Thursday, Sep 16, 2010
A view from across the pond
WSJ: The Source: What Good Are Lower U.K. House Prices if Banks Won’t Lend?
U.K. house prices–among the top topics for British dinner table chat as well as a nice little earner for those with the spare capital–are falling, and look set to continue in that vein for the remainder of this year, and possibly beyond.
Posted by dill @ 08:02 PM (563 views) Add Comment
4 Comments
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1. Crunchy said...
What Good Are Lower U.K. House Prices if Banks Won’t Lend?
Banks won't lend because they won't capitulate. Why should they, when we keep giving them handouts.
Homeowners have sold their souls to the devil and in doing so, have sold the surplus out.
This, all under the watchful eye of our saintly politicians who still partake in this horny financial orgy.
2. brickormortis said...
Banks will lend against sensiblypriced houses. THey just don't value them as they/people do!
3. str 2007 said...
Bit of a self fullfilling prophecy that one.
Houses are only what they are because of lending, therefore stop lending and they won't be.
If they won't be, then why lend against a depreciating asset, unless of course the deposit is greater than the anticipated fall.
Anecdotally : I had the areas leading estate agent phone last night to see if I was still looking. Although they wouldn't ever admit to it, I think they know the game is close to be up.
4. need-a-crash said...
...err a bl**dy good start?
...err because then buyers won't need to borrow as much?
...err because we in the financial industry are desperately trying to formulate an argument for keeping house prices high?