So gentle subsidence, rather than a crumble to rubble seems to be the predicted pattern for house prices. There have been what seem, with the great gift of hindsight, inevitable ‘market corrections’ every few years (1989-92 and 2008-10). Many have been crying out for this one to ‘help the poor kids get on the housing ladder’; as long, of course, as it doesn’t hit the value of their own parental homes! Those who should know say it will be different this time, lots of jobs still out there, no mass redundancies and no 100% no-questions-self-certify-your-income loans to crash into negative equity. However, the combination of mortgages coming off fixed rates and soaring central heating bills could still lead to many a key being handed in. Let’s hope for a little lender compassion and understanding; and a some good old inflationary pay rises.
“UK house prices fall at sharpest rate for 14 years, says Nationwide”
As rehearsed many times, I’ve been a house price doom-monger for many a month. As with those who forever forecast a stock market crash, it was inevitable that I would eventually be right. Stopped clock syndrome and all that.
