Thursday, Sep 18, 2008
Bite on this Leather Strap when it Hurts
Bloomberg: BOE's Dale Sees `Painful' U.K. House-Price Adjustment
The adjustment in U.K. house prices will be ``painful'' for many households as home values fall to a more sustainable level, Bank of England Chief Economist Spencer Dale said. ``A range of indicators point to further weakness in the months ahead,'' Dale said in a speech to business leaders in Dover today. ``This process of adjustment will be painful for many households.''
Posted by alan @ 07:17 PM (404 views) Add Comment
2 Comments
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1. mark wadsworth said...
"Painful"?
Imagine me in my deckchair (or probably sofa, now it's autumn) swigging champagne and laughing.
If that's "painful" I'd hate to be in agony.
2. micasasucasa said...
If the average house price falls to 3.5 times the average salary then that really will be painful (for those with a mortgage and no equity)!