Sunday, April 26, 2009
IMF suggests housing crash is on the cards for the UK
The IMF were sneered at a couple of years ago when they said that Britain's Housing was overvalued by 40%. This was when mainstream commentators were suggesting that housing would be FLAT for a year. It was also before there was any hint of worldwide recession and the words, Banking, Lehmans and the City were expressed in reverent tones. They now have an equally negative prognosis of the UK market and say that the crash has a long way to go. They point out that in the USA the crash started earlier, is accelerating and that the USA didn't have the bubble we did. In the last month we have had the worst ever monthly decline from the land registry -2% (actual sale prices), the worst GDP figures in 30 years -1.9%, the worst budget deficit in history and now the IMF's prognosis. Buyers beware!