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" The Boom Generation Wakes Up To Reality "

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The boom generation wakes up to reality

As prices falter and interest rates rise, housing no longer looks such a safe investment. By Laura Howard
Published: 12 August 2007
For a new generation of homeowners, house prices have only ever gone in one direction: up. Many have spent the past decade watching as the value of their home has soared; according to Halifax, the average property in the UK today costs £196,535, nearly three times as much as in 1997.
Most people who have bought their first home since then are sitting on valuable equity and can be easily forgiven for believing that, as an investment, property is little short of a dead cert.
A housing boom – the result of low interest rates, a buoyant economy and high employment – has given many homeowners new wealth that has in turn led to further investment in property.
With wannabe property speculators eager to take out buy-to-let loans, the UK housing market has grown dramatically. Price rises in some parts of London topped 20 per cent last year.
But some of these bricks and mortar investors may recently have begun to feel the winds of change. Three weeks ago, the Halifax quarterly house price index showed actual falls in average property prices during May, June and July this year in three parts of the UK. In the West Midlands, the South-west and Wales, property depreciated by 1.1 per cent, 0.4 per cent and 2.8 per cent respectively.
However, the majority of specialists* remain positive about the prospects for the housing market, dismissing the doom-mongering from websites such as

Universal doom in the press these days. :lol:


* A.k.a "experts" or EAs, mortgage lenders and other VIs.

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