Still, let's not take away from a major achievement, all against the backdrop of a worsening market. Hardly a day passes now without headlines shouting doom and gloom about the property market. It's nothing short of a media feeding frenzy and it would be good to see a bit more of a measured approach to the whole situation
Alas, that is not always the way of the media. True, prices outside London are flat or dropping. True, it's getting harder to obtain a mortgage. True, the balance of power has shifted away from the seller and towards the buyer who can now afford to be quite picky. But compared to the late 1980s, the truth is it's still all quite gentle. Interest rates are no way near the whopping double figures we had back then. Unemployment is no way near the levels then either.
So the outlook is damp, but not disastrous. In truth perhaps it's no bad thing that there's a correction in house prices. Most people agree property is overvalued by about 30 per cent after years of accelerated growth, and totally out of line with earnings. It's about time things got back on more of an even keel.
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