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BRITAIN is on the road to recovery after “very positive” official figures yesterday showed growth in the economy has reached a nine-year high.

Experts said the 1.2 per cent boost showed the country would be better placed to protect workers’ jobs and guard against any looming double-dip recession.

The statistics revealed that the economy expanded faster than analysts had predicted and showed an improving picture compared with the same period last year.

Philip Shaw, economist at investment bank Investec, said: “Recent indicators suggest the third quarter of the year got off to a good start.

“It is consistent with the economy getting back on its feet. It’s a reminder the recovery is happening.

“There’s a lot of spare capacity in the economy but a more solid economy means fewer job losses and that’s good news.”

The Office for National Statistics, which said gross domestic product (GDP) – the measure of the country’s economic output – increased by 1.7 per cent between April and June compared with the same time last year and revised its figure for the second quarter from 1.1 per cent to 1.2 per cent, a figure not achieved since 2001.

Economists said the news proved the UK economy was recovering and said the increase would help to defend the country against severe cuts expected after the Government’s spending review this autumn.

Speaking after the figures were released, Deputy Prime Minister Nick Clegg said: “I don’t know whether the figures will necessarily be a guide for the next quarter. I think most people expect the water to be a bit choppy, bumpy, but hopefully upwards overall.”

An excellent headline from the Express. I feel better already.

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An excellent headline from the Express. I feel better already.

Too early to say, when you look across the pond at Depression ii getting a grip AND the chilling parallel with the strong upturn in 1931, followed by a crushing fall in output and heartrending unemployment. The graphs look the same now as then!!! I really do hope Rosenberg and Harrison are wrong in their gloom and doom predictions that we are headed straight for a Depression, but my head says they are more likely to be right.

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The Mini Boom in the construction industry ( residential) is and was because of the new planning rules brought in by the Tories and the fact many Local Authorities have just changed their 20 year planning policy documents which make building more difficult.

The mini boom is because the 2 year old planning consents are now buildable . Consents from 2010 on will have additional costs with sustainable building conditions and additional affordable housing.

This coupled with the future difficulty to build on garden land has delivered the mini boom. Its the last push before the real storm in resi.

This is coming to an end and it is already causing great concern for builders and developers so this will then wash through as banks are stopping many development loans at the moment and asking many small developers to hand in all owed cash over a certain time frame.

I believe this could cause larger problems for the job market and wash through to house prices. But I only see a 5-10% drop again myself.

Building is going to become crippled in this country by new planning policies lead by NIMBY policies and we will see developers turing to investors to prop up the market and avoid further drops on 10% as banks will lend on investment but not development.

This will not help joe public house buyer as lack of stock and no new development will make buying hard.

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  • 417 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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