House Prices Fallen £65,598 In A Year (london)

[boom_and_bust]

Hi,

According to the previous Land Registry figures, the London Borough of Merton saw a -6.9% fall in values during the past year on prices of an average detached house. Whilst the Land Regisrty figures are backward looking and of course the current downturn will last a few years yet, the signs are all too familiar in the boom and bust housing market of britain.

During the last big crash, it was again the outlying districts of London that lead the way, sending shockwaves outward in their wake, effectively it is the 'belweather districts' that are the first to lead the price spirals. With market values falling during the last year on several indices, it appears the first signs of sporadic, large falls will start filtering through over the coming year. Early last week, one of the UK's largest home lenders and previously a pillar of over-optimism admitted that price rises had became unsustainable and were likely to see many actual falls over the coming year.

This reporter sent an email to the houses of parliment tourism and information desk, demanding Tony and Gordon explain how a policy of hyper-inflation within the economy could be justified to the people of Britain and the damage it is casuing to the economy. No official comment was expressed by either Mr Blair or Mr Brown, suggesting perhaps that these were questions they did not wish to answer?

Live, reporting for HPC.co.uk, here at the houses of parliment,

Boomer