The figures for repossessions were double what they were for the last 3 months up to September 2008.

I reckon it will be higher for the final quarter 2008 and will be even higher for the first quarter of 2009.  This looks really bad on the Government so is it not time to cut rates to 0% now?

I think so.  I must be misunderstanding something here but the data at the hands of these government officials must surely point to more misery for some people.  The government must know:

1. The unemployment figures for December 2008
2. The number of repossessions in the court for December 2008
3. The actual percentage of inflation

It all seems really obvious to everyone else apart from the decision makers.  I reckon we will see a big cut in February, I reckon 0.75% but it could be a 1% cut, you never know!

So lets sit tight, see what the government does and pray they do the right thing.  If everything goes our way we'll have lending back to normal at VERY low rates.  This is one sure way to see property prices bounce back.

Its funny.  I visualise a 100m Olympic sprint where we are all in the stocks crouching down and now all we are waiting for is the start gun to go off.  When the gun goes off is when the bank's CEOs all come back from No 10 Downing St on a Saturday or Sunday meeting, call a board meeting on the Monday morning, reel out a whole load of lending mortgage products and then released to the mass market on the Tuesday morning.

That day is coming.  I think it will all catch us by surprise and there will be a spooky silence where everyone is looking at each other and saying to ourselves "is lending really back to normal again?"

I cannot wait!  Call us on 0870 990 3205 and we'll get you prepared.

 

Ajay

Posted on: 23rd Jan 2009