Monday, September 24, 2007
Levelling the land.
"Savills, the property agency, expects minimal price growth – at best – over the coming six months and it is braced for prices to fall back by up to 5 per cent between the end of this month and the new year." Excuse me? 5% fall in less than six months!! That is more than 10% fall in a year, which is the definition of crash, inflation adjusted, 10% fall is about 14% fall!! This will be the first prediction of a crash then, maybe time to open the first champaign bottle!! What idiot bought a house in London for a few million will have their wealth evaporating in a very short time, a crash can be a great leveller.