Every monthly fluctuation in average house prices tell us little as there is so much background noise.
The broad picture is amply illustrated by this graph:
The reductions in public spending and period of high unemployment are yet to come into play. Interest rated cannot remain at 0.5% either.
There are years of pain yet to come and so far things have been pretty mild.
Andy Harrison CEO of easyJet told me recently that he expects only three airline to post profits in the coming year. One of them was his, the other was Mr O' Learys and the third was Lufthansa.
I can believe that.
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