Thursday, February 21, 2008

Greed turns to fear

UK housing market close to collapse, analyst says

Britain’s housing market is a “house of cards” that is set to implode after years of reckless mortgage lending, chronic oversupply of new flats and widespread fraud, a leading analyst said yesterday.

Posted by bloke111 @ 12:35 AM (830 views)
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3 thoughts on “Greed turns to fear

  • This article very much represents a lot of what has been debated on this site for several months (including the fraud element)

    Identikit appartments in Leeds etc….. look to set to crash in price

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  • Look at the comments at the bottom of the page…..

    ”The fundamental fact with the UK market is that there is an overall housing shortage across the UK. ”

    This is the great myth that estate agents have used tro hawk up house prices. The fact is that that too many people have been able to buy houses using money that they should never have had access to…this includes buy to let, speculators and those pigs who have second homes. The last group is by far the worst; they price out local people and wreck local communities.

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  • I like this comment:
    I have personally experienced three major housing recessions during my working life. In the first I was offered five georgian houses in the south of england for the price of the legal fees in the second I bought a house at auction for 60% of the valuation where I was the only person to attend the auction and in the third I bought a repossessed house for 40% of the price that the previous owner had paid four years earlier……

    (but of course this is irrelevant because boom and bust is a thing of the past under New Labour!)

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