Sunday, July 6, 2008
Realism sets in
Cheer up, house prices are falling. Nationwide said this week that values have fallen again, for the eighth month in a row. Everything else is going up - food, petrol, electricity - but houses, our biggest and most expensive purchase, are falling. Hurrah! Newspapers reported the story in their usual gloomy fashion: economists "fear" further declines; experts say the market is "the worst for decades". Figures show new mortgage approvals are at their lowest level since 1993, and down 64% over the past year. Cue more wailing about a "meltdown".