Friday, April 24, 2009

Leave property alone its on the way down

Why we should let house prices fall

Echoeing Paul Fisher, the BOE official's sentiment when he warned Darling not to stop prices falling, that article said that even with 21% falls the market was still 40% overvalued.

Posted by sybil13 @ 07:42 AM (739 views)
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One thought on “Leave property alone its on the way down

  • I sent a comment to this (on lovemoney.com) as I felt strongly enough to post one!

    Lovemoney.com is usually pretty bullish about property prices, and (by the title of the website) promotes self-interest. There was a blog last year discussing the positives of gazundering that understandably stirred up a bit of feeling – you can see where it’s pitched.

    However this was a great article that will be read by a boatload of folk who have invested in property and I anticipate a lot of disagreement on the site. But what HJ says is perfectly correct. The data that’s coming out of the city today is looking increasingly grim – and that’s despite apparent increases in house price sales volumes. I think what we’re seeing is a temporary upward blip that’s going to return to a fall once unemployment starts to bite harder. I’m seeing friends start to lose jobs or, for those who are self-employed, find it harder to secure work. On one hand it’s good that house prices are declining, but overbearishness means that we may all suffer collectively.

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