Wednesday, Jan 30, 2008
Gordon you can't let this happen!
FT: UK housing activity slows
"The turmoil in credit markets appeared to have spread to UK households on Wednesday with activity in the housing market gumming up in December and lenders approving fewer mortgages than at any time since the mid-1990s."
Posted by trough2010 @ 10:06 PM (673 views) Add Comment
9 Comments
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1. crash bandicoot said...
Gordon can't stop it now. The public have realised that prices don't always go up. And even if they haven't got the message the banks aren't into throwing money away like they used to. Rate cuts now are looking desperate and are more likely to panic the market than support it. It's going down.
2. trough2010 said...
Um - yes, house prices are coming down. Other prices are going up, I suggest you ask Gordon for the best definition of prices...
3. crash bandicoot said...
Sorry I meant house prices but was too lazy to type it. I was surprised that they could single out Wednesday as the day that the "turmoil" arrived. If I had to pin down a single day it would be the first day that people were queueing outside Northern Rock branches.
4. Orwell said...
What does one call it when one has falling house prices and rising prices that one obvioulsy can't 'cure' by higher rates?
5. it_is_going_with_a_bang said...
CB
Hit the nail on the head there, the confidence factor is defintely hit badly, Banks hopefully - regardless of rates - will not lend any amount of money and rate cuts just will not be enough to help.
The miracle economy has now been shown to be what it really is - a mirage economy.
6. it_is_going_with_a_bang said...
Incidently, the friend of mine that has been trying to sell his house for 8 months has dropped his asking price from £193,000 from £179,000.
7. justwatching said...
14k reduction, will it be enough? Rearrange the following; boat, missed
8. su said...
Another property in Scotland has just been reduced from £199,000 to £195,000. I know it's only £4K but when you look at the predictions for Scotland (all rising) it's rather encouraging.
9. bystander said...
bet house prices suddenly appearin the basket for CPI. Suddenly we have the lowest inflation rates in Europe.