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Lets Party Like It's 1988

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Apologies if posted already...

Very interesting. Cliff D'Arcy is a long-time property bear, though, and there are several TMF staffers with conflicting viewpoints. Still, he hits the nail very much on the head.

Here is a previous article by the same author from last year, in which he makes an extremely compelling case for the severity of the coming crash.

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For many Brits, the house-price crash which began in 1989 came as a complete shock, largely because an entire generation had grown up seeing house prices going only one way: upwards. Indeed, according to the Nationwide BS House Price Index, the average UK house had increased in value every year since 1955. However, despite this 35-year winning streak, the market duly did an about-turn in 1990, when house prices dived by a ninth (11%) and took nine years to reach their 1989 peak.

Back in 1988, I was a youthful twenty year old, enjoying the social whirl of university life. However, noting signs of the housing boom around me, I began to worry seriously whether I would be able to afford a property after graduating. Fortunately for me, the market went into a steep decline and, in late 1992, I was able to buy my first (and only) house with a comfortably affordable mortgage.

FTBs there is some hope worth a read. In some areas properties halved in price.

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For many Brits, the house-price crash which began in 1989 came as a complete shock, largely because an entire generation had grown up seeing house prices going only one way: upwards. Indeed, according to the Nationwide BS House Price Index, the average UK house had increased in value every year since 1955. However, despite this 35-year winning streak, the market duly did an about-turn in 1990, when house prices dived by a ninth (11%) and took nine years to reach their 1989 peak.

Back in 1988, I was a youthful twenty year old, enjoying the social whirl of university life. However, noting signs of the housing boom around me, I began to worry seriously whether I would be able to afford a property after graduating. Fortunately for me, the market went into a steep decline and, in late 1992, I was able to buy my first (and only) house with a comfortably affordable mortgage.

FTBs there is some hope worth a read. In some areas properties halved in price.

I was a youthful 18 yr old at Bath University and was just too wet to notice it! DOh. I remember looking at house prices in Bath and thinking "these are expensive"! Rent was £30 a week and a friend of mine had a flat in the Royal Crescent for not much more... We used to listen to classical music in scarves.

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