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)
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2 thoughts on “Bite on this Leather Strap when it Hurts

  • 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.

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  • 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)!

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