Thursday, 8 September 2011
I just couldn't look any more
Before today I haven't looked at UK house price data for at least six months. Understandably, this is quite limiting if one is running a blog that started out as a housing bubble blog.
When house prices were rising, I was angry. I found it outrageous that years of easy credit, speculation and excessive regulation on land use conspired to ensure that many young people could not afford to buy a home. Now that house prices are falling, I am frightened.
For 40 years, the economic fortunes of the UK were tied to property speculation. As a country, we ran this scam as hard as we could. We took it to the limit.
Now, house prices have nowhere else to go but down. As they fall, so do the fortunes of the country.