Debate House Prices


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Bloomberg: Further BoE stimulus looking more likely.

Bank of England Governor Mervyn King is getting pushed back toward the printing presses as central banks in the U.S. and Japan turn their focus on more bond purchases to defend the global recovery.

King is battling to keep the economy from sliding back into recession as Prime Minister David Cameron prepares the biggest public-spending squeeze since World War II. Pressure to do more is building after the Federal Reserve signalled in the past two weeks it may buy more assets to bolster U.S. growth, while the Bank of Japan on Oct. 5 pledged further purchases.

“The debate has been shifting toward the argument in favor of loosening, and it’s likely we’ll see another step in that direction at this meeting,” said Jonathan Loynes, chief European economist at Capital Economics Ltd. in London. “When we see the gory details of the spending cuts it may knock confidence and that increases pressure on policy makers.”

Halifax house price index falling today will certainly speed this decision along.

Looks like Posen was right.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

Belief in myths allows the comfort of opinion without the discomfort of thought.”

-- President John F. Kennedy”
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Comments

  • angrypirate
    angrypirate Posts: 1,151 Forumite
    I didnt realise it was in the BoE's remit to keep Halifax's house price index positive
  • Halifax house price index falling today will certainly speed this decision along.

    Looks like Posen was right.


    Im surprised you are posting this Hamish.

    Have you changed your mind and joined the bears?
  • Hamish, do you now agree with Capital Economics? You've always said they talked bollux
  • I didnt realise it was in the BoE's remit to keep Halifax's house price index positive

    Then you clearly don’t understand how the government really works! House prices will be a foremost consideration, despite what the 'official' remit tells you.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Then you clearly don’t understand how the government really works!
    Fair point.
  • amcluesent
    amcluesent Posts: 9,425 Forumite
    As if Mervyn is worried - his pension has been tucked away into linkers for years!
  • Silverbull wrote: »
    Im surprised you are posting this Hamish.

    Have you changed your mind and joined the bears?

    I predicted several months of falls this year.

    Why would this be changing my mind?

    The only difference between bulls and bears on this board is the outcome we see after the first falls occur.

    Bears expect house prices to fall significantly for a long time with little or no intervention from the BoE and the Tories, and then stay low for many years.

    Bulls expect house prices to fall briefly, then destabilise and drag down the wider economy, which would kick us into a double dip recession if left unchecked. And we expect the powers that be will not tolerate such a national crisis to happen as the result of a dysfunctional mortgage market. So further intervention (and price recovery) is pretty much guaranteed.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

    -- President John F. Kennedy”
  • BUY BRlCKS AND MORTAR NOW BEFORE YOUR LOSE THE VALUE OF YOUR SAVINGS. CLEAR BUY SIGNALS.


    The men in white coats are coming for you
    Maidstone Prices - average reductions at 8.5% (£19,668) Feb 2012 - We thought the dudes were not allowed to drop prices?
  • mbga9pgf
    mbga9pgf Posts: 3,224 Forumite
    Looks as if Bruno is around... Still using an umbrella Bruno for personal satisfaction?
  • mbga9pgf wrote: »
    Looks as if Bruno is around... Still using an umbrella Bruno for personal satisfaction?

    What? This bloke?

    MV5BMTUwNDIwNDE5MV5BMl5BanBnXkFtZTcwMDA2MzA1Mg@@._V1._SX214_CR0,0,214,314_.jpg
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