Another day, another dropped bollock

Ok, so Flint and Grumpy have both denied that there is going to be a house price ‘crash’ (there isn’t, it’s just a market adjustment), and this appears to make them look pretty stupid, but I can’t see what the big fuss is all about. A 10% drop wouldn’t leave many people with negative equity, and as long as unemployment doesn’t start rising, inflation aside, I can’t see a huge raft of repossessions on the horizon. Don’t get me wrong, people will feel the pinch, and people who have stupidly thought that they had ‘equity’ in their house and have borrowed against it may be screwed, but nobody forced them….

However, if you look at the last paragraph on the briefing paper, at the very end, we see

‘And I will tomorrow announce a package of measures to assist first time buyers’

Oh goody. That’s bound to be really well thought out stuff. By the way, Caroline, I really don’t think you should begin a sentence with ‘And’.