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Main Driver Of U K Economy Is Over - Telegraph

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http://www.telegraph.co.uk/money/main.jhtm.../ccredit316.xml

Housing market's bull run comes to an end

By Jonathan "Jon" Russell
Last Updated: 1:30am BST 16/09/2007
The bull run in the housing market, one of the main drivers of the UK economy, is over.
Rising interest rates, panic in the financial markets and declining consumer confidence have sabotaged the decade of almost uninterrupted growth in UK house prices, according to leading market analysts.
Despite the positive effects of high employment and a lack of supply in the market, analysts predict a slowdown in transactions leading to a fall in asking prices.
Richard Donnell, director of research at Hometrack, said: "Your average homeowner sees a lot of turmoil in the financial market and probably doesn't understand it, but what has happened to Northern Rock does bring it home. Activity levels are likely to continue to fall off quite sharply. People who don't need to move won't move, which will bring asking prices down."
..../
Another area of concern is the buy-to-let market
.
Simon Rubinsohn, RICS chief economist, said: "The buy-to-let sector will be impacted to the extent that borrowers will struggle to raise finance."
The downbeat mood in the buy-to-let sector was borne out this week by the decision of Grant Bovey, property developer and husband of television presenter Anthea Turner, to pull the flotation of his £200m portfolio of buy-to-let houses, Imagine Homes.
:lol:

Looks like the Telegrpah have just officially called it. Now where is The Sun?

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Observer / Guardian & Times call it:

http://observer.guardian.co.uk/uk_news/sto...2170336,00.html

'Housing boom over' as UK bank chaos grows

http://www.timesonline.co.uk/tol/comment/c...icle2448868.ece

Prepare for bad news: house prices are going to drop

Okay--so that is the Telegraph, the Observer, The Times (sort off) so where is The Sun? They used to be first with the sensational stuff. Is their editor a mate of Gordon or something?

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Looks like my Analysis made months ago so far has been spot on, house prices dropping end of august /autumn with house price crash in 1st half of next year negative equity of 40% or 40% drop being quoted now.

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The downbeat mood in the buy-to-let sector was borne out this week by the decision of Grant Bovey, property developer and husband of television presenter Anthea Turner, to pull the flotation of his £200m portfolio of buy-to-let houses, Imagine Homes. [/indent]

I thought s**t floated quite well.

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Observer / Guardian & Times call it:

http://observer.guardian.co.uk/uk_news/sto...2170336,00.html

'Housing boom over' as UK bank chaos grows

http://www.timesonline.co.uk/tol/comment/c...icle2448868.ece

Prepare for bad news: house prices are going to drop

Okay--so that is the Telegraph, the Observer, The Times (sort off) so where is The Sun? They used to be first with the sensational stuff. Is their editor a mate of Gordon or something?

RB yesterdays sun editorial mentions house prices falling and irresponsible lending. (I was redaing a friends sun :P )

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Someone posted this on another thread:

http://www.housepricecrash.co.uk/forum/ind...showtopic=55896

So they (EDIT: aka The Sun) are admitting prices are overvalued and due for a correction that will benefit FTBs but it's not front page news yet - it's probably only a matter of time though.

the media is just warming up,give 'em a chance.

I've noticed that the rightmove "leak" has already made it's way onto C4 finance pages(noteably NOT the BBC)

..if the press go for this on monday as the front-page story,then we DO have the trigger.It's done.

HIPS will get the blame....now the 3-bedders are in and 2-bed will be implemented shortly(this will be the real kick in the nuts)

....another repeat of the rightmove stats next month and you can just see the headlines.

HOUSE PRICES LOSE £10000 in just 2 months!!!

.....Don't panic says captain Broon.

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