Thursday, Nov 29, 2007
Even the VI's are admitting that a HPC will happen!!!
Times Online: HSBC predicts property slump next year
House prices in Britain are overvalued by about 30 per cent, HSBC said yesterday, sounding the alarm that the property market could suffer a similar slump next year to that experienced in the United States.
Posted by rollonapril2008 @ 07:49 AM (362 views) Add Comment
3 Comments
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1. happyrenterz said...
At least someone in the banking world is prepared to say it as he really sees it. Instead of all these lenders going around saying they forecast a 0% growth next year. Too scared of being accused of scaremongering or losing their jobs to tell the truth. There is no way a bubble is going to settle down to 0% growth. A bubble gets made because people believe that prices of tulips, tech shares, houses, or whatever will keep going up. As soon as prices stop going up it pricks the bubble and it deflates.
2. talking rot said...
Have you read some of the comments. Some demonstrate the ignorance of the sheeple.
3. iguana said...
Mmmmmm, 30% ?
Now in the good old days of 1989/90 when the VI's were talking about the continuing rise in the housing market and shared equity was the only way that the market could see of sustaining itself, the pundits were saying that at worst the market would 'level' perhaps fall a bit, but would never collapse as house prices were not that unreasonable. This brings me neatly back to 30%, after the initial plunge in prices that took place in a little less than two years, it slowed a bit but resulted in a fall of 30% overall. Things are very different now, the loosening of the credit markets and the idiotic lending practices that have developed have resulted in a level of personal debt and property overvaluation far and above that seen in 1990, I believe we will see 30% for starters then stand back or run for cover, the run on everything will start and the Mayans will not be able to help.