Tuesday, May 15, 2007
The question is can I sleep at night ??
We have reached the point for the first time in our history when our housing wealth now exceeds all other wealth. Housing wealth now stands at £3.8 trillion, while our other savings and investments amount to £3.5 trillion. In other words, if house prices were to come crashing down, we would all be vulnerable. "Homebuyers have been taking mortgages of up to seven times their salaries to get on the property ladder, which doesn't leave much wriggle room."