Bubble burst??

[Loosehead]

http://news.sky.com/skynews/article/0,,30400-1 287916,00.html

[Reverandfunk]

If it has I still can't afford anything lol

[China Doll]

Fingers crossed... It'd be nice to see a flat in my area for less than quater of a million.

[cheries]

I flaming well hope so Loosehead, I'm looking for somewhere myself and there's only my wage to consider. Everywhere's so expensive in Sheffield, even the rubbish areas :o(

[jiggy-gb]

Ooh, I hope so! Will this mean that even more of the cheaper properties will be snapped up by landlords in the 'Buy to Rent' market though? These people are the ones pricing most average wage earners out of the market.

[jake-the-peg]

I can't see the rather critical information of how much they've dropped by it only seems to refer to the number of their members seeing a fall.

I also note the quote from the full press release that Sky's not bothered to trouble us with

RICS spokesman Jeremy Leaf said: "Although house prices continue to fall, the underlying economy remains strong. A major correction in the market seems unlikely while economic growth is above trend and employment conditions remain buoyant."

So as I think I've been saying for about 3 years on here, we might get a levelling out or even a reduction but bubbles bursting, dramatic corrections and crashes are not going to happen in the current economic climate

[Gromit]

Not sure if you meant the House Price bubble or Labours' Economic Bubble.

The House price bubble needs reining in as it is now impossible for first time buyers to get on a foot on the ladder. That can only lead to stagnation in the market.

The Economic bubble has not burst as the economy as a whole remains strong and vibrant.

[mrspask]

Bouttimetoo-house prices got to where they are because government allowed banks and b/societies to lend too much money to people who really couldn't afford it.
Who wins--government and banks/b/societies
Who loses-the poor sods who will now go into negative equity with all that that entails.
''There will be weeping and gnashing of teeth''

[kwicky]

The government couldn't have chosen a worse time to bring out HIPS. Now prepare for a rough ride!

[China Doll]

I take it there's no chance of a buy one get one free offer any time soon then?

Nuts.

[jake-the-peg]

Love the - "it's the governments fault for letting building societies lend so much" line.

Can you imagine the outcry if Gordon started telling the banks who they could and couldn't lend to!

The cries of "Nanny State" would have been deafening

[weeal]

Ah well that's welcome news, except for all the rich folk who bought just to sell hee hee!!! Glad the prices are now getting towards sensible but probably still a good way off yet