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UK: House prices have nowhere to go but down

Posted on 30 August 2010

From Guardian: Only a mug bets against rising house prices in Britain. This is a small island that has a rising population, tight planning controls and a tax system that favours property. Demand tends to run well ahead of supply, and that means bricks and mortar always seems a good investment.

Well, call me a mug if you like, but house prices are overpriced and have to fall. Activity is weak, with the number of new mortgage applications running at less than half their pre-recession levels. First-time buyers, according to a survey from Rightmove out today, account for only 20% of the market, about half the level needed to lubricate housing chains…………………………………….Full Article: Source


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