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The Economy Turns

Property prices have dropped for the third month in a row and the bank of England is feeling the pressure to cut interest rates as trading slows this Christmas.

Jonathan Davis who spoke on behalf of House Price Crash during the BBC program predicts that properties valued at £300,000 will fall to an astonishing £200,000. Great news for first time buyers, not so great news for property developers.

The inevitable correction in the housing marking has been awaited by many trying to get on the ladder, will this finally be the crash all first time buyers have been hoping for?

Check out the video below from BBC News:

This entry was posted on Thursday, December 6th, 2007 at 12:11 pm and is filed under Housing Market, Interest Rates. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “The Economy Turns”

  1. Property to rent in Ely Says:
    March 11th, 2008 at 4:34 pm

    I don’t think a full scale crash will happen.

    As soon as prices drop a small amount, they will be pushed back up by demand.

  2. Marc Says:
    March 23rd, 2008 at 7:52 am

    The housing prices have started to slide in the U.S. also. Since last October, prices for single family homes are 10%+ lower.

  3. Just me Says:
    April 5th, 2008 at 3:23 pm

    Don’t take anything JD says too seriously – he sold to rent in 2002 thinking house prices would come down and has been banginh the same drum ever since, while house prices have doubled.

    The man is an utter loon. And utterly discredited as a ‘financial planner’