If you are a homedebtor, homeowner or buy-to-let speculator in England, Northern Ireland, Scotland or Wales, and you have the good fortune of finding this blog, do yourself a favor.
Put your home on the market TODAY and get out. Now. As fast as you can. At whatever price you can get. And don't look back, no matter what Estate Agents tell you.
Trust us. We kinda know a thing or two about massive financial manias, crazy housing speculation and epic real estate crashes. And in the UK, 30% is being kind. The IMF didn't want to freak you out with the truth. Because 50% plus is more like it. The UK was the epicenter of housing specuation and greed, and the whole "Property Ladder Ponzi Scheme" is tumbling down.
Get out. Get out now. Don't look back. Cheerio.
House prices are 30 per cent too high in the UK and could soon crash, the International Monetary Fund warned yesterday.
After a decade-long housing boom, it fears Britain is one of the most vulnerable countries in the world to a devastating price collapse.
In a further blow, the Bank of England warned that the mortgage meltdown is going to get even worse.
The number of mortgage deals has now collapsed by 70 per cent since last summer's credit crunch began to cripple the country's lenders.
The IMF said the UK has experienced one of the world's "largest unexplained increases in house prices" over the past decade.