Friday, Apr 24, 2009
Leave property alone its on the way down
Lovemoney: Why we should let house prices fall
Echoeing Paul Fisher, the BOE official's sentiment when he warned Darling not to stop prices falling, that article said that even with 21% falls the market was still 40% overvalued.
Posted by sybil13 @ 07:42 AM (340 views) Add Comment
1 Comment
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1. Stu531 said...
I sent a comment to this (on lovemoney.com) as I felt strongly enough to post one!
Lovemoney.com is usually pretty bullish about property prices, and (by the title of the website) promotes self-interest. There was a blog last year discussing the positives of gazundering that understandably stirred up a bit of feeling - you can see where it's pitched.
However this was a great article that will be read by a boatload of folk who have invested in property and I anticipate a lot of disagreement on the site. But what HJ says is perfectly correct. The data that's coming out of the city today is looking increasingly grim - and that's despite apparent increases in house price sales volumes. I think what we're seeing is a temporary upward blip that's going to return to a fall once unemployment starts to bite harder. I'm seeing friends start to lose jobs or, for those who are self-employed, find it harder to secure work. On one hand it's good that house prices are declining, but overbearishness means that we may all suffer collectively.