Saturday, October 6, 2007
Mainstream press says OK for prices to stay flat… thank you!
Halifax, the UK’s largest lender, reported that the value of the average property fell by 0.6 per cent last month. This came after Rightmove, the estate agency website, said that asking prices dropped by 2.6 per cent in the same period. The Bank of England, meanwhile, reported that total mortgage approvals – a reliable indicator of future house price growth – fell to 109,000 in August, down 9 per cent on the same month last year. The housing market is finally beginning to struggle under the pressure of higher interest rates, credit market turmoil, affordability constraints and modest growth in real disposable income... YYYYYYYYES!!