Saturday, Mar 15, 2008
More bear food from Edmund Conway
Telegraph: Property Market - the word on the street
The prospects for the housing market are as bad as they have been for almost two decades.
What's to prevent us following in America's wake? Very little, as it happens. Our house prices are, in fact, even more overvalued; we are more highly indebted; our interest rates are even higher than in the US.
One section of the market - new-build buy-to-let in places like Manchester and Leeds - is already facing a price crash.
I don't buy the argument that the chronic shortage of new housing will stop prices from plummeting. Even taking this into account, our property market is significantly overvalued. Prices will continue to fall, and it won't be pretty.
Posted by little professor @ 03:30 AM (208 views) Add Comment
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