DOWN THEY GO.

The final nail in the coffin of house prices is the fact that the banks themselves have finally realised that UK house prices are far too high and are a bad risk.
The banks are almost solely responsible for the price of houses, not builders, not estate agents, not vendors...but banks.
Once banks get nervous, there's only one way to go....down.
They dont want a crash, but a steady decline, so they are not damaged too much on the way.
But the banks are in a precarious position (as are so many homeowners). Old Merv King won't bail out the homeowners, just the wealthy bankers.
Our current house prices are laughable, but nobodys laughing.

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