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Ernst & Young: "house Market To Fall Again After Mortgage Slump"

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http://uk.finance.yahoo.com/news/house-market-to-fall-again-after-mortgage-slump-tele-491d273a84a8.html?x=0

House market to fall again after mortgage slump
Buzz up! 0 Print..Harry Wallop, 14:03, Tuesday 31 August 2010
The housing market is set for a "double dip" fall according to a leading think tank, after official data suggested that mortgage lending had slumped to its fourth lowest month on record.
House prices, which had recovered strongly from the drastic slump of 2007 and 2008, are expected to fall once again because of the difficulties many families face with their finances.
The Ernst & Young Item Club, a leading economic forecasting house, said house prices would fall in the second half of this year.
Its forecast came after the Bank of England said the amount of money lent by banks and building societies during July was just £86 million, once repaid mortgages were taken into account.
This is the fourth lowest monthly figure since records began in 1993 and less than 1 per cent of the amount that was lent during the housing boom, when £10 billion was lent in a single month. Even during last year, when many people found it impossible to secure a mortgage, an average of nearly £1 billion was lent each month.
The data are the latest in a raft of gloomy figures on the housing market. Nationwide reported a 0.5 per cent house price fall during July, while Halifax has reported falls for four of the first seven months of the year.

Dances round room with manic grin singing:

Gloom! Glorius Gloom, dropping prices and custard pies, oh gloom glorious gloom......*

______________________________

*From the ancient musical "Oliver."

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I think all of the "HPC crew" (Us) called it 6-8 weeks ago, like a supertanker it takes time & don't blame the the press because if they called it early the "sheep" would be laughing at them like over peek oil.

RB

E N J O Y

Am off to walk the dog & laugh @ passing BMW drivers.

Mike

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  • 144 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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