UK House Prices to fall up to 50% / CWR pt.2

From mid-May Commodity Watch Radio podcast. Dominic Frisby and Michael Hampton (DrBubb) discuss Gold, sagging Uk property prices, governmental policies, and the pyschology of Bear markets.

Pt.2: This section discusses Uk Government spin

Category:

News & Politics

Tags:

• UK
• property
• crash
• London
• Housing
• Bubble
• NRK
• Mortgage
• government
• market
• cycle
• drbubb
• GEI
• frisby
• gordon
• brown

[BubbFromGEI]

June 5 (Bloomberg) -- U.K. house prices fell the most in 15 years in May as lenders restricted access to mortgages and the prospect of a recession deterred buyers, a HBOS Plc report showed.

The cost of an average home dropped 3.8 percent to 184,111 pounds ($359,000) from a year earlier, the U.K.'s biggest mortgage lender said in a statement. That's the biggest annual decline since April 1993. Prices slipped 2.4 percent on the month and are now the lowest since September 2006.

[BubbFromGEI]

Amazing. The cabinet's own briefing papers say that they expect UK property prices to fall a MINIMUM of 5-10%. At the same time, they are trying to offload property on cash-tight "shared-ownership" buyers.

[musarman]

I was left bewildered in 2000 when the property ship was too far away to reach. Over the years I took but rejected peoples advice because it was from the locked in mindset that rises will go on forever.

Atleast when the bubble is over and prices have fallen - the houses we can buy will largely have been vastly improved thanks to the aspirational lifestyle we were told to lead. No outside toilet for me!