Hi All,
Just to dump more gloom on this topic
The
Council of Mortgage Lenders reports that Sept lending fell 16% m/m to a mere £17.7 billion, the lowest gross lending number since Jan 2005.
Rightmove says home sellers reduced their average asking price by 4.9% y/y in October. They tried to raise their prices by 1% over Sept, but it didn’t work. The year-over-year drop is the biggest drop in the history of the survey.
The Ernst and Young ITEM Club says the UK economy is already in recession and will contract by 1% in 2009. Worse, it will contract for another three quarters before bottoming out in the second half of 2009.
for the full story visit
Barbara Rockefeller's Currency Blog