How Long Should I Wait?
Wednesday 22nd November, 2006 10:21 Comments: 1
No, not before asking out that girl in the blue uniform, but until I buy a house.
The housing market is likely to bust within the next few years, says a prominent economist. David Miles - a former adviser to Gordon Brown - believes that house price growth has been grounded in unrealistic expectations of double digit annual rises.
Once house price rises come down below expectations, Professor Miles believes "significant" falls are likely. "A sharp fall in real house prices is likely at some point in the relatively near future, though it could yet be one to two years away," the report concludes. Mr Miles, a visiting professor at London's Imperial College is regarded as one of Europe's leading financial experts. Mr Miles' comments were echoed in May by Mervyn King, governor of the Bank of England.
The housing market is likely to bust within the next few years, says a prominent economist. David Miles - a former adviser to Gordon Brown - believes that house price growth has been grounded in unrealistic expectations of double digit annual rises.
Once house price rises come down below expectations, Professor Miles believes "significant" falls are likely. "A sharp fall in real house prices is likely at some point in the relatively near future, though it could yet be one to two years away," the report concludes. Mr Miles, a visiting professor at London's Imperial College is regarded as one of Europe's leading financial experts. Mr Miles' comments were echoed in May by Mervyn King, governor of the Bank of England.
Fab - Wednesday 22nd November, 2006 17:04 Haven't people been saying this for years? And still the prices keep going up. I suppose the thing to avoid is negative equity. So if my flat keeps going up for a while, as long as it does not fall below what I paid for it, I should be fine.
I suppose the true secret would be to sell just before the bubble popped and then to buy when the prices are right at the bottom. Do you feel lucky punk?!
I suppose the true secret would be to sell just before the bubble popped and then to buy when the prices are right at the bottom. Do you feel lucky punk?!