Evening Standard.. house prices could fall 50%

homelessskilledworker

http://www.standard.co.uk/lifestyle/london-life/crispin-odey-david-cameron-is-not-a-leader-doesnt-understand-power-and-doesnt-use-it-8335027.html



“House prices are right at the top of their cycle. I think they could crash. I’m not saying it’ll happen immediately, but I do think they can drop by half.”


Can he see a way out of the current economic gloom? “We have got to get the banks working again. That means the end of bashing the bankers. If there is no credit growth there is no economic growth. The last time we were in a depression was the 1930s, and what got us out was cheap money. We need a zero interest rate and a housing boom.”
And so house prices need to come down too? “House prices are not stable. They have a cycle like everything else. America has understood this much earlier than the UK. There, house prices have already fallen by 50 per cent and they are affordable. It goes back to thinking like a rich man: you have to take the long view.”

DpchMd

!!!!!! is this? It sounds like the guy is stuck in the past.

BobQ

homelessskilledworker wrote: »

http://www.standard.co.uk/lifestyle/london-life/crispin-odey-david-cameron-is-not-a-leader-doesnt-understand-power-and-doesnt-use-it-8335027.html



“House prices are right at the top of their cycle. I think they could crash. I’m not saying it’ll happen immediately, but I do think they can drop by half.”


Can he see a way out of the current economic gloom? “We have got to get the banks working again. That means the end of bashing the bankers. If there is no credit growth there is no economic growth. The last time we were in a depression was the 1930s, and what got us out was cheap money. We need a zero interest rate and a housing boom.”
And so house prices need to come down too? “House prices are not stable. They have a cycle like everything else. America has understood this much earlier than the UK. There, house prices have already fallen by 50 per cent and they are affordable. It goes back to thinking like a rich man: you have to take the long view.”

True! and they could rise by 1000% but what does that prove?

the_flying_pig

not 100% sure what this bloke is getting at...

Eellogofusciouhipoppokunu

DpchMd wrote: »

!!!!!! is this? It sounds like the guy is stuck in the past.

I thought this was a thread ressurected from 2007/2008 by someone taking the mickey out of the outlandish prediction.

nollag2006

Ahh... the old 50% down by Christmas prediction rears its pathetic little head again.

My favourite line from the article:

Crispin Odey doesn’t look much like a soothsayer, he looks more like a Punch cartoon of an Eighties banker — all paunch, red braces and throaty laughter.

Quite.

wymondham

House prices won't crash whilst people are happy to pay more than their value....

Rinoa

Blatantly misleading thread title.

It's not the Evening Standard saying house prices will fall 50%, it's some bozo we've never heard of.

Just HSW's daily routine of grasping at straws.

Wookster

Michael Gove
"He makes sure he can deliver; he gets rid of those people who are against him"

George Osborne
"George we hate more than Dave"

Rupert Murdoch
"Rupert was not someone you said no to"

House prices
"They could crash. They can drop by half"

His father
"He was a wastrel from beginning to end"

The recession
"It’s not a recession, it’s a depression"

I don't know his father, but all the other comments seem obviously reasonable.

System

Wookster wrote: »

I don't know his father, but all the other comments seem obviously reasonable.

Not this one then?

Can he see a way out of the current economic gloom? “We have got to get the banks working again. That means the end of bashing the bankers. If there is no credit growth there is no economic growth. The last time we were in a depression was the 1930s, and what got us out was cheap money. We need a zero interest rate and a housing boom.”

Wookster

That comment does not tally with his overall thrust on house prices. I would suspect he's referring to a house building boom.

Now that is entirely reasonable.