Surreal Estate: How far will house prices fall?
Many Happy Returns
How Does the Property Market Affect the Economy?
People who bought at or near the top, they can go into negative equity and be effectively trapped in their property. It's often the young people who bought at 90% plus loan to value ratios. And psychologically, it can be quite distressing, because it's probably the biggest investment you're making that whole of your life. So psychologically, I think it has a cost. There are also macroeconomic implications, aren't there? The construction sector is an important part of the economy in and of itself. That tends to slow down when prices are falling,. Property developers can make less money.
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