Why House Prices 'Slump' Doesn't Do What It Says On the Tin
Birmingham Post › November 01, 2007
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Summary
This is not how it was advertised. House prices were supposed to lose their fizz this autumn as last year's interest rate increases began to bite in earnest and banks and building societies tightened up their lending criteria to stop people buying homes they cannot afford.
Not a bit of it. Instead of slowing down house price inflation has been speeding up each month since July, according to Nationwide. The building society is undeterred. It is convinced that its own numbers tell the wrong story. It would be "misguided" to think otherwise, it insists. Just look at how the number of mortgage approvals is sliding. Estate agents say it is years since there were so few new inquiries from would-be buyers. What else would you expect now that nobody with an ordinary income can afford to buy an ordinary home on an ordinary mortgage - except that there are enough of them out there who can.See the full content of this document
Extract
Why House Prices 'Slump' Doesn't Do What It Says On the Tin
They are bidding up the prices month after month.
That is because the issue is not "affordability", but...See the full content of this document
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