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Times journalist in denial on house price slump

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While the rest of the media is reporting that house prices have fallen again for the third month in a row, according to figures from Rightmove (which aren’t exactly scientific, since they only take into account asking prices), or that mortgage lending has dropped to the lowest level in two years, the Times has a slightly different take on the news with this: Bargain hunters reignite UK housing.

Nice headline, but not exactly true is it? So a small handful of buyers might have taken advantage of recent price drops, but for the vast majority of working people house prices are still painfully unaffordable and will remain so until they drop by 30% at the very least. With prices still at record levels and mortgage availability drying up, it’s difficult to see how the UK housing market could be reignited by anything in the foreseeable future.

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