Rentals are crumbling but its like the house price drops that started in Sept last year - they are small and people don't see it unless they are looking. They will become widespread by the end of the year.
Get yourself the FireFox browser and get the PropertyBee add on. This logs every asking price on Rightmove as you browse and shows you any changes when you browse again in the future. Its very easy to keep a perfect record of For Sale and For Rent asking prices on every property in your area for a massive radius. Asking prices are already up to 20% down commonly. Rentals are just starting to soften. Try it and see for yourself.
I expect this year to decline rapidly towards a recession in Q1, 2 & 3 in 2008. There will then be a 2 year recovery from there. Normal growth I expect to see return in 2011.
But I don't know. I'm not in any way certain. There are far too many variables and I don't have anywhere near enough information nor understanding to make any kind of reliable prediction.
All I've been certain of so far is the UK house price crash and the economy slowing to below 2% and a recession next year. If you accept that then the implications for the airlines and Wannabeism are depressingly grim.
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