Monday, December 22, 2008
Back to 3.5x earnings says L&G
"It will be at least 10 years before we see prices return to their 2007 peak levels," he said. LGIM, part of the insurance giant Legal & General, has been remarkably accurate with other economic predictions in the past year. and best of all "...Mr Drayson: "Banks will not price off affordability in future. It has been a mistake of the last several years to price off interest rates, which can move monthly. They are more likely to return to more cautious income multiples." ....." "...the market will only recover as incomes rise..."