House price fail

Jeezus…the BBC news site is becoming almost as bad as the Daily Mail when it comes to alarmist house price headlines.

UK house prices ‘to fall by 30%’

That sounds pretty horrendous but when you read the story below it’s not quite as bad as they’d have you believe.

John Varley, group chief executive of Barclays, painted a bleak outlook in an interview on Sky News, during which he criticised mortgage borrowing levels over the last decade.

He said: “Our view was that from the top to the bottom, you would see a fall of something like 25 to 30%.

“I suspect we’re about halfway through that at the moment.

He warned the UK was only “halfway” through the slump with house prices set for even greater falls.

In other words, we’ve already had half of the projected price fall – with the other half to come next year.

I’m no financial expert so I don’t know whether he’s right but I do know a misleading headline when I see one.

Come on, BBC – you can do better than this!

Incidentally, that gaff in the picture is Kenwood House in North London – we played a gig there a few weeks ago.


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