Monday, April 11, 2011
An HPC axiom from Henry Pryor
The housing market today looks like one giant Ponzi scheme to me with buyers still being encouraged that prices are a one way bet. If you give the average 1st time buyer an extra Â£5k via one of the latest crazy â€˜Councils-to-help-1st-time-buyerâ€™ schemes all they will do is give it to a developer or home owner with an over-priced house. This may be good news for estate agents and sellers but the problem isnâ€™t that buyers canâ€™t borrow enough money, itâ€™s that houses are too expensive.