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September 28, 2004
The Decline and Fall of the Housing Market
I've already covered in the Platinax Internet Community Forums the issues of the UK housing market being over-valued.
An report published here earlier this month, showed that the housing market was slowing. And the IMF has warned that UK house prices could come crashing down.
Now the British Bankers' Association (BBA) has showed that new mortgages were down over a fifth this August, in comparison to mortgages awarded a year earlier.
I think it's pretty safe to say that the UK housing market has now effectively peaked, and that what we face now is "downhill pricing", as the market readjusts and returns to a more sustainable level.
However, with oil prices causing considerable pressure on the Global Economy, it remains to be seen how badly the downhill pricing is going to be - slow and steady, staggered - or even freefall?
The impact on the world economy of oil price increases coupled with a downturn on the housing markets of numerous countries, can only suggest possible recession around the corner. You have been plainly warned.
Posted by at September 28, 2004 03:50 PM
> Discuss this in the Platinax Business forums
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