RU : Gordon Brown's house sale

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RU : Gordon Brown's house sale

#1 Message par jmpoure » 31 mai 2005, 13:56

Lien : Gordon Brown's house sale
Editeur : The Economist
Date : 26/05/2005

Merci à Dahu.
Adding to the difficulties, high house prices, together with the rise in interest rates in the past 18 months, have driven many first-time buyers out of the housing market. Usually, they account for around 45% of loans for house purchase, but for the past two years their share has been sharply lower, at 29%
[...]
Last year the International Monetary Fund estimated that house prices were about a third above their long-run sustainable level. Over the past few months, prices have been broadly flat and many economists think that they will fall over the next couple of years. The scheme is thus being launched at the very time that the risk of housing-equity losses is especially high.
[...]
The government's scheme may also have a perverse outcome. By increasing demand for cheap housing, it may hold up prices at the bottom end of the market—which will presumably make houses less, rather than more, accessible to poorer people. But then perhaps the welfare of first-time buyers is not the government's only concern: maybe behind the hype for this scheme lies a desire to prop up the housing market, for fear of what may happen to the whole economy if it crashes.

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