How High Will Interest Rates Go?
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The Price to Income Ratio in the UK
Interest rates were 13% in the late 80s, now they're only going to go up to 6%. That's pretty painful for many people who have negative equity. We had kind of an illusory wealth, an imaginary wealth, when interest rates were at zero,. And now everything's got to re-rate downwards and it's going to involve pain. There's no question. A price to income ratio that comes down for house prices, how they manage it politically, would just have to see.
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