Wednesday, November 22, 2006

Ere We Go – Housing Bust ‘LIKELY IN NEXT FEW YEARS’ – FORMER BROWN ADVISER

Housing Bust 'Likely in Next Few Years'

A Housing market bust is likely within the next few years because house price growth has been grounded in unrealistic expectations of double-digit annual rises, a report by a prominent economist and former adviser to Gordon Brown will warn on Wednesday. Throwing cold water on the current housing market euphoria, David Miles, chief UK economist of Morgan Stanley, says it is only possible to explain the more than doubling of house prices in the past decade if people’s demand for housing has been heavily influenced by expectations that the rapid price rises would continue. Chris Giles - Financial Times

Posted by hyrax @ 01:15 AM (2213 views)
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