Sunday, Jan 20, 2008
House prices are falling at their fastest rate since the recession of the early 1990s
Independent: Price declines recall the recession of the Nineties
House prices are falling at their fastest rate since the recession of the early 1990s, the Royal Institution of Chartered Surveyors (Rics) has warned. Confidence is ebbing, with the "house price balance" – the proportion of surveyors reporting increased house prices – falling to minus 49.1 in December from minus 40.6 in November and marking the biggest negative balance since November 1992.Meanwhile, fewer people are looking to buy a property, with 25 per cent more surveyors reporting a fall rather than a rise in enquiries.
Posted by jack c @ 12:05 PM (8599 views) Add Comment
3 Comments
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1. confused76 said...
But there was some more positive news, he added. "While sentiment seems to have reached its lowest ebb, the underlying economic conditions are vastly different to what the country experienced in the early 1990s. Supply would have to loosen considerably before prices took a significant dip."
yeah sure
2. jack c said...
"economic conditions are vastly different to what the country experienced in the early 1990s" - I'd like to see a more detailed breakdown on this to support the statement but surely over a Trillion pounds worth of personal debt needs to be factored in.
3. paul said...
I love the statement "Supply would have to loosen considerably before prices took a significant dip".
As a comment to a headline about a significant dip in prices, this qualifies as the dumbest comment evaar.