Friday, October 10, 2008
"Foxtons' difficulties symbolise one of the biggest silver linings of the crisis: house prices are coming down. Yes, of course this will hurt the economy, and some recent buyers (especially those who used Foxtons) will land in negative equity. But most homeowners will still have made money. Their profits will merely be less than they once were. And thousands of Londoners on average incomes might now actually be able to live in London. Thousands more will see slightly less hideous proportions of their salaries eaten up by their houses. Homes will once again be for living in, not for making money out of. "