Estate Agent Ate My Hamster Shock Horror!
Well, that got your attention didn’t it? Like the “Express” last week which trumpeted, “House prices set to surge”. For years the tabloid press has sold newspapers on the back of improbable but eye-catching headlines and when it comes to property prices they just cannot resist the temptation. However, we are inclined to a more sober approach. Before the election we pointed out that none of the political parties were saying anything about the eye watering sums Lenders are scheduled to repay as emergency support is withdrawn and the impact this will have on the housing market. According to the Council of Mortgage Lenders their members need to find a mere £110,000,000,000.00 this year with another £120,000,000,000.00 by 2014 (the noughts give you a better idea of the sums involved than does mention of “billions”). Add pressure to improve capital ratios and it all points to a dearth of money available to lend for anything let alone house purchases. A case of “All urge and no surge”
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