Friday, Jun 27, 2008
Oh how the 'experts' change their tune
Telegraph: House prices won't recover until 2015, ex-MPC expert warns
The housing market will not return to its pre-credit crunch health for at least six or seven years, an expert adviser to Gordon Brown has warned. Families must wait until 2015 for the property market to start booming again, according to Stephen Nickell, who heads up the unit which advises the Prime Minister on housing planning.
Posted by uncle chris @ 09:33 PM (531 views) Add Comment
11 Comments
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1. Cheekie Charlie said...
"pre-credit crunch health" = flat to rising prices(below rate of inflation) from a much reduced value.
2. Johng said...
And?
Property follows an 18 year cycle.
We are getting towards the end of the first year from peak.....
7 years to the start of meaningful recovery.....
10 years of boom.....
Then..... (see 2007 for details).
3. Johng said...
Property follows an 18 year cycle.
We are getting towards the end of the first year from peak.....
7 years to the start of meaningful recovery.....
10 years of boom.....
Then..... (see 2007 for details).
4. This comment has been removed as it was found to be in breach of our Blog Policies.
5. quiet guy said...
What a strange article. There is an implication that returning to a 'booming' market would somehow be a good thing. It would be much better if that never happened again. Not a word about the role of 'innovative' financing techniques either.
Also more crocodile tears for FTBs. If only those pesky banks would lend more to FTBs to prop up the Ponzi scheme.
6. Steve99 said...
The economic/political group think is still 100% aligned to the ideal of increasing house prices being the siamese twin of national prosperity. The depressing thing is that neither the current government nor the Tories in waiting can conceive of any other paradigm. Neither of them are thinking at the higher levels of how things really work, eg the monetary system, the real causes of boom and bust etc, they all want to play the same old tripe over and over like some stupid drug addict forgetting his last night in the police station lockup soon as he feels that needle full of heroin back in the arm again.
7. mark wadsworth said...
Stephen Nickell?
The gummint stooge who only a few months ago solemnly told the House of Lords that house prices would rise from average 7 times to average 9.3 times earnings?
Moron.
8. Fly By Night said...
Do we want another boom? I don't think so! Another boom would inevitably lead to another bust. I thought we had seen the end of boom and bust?
9. inbreda said...
ex mpc expert.
Presumably he still works for the mpc then.
10. denzil said...
Nickell changes his tune more frequently than the weather changes.
11. another alan said...
I really want to hear/read an explanation from Nickell about his masive change of tune!
To think people may have heard his pronouncements and made decisions based upon them.