Wednesday, Jan 23, 2008
London housing market dead in the water
Times: Citigroup cuts London jobs on UK recession fears
Sure we must not be happy that a few thousand people lose their jobs, but let me tell you City salaries have ballooned in the past five years for otherwise mediocre skills and qualifications (e.g. the "experts" that have wrecked the global financial services). Easy money - seemingly never ending - fueled the borrowing of 10x more money and propped the London housing bubble. As always, markets are set at the margins. 8k people who lose their jobs make 100k people feel less "secure" about their job prospects. And high rents and house prices evaporate. Kiss the London house market goodbye!
Posted by confused76 @ 11:03 PM (254 views) Add Comment
2 Comments
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1. japanese uncle said...
I am curious to see how this turmoil should hit 2012 London Olympic Games let alone one in China.
At the end of the day, many of games may have to be organized in the gymnasium of the local high schools and council pools. Hahaha.
2. Safe As A Crash said...
...confused... not in a good mood today ? I would have expected your usual mmmmuaaa hahahah attched to the article.
lol !