What short memories we all seem to have. I was looking into local property on RightMove the other day and noticed that prices seem to have risen about 30% since I last looked, a year ago. Even more surprising is the fact they seem to be moving at those prices.
Now... I live in a borough of West London which was somewhat isolated from the crisis. Property didn't fall in price. It just slowed and seemed to be rising more quickly than inflation, but not as quick as pre-2008. Now though, people seem to think that the economic problems are thing of the past. That all the problems are resolved. I just don't understand it.
I can't comment on the rest of the country. But London, and it's surrounding areas, seem to be ridiculously priced.!
Thankfully, I bought a property that was well within my financial reach, and if we have a situation where mortgage rates go to 12%, I can just about sustain paying for it.
I noticed this morning that the economist is also seeing this trend - [Only registered and activated users can see links. ]
Some of the comments, sum it up better than the article.