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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (25573)11/21/2002 12:49:00 AM
From: elmatador   of 74559
 
"...there is a growing recognition that the UK has financial imbalances of its own. Household debt has reached an imposing 111 per cent of annual disposable income. Even at the end of the exuberant 1980s this reached a peak of just 95 per cent. Borrowing is now financing 10 per cent of all consumer spending, a figure only surpassed in 1988.

There was worrying evidence yesterday that households were continuing to withdraw equity from their houses. Remortgaging rose by 22 per cent to a record £8.9bn in October, accounting for 43 per cent of mortgage lending, according to the Council of Mortgage Lenders.

"The UK's outperformance does not mean very much if it turns out to be unsustainable," said Mr Meggyesi.

Ray Attrill, director of research at the economic consultancy 4Cast, said that the importance of the housing market over the coming year was hard to exaggerate.

"Housing will be far and away the biggest uncertainty for the UK economy next year," he said. "This great imponderable is starting to worry many in the market."

Figures from Rightmove, the property web site, suggest that the property market may have started to ease in November, led by a fall in some areas of London.

On Wednesday, the pound eased lower against the dollar from $1.5805 to $1.5707.

Looks like a candidate to be toppled pretty soon!
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