Thursday, September 2, 2010
Depends on who you believe about average salary
Britons to lose equivalent of average salary off home
Britons will lose the equivalent of a typical annual salary off the value of their home by the end of next year, new figures reveal. Economist warn the gloomy economic outlook and the reluctance of banks to lend money will push prices even lower, leading to a second house price crash.
Posted by mark @ 11:08 AM (2443 views)
12 thoughts on “Depends on who you believe about average salary”
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estrader says:
“The drop in prices follows a mini property boom during the past year amid a shortage of supply of suitable properties. However, supply is now greater than the demand from buyers in many areas.”
Lifecycle of a bubble anyone? Oh I forgot, property don’t do History…
Crunchy says:
1. estrader said…Oh I forgot, property don’t do History…
Haha! Some people out there hate history, in all of it’s forms, and more so, the people who bother to read it.
“Your’e a one trick pony.”
Simon Cowell. 🙂
vindicated says:
Or more to the point, ‘sheeple’ don’t do history….
alan_540 says:
Jolly good.
inbreda says:
bit of a flaw in teh supply argument there – if anything there have been less buildings built since teh bubble popped, so what they are actually suggesting is that prices rose as supply rose, and prices fell when supply fell.
What they REALLY mean when they say supply is the number of houses people are trying to sell at any given time, not the number of houses in existence. So what they REALLY mean is that when speculators were buying and holding property, they gambled the price up, but as speculators try to offload all of their empty homes prices are falling. And what they REALLY mean is that banks aren’t throwing money at these fraudulent speculators any more.
So basically the fraud is stopping and house prices are returning to sensible levels so that people can buy homes to live in and get on with their lives. Bless em.
charlie brooker says:
But the man at the Express said they would earn Ă‚ÂŁ91 a day ‘n’ everything.
sibley's b'stard child says:
@ 5 Charlie
That news is sooo like yesterday. They’ll now be losing Ă‚ÂŁ91 a day ad infinitum.
Still, just as well they didn’t MEW and release their extra money; that’d just be silly…
alan_540 says:
Blimey, we’d all better start doing extra overtime.
timmy t says:
Ooooh dodgy headline – as a happy renter I won’t be losing a penny. It appears Home ownership rather than renting is money down the drain after all!!
peter says:
As an unhappy renter – rental places always seem to be carp run by cretins – at least this kind of article gives me a crumb or two of comfort while I wait for them to fix yet another fault.
Let’s just hope they let the bubble get on and deflate now and we don’t get more money printing. But I’m not holding my breath.
nickb says:
Funny that – when prices are rising the papers are full of experts predicting that prices will rise.
When they are falling they are full of experts predicting prices will fall.
Why can’t they return to the experts who said prices would be rising when they are falling?
N
estrader says:
nickb, It should be obvious by now that ‘experts’ can’t see further than their own noses. Peter Schiff explains it beautifully here:
http://www.europac.net/commentaries/flying_blind