Blog: The house price crash-ometer row by Finance News Bulletin

Published: 15/12/07

I was more than a little surprised this week to receive a letter from the corpse that represents nearly every British mortgage lenderThe industry has issued a grim caution on mortgage lending What does it denote for you Editor's commentThe Council of Mortgage Lenders, I guess upset by the delicate state of house prices following several existence of bullish and sometimes reckless lending by some, wrote of its concerns about our house cost calculator and its wish that we remove it from the site

We at This is Money pride ourselves in producing what we think is a fair and informative site Our news and skin are backed up with tools and calculators to either assist our readers make the right cash choices or merely just for funAs I mentioned in our newsletter two weeks ago, we have a whole sequence of new house price calculators pending out Here are two we free this week

Anyway, it's the view of the readers that's most important, so I consideration you should make the call and have your say on our calculators So see below for the email from the CML and my response

Your home price calculator does not include factors such as local differences in prices, there is a huge difference in a known region The FT HPI calculates by postcode

Yes, markets do go up and down, but they are significantly affected by feeling and that in turn is influenced by press and other media comment The house market has in information been one of the most stable markets in new years and many populace have invested life savings in their homesI fully agree There is a whole manufacturing making money on house price rises (Banks, TV (property programs and commercials), land agents, investors, Debt management companies, the government (stamp responsibility just to name a few

Anyone who thinks they will make a decent assessment without being selfish, well think againKeep it up The falsified so-called "statistics of the a variety of bodies with vested wellbeing in bolstering house prices have done enough harm to our civilization Do not let them persuade you to hide or take away indicators and tools that may help reduce the upcoming bloodletting that is predictable after their irresponsible escalation of house prices

It is ever thus, up and down, boom and bust Last time, the late 80's and near the beginning 90's there were 50% plus falls in worth and that's what is due againland agents, real estate "pundits", journalists and the related industries always make their pile then be seated back sharing none of the blame and suffering as markets re-adjust to good sense I really put on't know why we let them get away with it

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