fact that prices are already falling and this is without the recent interest rate rises taking affect yet.
2. Cheekie Charlie said...
"Fionnuala Earley, Nationwide's group economist, said she expected house price inflation to slow to around 3 per cent next year."
Just niceley in line with inflation everything will turn out nice in the end says Fionnuala looking through her rose tinted spectacles she aquired at "uni" a few years ago. Probabley never lived through a recession, probabley doesn't know what one is!
3. Cheekie Charlie said...
"One couple had even camped outside Northern Rock's Cheltenham branch in Gloucestershire overnight, desperate to withdraw the £1m proceeds of a house sale. 'We were told that because our money was in an online account we wouldn't be able to withdraw it there and then,' said Fiona Howard. 'That money is our lifeline, as we are living in rented accommodation at present.'"
The term penny millionaire is going to take on a new meaning!
4. crash bandicoot said...
"Fionnuala Earley, Nationwide's group economist, said she expected house price inflation to slow to around 3 per cent next year"
Blimey, it'll still be higher than the CPI then. I think I'll start BTL a portfolio. I just checked out the Northern Rock website and it seemed very busy. Perhaps lots of other people have the same idea!