Thursday, Jul 02, 2009
It's all over
Telegraph: BoE's David Miles says housing crash is now past its worst
The worst of the housing market crash is now over, David Miles, the Bank of England's new resident expert on the mortgage and property market, claimed yesterday. Professor Miles, who wrote a Treasury report on mortgages five years ago, said that both the housing market and the broader economy had now endured the worst of the slump, and could recover soon. "Expectations are crucial in the housing market and they look a bit better now than a few months ago. My hunch is that we have seen most of the overall aggregate house price falls."
Posted by little professor @ 06:46 PM (1350 views) Add Comment
12 Comments
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1. techieman said...
did he have a hunch that there would be a crunch - or is he just a member of the hair brained (as opposed to bear) bunch. http://www.youtube.com/watch?v=Hk9iP3-SJsM
2. Daniel said...
Houses are still priced 85% higher than they were in jan 2001.
When they come back down to 2000 levels, I will look at buying my first property. Not until then.
This is how the vast majority of people who are not on the ladder feel.
For that reason alone, David Miles is completely wrong.
3. fubar said...
I have a hunch he's right... No wait - it's only indigestion.
4. fubar said...
To quote David Lo-pan of the Wing Kong exchange "This is begining to really piss me off."
From the article;
"His comments come amid growing signs that although the economy remains weak, the signs of recovery are now becoming increasingly convincing." As I regularly point out I know fek all about economics but even I reckon this is pish of the purest kind.
5. icarus said...
The promotions to the BoE are perfect examples of the Peter Principle.
6. David Hurst said...
Hopelessly wrong.
This a double dip or 'W' shaped recession. Expect more substantial falls as property heads back to common sense - another 15-20% fall I reckon - people need to grow up
7. fubar said...
Based on the Peter Principle I'm in line for a place on the MPC. My indigestion based hunches could be just what we need to get out of this mess. More reliable than this clown anyway.
8. fubar said...
Based on the Peter Principle I'm in line for a place on the MPC. My indigestion based hunches could be just what we need to get out of this mess. More reliable than this clown anyway.
9. mander said...
Can you contradict the proffessor? Before experts making reports or comments they should disclose how many properties they own 1 to 10...? Now that he has made reports before we know what to expect.
10. inflation is eating my savings said...
says 125billion in QE- my feeling is that it was more- lost track really. Anyone out there got a number?
It is his job to soothsay. Although we may not like it.
11. Daveats said...
another EXPERT
12. new user 2007 said...
Anyone know what he said in the Treasury report 5 years ago? Such an article would surely mention that he had some sort of foresight at the time, if he had gotten anything correct...there is no reference to anything in the article!