Number of home sales research showing HUGE falls in numbers.

Generali

Nenen wrote: »

just keeping everything crossed you're right!

My feeling, beyond all the analysis of supply and demand, bank lending, the impact of new capital adequacy rules and so on is that the Anglo-Saxon world (with the possible exception of Australia) has been living beyond it's means consistantly since the 1970s.

Warren Buffet writes very well about how American consumers are effectively swapping future for current consumption and that is exactly what we're doing in the UK.

Consumers in the UK aren't just running out of income, they also seem to be running out of new ways of getting into debt. I haven't checked on the DFW board recently but I bet there are a lot of people posting on there that are finding avenues of refinancing to reduce their interest bills closing.

It's tautalogical but worth saying - if you haven't got any money and nobody will lend you any, you can't buy. That's the same if you're talking about housing, that nice holiday you always wanted or a loaf of bread!