Wednesday, February 24, 2010
Live in it. Don’t depend on it.
Stark warnings about the prospects for the economy and the housing market have come from the Governor, Mervyn King, and other policymakers at the Bank of England. Giving evidence to the Treasury Select Committee, Kate Barker, a member of the Bank's Monetary Policy Committee and the author of two government-sponsored reports on the property market, said that "there are still adjustments to come in the housing market". She added: "It seems more likely than not to me that mortgage finance is clearly not going to be available going forward on the terms it used to be... I was rather surprised by the strength of prices in the housing market through last year and it's possible some people delayed decisions to move or put houses on the market. In some sense that can't continue."