The last housing crash, and iam old enough to remember also had a lot to with the removal of joint income tax relief, which suddenly made mortgages a lot less affordable..
Throw into the mix the fiasco with the Exchange Rate mechanism, and you have a few extra factors to contend with.. such as interest rates at 15%....
Just a thought.
RB11 - The removal of the married allowance on housing costs was announced 3 months before it came into effect. During those 3 months it did spurn an increase in the number of properties offered for sale to the market. The day the tax change came into effect was the day any such downward pressure on prices was removed. They went on to crash for 3 years by around 40% in real terms.
This time the Vested Interests in the property market will probably portray HIPS as being responsible for the current crash. Which will be nonsense. Its just prices are too high. Just like last time. Really quite simple.
WWW