Tuesday, Jan 29, 2008
UK Housing Bear Market Confirmed
The Market Oracle: UK Housing Bear Market Confirmed
UK house prices slumped in the quarter to December 07, with London leading the way as momentum gathers towards the 2 year forecast for an average decline of 15% by August 2009. The mortgage banking sector has only just beginning to feel the impact of the housing slump as the number of foreclosures (repossessions) is expected to surge to a record busting 80,000 for 2008 from 40,000 last year. Northern Rock was the first to go bust, other banks will follow. But in the meantime watch out for other mortgage lenders, especially those exposed to the buy to let sector such as Paragon to be pushed towards bankruptcy, down 90% from its highs.
Includes some nice graphs!
Posted by su @ 06:18 AM (391 views) Add Comment
1 Comment
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1. Mark Wadsworth said...
The link in the full article to the "rent of buy" decision is abolsutely priceless! I have some minopr quibbles with the detailed figures but by-and-large, the moral is, unless you are confident that prices will rise by at least 10% over the next five years, you should be renting. Tee hee.