Monday, Jun 16, 2008
Self-fulfilling prophecies...
Metro: House prices 'to fall 20 per cent'
I love headlines like this, who in his right mind is going to buy today?
Posted by mark wadsworth @ 10:17 AM (601 views) Add Comment
5 Comments
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1. drewster said...
This morning on the train I left every spare copy of Metro open at this page. Gotta spread the message! ;-)
2. Papabear said...
Nice move drewster - will have to remember that one for next time (and headlines like that are sure to continue)!
3. icarus said...
MW - best not to call it a self-fulfilling prophecy as this is grist to the mill of those who deny that there is anything 'fundamentally' wrong and blame the 'doom-mongers' and HPC.co.uk for the 'negative growth'.
By the way, what's that guy Curtis talking about? "slow growth for some time" and house prices will remain "undervalued for a long time". And here's me thinking they were falling because they were overvalued.
4. Bananasplit said...
Most normal thinking people have known that house prices and cheap credit had a limited life and I have been waiting for 2 years for what is now in full flow.
The experts have not been very expert in their predictions and they have no idea where the %'s are going. The world economies are pulling and pushing each other trying to bring new business in and take business off someone else, I would bet that the economies that have fuel resources and cheap labour will capitalise and countries like the UK that are expensive, resource poor and have limited manufacturing relying on finance, stocks and shares to create GDP will be out done by new developing economies and it is possible that the London jobs will be lost to these new dynamic and clever countries. House prices could fall beyond 35% and bottom out at genuinely affordable level possibly 3.5 times income for a average family home !!!
5. jack c said...
Similar article in the FT
www.ftadviser.com/FTAdviser/Mortgages/News/article/20080616/9f10157e-3b9d-11dd-b45c-0015171400aa/House-prices-could-fall-more-than-20-per-cent.jsp