Thursday, September 18, 2008
Bite on this Leather Strap when it Hurts
BOE's Dale Sees `Painful' U.K. House-Price Adjustment
The adjustment in U.K. house prices will be ``painful'' for many households as home values fall to a more sustainable level, Bank of England Chief Economist Spencer Dale said. ``A range of indicators point to further weakness in the months ahead,'' Dale said in a speech to business leaders in Dover today. ``This process of adjustment will be painful for many households.''
Posted by alan @ 07:17 PM (733 views)
2 thoughts on “Bite on this Leather Strap when it Hurts”
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mark wadsworth says:
“Painful”?
Imagine me in my deckchair (or probably sofa, now it’s autumn) swigging champagne and laughing.
If that’s “painful” I’d hate to be in agony.
micasasucasa says:
If the average house price falls to 3.5 times the average salary then that really will be painful (for those with a mortgage and no equity)!