Tuesday, Apr 06, 2010
Slow motion train wreck - sounds delightful - NOT!
Telegraph: UK house prices face prolonged bear market
The housing market may now be trapped in a long-term bear market and may not bounce back to the peaks it reached in 2007 for generations, a leading economic consultancy has warned.
Posted by mrflibble @ 08:02 AM (1295 views) Add Comment
7 Comments
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1. miken said...
The article is basically saying if you haven't already invested in a house then go and invest in something else. I agree that it's simply not worth putting money into something that won't gain in value in real terms (after inflation) for a long time to come.
2. mr g said...
@Miken "The article is basically saying if you haven't already invested in a house then go and invest in something else. I agree that it's simply not worth putting money into something that won't gain in value in real terms (after inflation) for a long time to come"
That is a very telling statement wherein lies the root of unaffordable housing namely;
There will be no return to sanity in the housing market until people start to look on a house as a home and not an investment.
3. sneaker said...
To prove how absurd it is that people believe rising house-prices is good, consider how you would feel about people taking out "equity withdrawal mortgages" on, say, cars, boats or even sacks of wheat.
The only price-rise we cheer is the house-price and until we forget this misplaced obsession, the weird economic ways we have grown accustomed to will continue.
4. mark wadsworth said...
Well, that's the big question. Will people ever twig that rising house prices make us poorer? Maybe they will, maybe they won't. The problem is of course that falling prices are associated with recessions etc, so are tainted by association. Far better to keep them low and stable and have done with it.
5. timmy t said...
Mr g - thank you, comments like that restore my faith that not everybody has lost the plot.
6. taffee said...
agree with timmy t...the mr g comment is all that you need to focus on
7. Glazed And Confused said...
Can you explain why houses in SW15 are completing at levels above the 2007 peak? I'm not happy but it's true. Is this another blip before going down again or are these prices here to stay?