Following the publication of a report by the UK Royal Institution of Chartered Surveyors, the BBC reports:
House prices in England and Wales have fallen for the fourth consecutive month, according to a new industry survey. Yet again London and the South East led the slide.
And also that:
The south continues to experience declining prices but despite this we are seeing confidence from London spreading out across the southern region.
So take from that what you will. Things really haven't got any less confusing than before.
The Economist is, as usual, a bit more coherent. Pam Woodall, their (excellent) economics editor, is in no doubt that we're seeing a real house price bubble (not only in the UK but also elsewhere) and reckons that we'll see a fall of 30% in real terms over the next few years.
As a homeowner, I'd welcome that. Rising house prices are good only for people cashing in on their homes, either by moving downmarket (I'm still trying to climb the property ladder) or borrowing money against their house (I don't need anyt more debt, thanks, especially with general inflation this low).
Posted by timo at June 17, 2003 10:18 PM | TrackBack