Monday, Jun 30, 2008
BTL is UK's subprime
BBC World service: Analysis
All bubbles eventyually burst and when they burst there is lot of pain
Highest debt consumer debt level in western world
30% fall on aution prices
IMF says UK market is 30% over valued
FTB buying now will be in negative equity
High home ownership 80%. All counteries having high home ownership is having high falls
3rd most overvalued housing stock after Ireland and Netherlands
Debt binge in the last 20 years. and we will pay for next 10-20 years
BTL is UK's subprime. City centre and holiday homes loosing values fastest
Cheap credit is over. No more 100% mortgages
Higher interest rate and more deposit.
Million people paid mortgage on credit card
Etc. Etc
Posted by deepak @ 09:17 PM (304 views) Add Comment
2 Comments
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1. mken said...
Not bad for the BBC, but can't help themselves resorting to the "different this time" - so there will be no recession line.
2. paul said...
The BBC is paying lipservice to the issue of BTL being subprime though - limiting the news to the World Service - iplayer?!!
It won't get any space on the website, because hey - BBC editors have their BTL livelihoods to look after too y'know.