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Caroline Flint UK Housing Market Briefing Notes in FULL

Housing-Market / UK Housing May 13, 2008 - 10:08 PM GMT

By: Nadeem_Walayat

Housing-Market Best Financial Markets Analysis ArticleCaroline Flint the UK housing ministers full cabinet meeting first page briefing notes on the state of the UK housing market follows in full. In summary the housing minister expects UK house prices to fall this year by between 5% and 10% which is precisely in line with the Market Oracle forecast for a 7.5% drop for 2008 as of August 2007 (UK House prices to fall by 15% between August 2007 and August 2009).


Caroline Flint - Speaking Notes - Papers for Cabinet Meeting 13th May 2008.

State of the Housing Market

  • Colleagues will know that ....... present.
  • Leading house price indices ..... falls for the first time in recent years. Given present trends, they will clearly show sizeable falls in prices later this year - at best down 5 per cent -10 per cent year on year.
  • House building is also stalling. New starts are already down 10% compared to a year ago. House builders are predicting further falls. Having seen net additions reach roughly 200,000 in each of the last two years, the figure for 2008-09 is almost certain to be well down on that.
  • Repossessions are also rising, although we need to remember that the 2007 figure was still only around a third of that in 1991.
  • Underlying demand for housing remains high and the fundamentals of the economy are sound. But the market is being affected by the global credit crunch which is making it difficult for many who would like to buy to do so.
  • We can't know how bad it will get. But we need to plan now to put in place effective measures against the risk that it does get worse and to prepare for the up-turn.
  • We are continuing to monitor the situation and take appropriate action.
  • The chancellor and I met some of the largest mortgage lenders recently to continue discussions on what more the Government and the industry could be doing. I have subsequently met a number of the smaller lenders.
  • We are playing our part to get the market moving with the Bank of England's £50 billion liquidity scheme. We have also put in place new measured to ensure the small minority of buyers facing repossession receive the support and advice they need. And I will tomorrow announce a package of measured to assist first time buyers.

But it is vital that we show that at this time of uncertainty we show that we are on the peoples side.

Analysis of the UK Housing Market:

08 May 2008 - UK House Prices Tumbling- Interest Rate Conundrum
21 Apr 2008 - Bank of England Throws £50 billion of Tax Payers Money at the Banks
17 Apr 2008 - Credit Crisis SCOOP- LIBOR Is Now Irrelevant to Derivatives Pricing
08 Apr 2008 - UK House Prices Plunge Over the Cliff
01 Apr 2008 - How to Fix the Credit Markets
11 Mar 2008 - RICS Data Confirms UK Housing Market Heading for 1990's Style Crash
03 Mar 2008 - Credit Crisis Morphs Into Stagflation- Protect Your Wealth!
26 Feb 2008 - UK House Prices Fall for 5 Months in a Row- Housing Market Will Go Negative April 08
07 Feb 2008 - UK Interest Rates Cut to 5.25% - Will Not Help the Housing Market
21 Dec 2007 - UK Commercial Properties Crash Looms as Property Investment Fund Frozen
07 Dec 2007 - Analysis of Interbank and Base Interest Rate Spread
05 Dec 2007 - UK Home Owners Unable to Refinance Mortgages As Fixed Rates Expire During 2008
02 Dec 2007 - UK Housing Slump Gains Momentum as Properties Fail to Sell at Auction
10th Nov 2007 - Crash in UK House Prices Forecast for April 2008 As Buy to Let Investors Sell on Capital Gains Tax Change
28th Oct 07 - UK House Prices - Primary Reasons For a Sharp Fall
25th Sep 07 - UK Housing Market on Brink of Price Crash - Media Lessons from 1989!
22nd Aug 07 - UK Housing Market Crash of 2007 - 2008 and Steps to Protect Your Wealth
1st May 07 - UK Housing Market Heading for a Property Crash

 

By Nadeem Walayat

Nadeem Walayat has over 20 years experience of trading, analysing and forecasting the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 150 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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