Thursday, December 20, 2007

The real effect of falls in house prices – a dent in expectation

Will the housing market suffer in 2008?

This country is so damn obsessed with house prices, we have completely forgotten about anything that creates real wealth, like manufacturing... ''Rising interest rates made in the run-up to 2007 were already starting to bite and despite reassurances from analysts that the housing market was on firm foundations, prices did begin to fall. By the autumn Nationwide and Halifax data showed that price falls were real. There were fears that novice landlords who snapped up new build flats with the lure of incentives would get their fingers burnt. Auctioneers reported that increasing numbers of new-builds were being repossessed and were going under the hammer for 30 per cent less than the owner paid just two years earlier.''

Posted by hpwatcher @ 10:19 AM (791 views)
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2 thoughts on “The real effect of falls in house prices – a dent in expectation

  • Hmm – this piece seems unfinished – did the Telegraph xmas party get in the way – I wonder?

    Incidentally, the BBC seems completely oblivious to the fact that there have been two major earthquakes today – in NZ and Ankara…

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  • Good to see RICS spokesman on ITV this morning breezily stating that the housing market will remain robust in 2008 with values remaining flat throughout. Friendly presenter stressing this for the public by waving hand levelly in the air.
    Why do RICS valuers keep downvaluing everything in sight then?
    Wonder how many people will sue when prices drop saying they bought on the strength of that TV statement?

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