The one song that sums up my present existence is Fighting the Blues. Why....well

Today we had a lecture from our illustrious deputy governor of the Bank of England Rachel Lomax, at least 20 mile away, that is the last reported sighting of a London home costing less than ?55,000 equivalent average back in 1985.
Today the average flat in the UK capital costs six times as much.

But hey, that's inflation for you! And fumbling through the huge range of property available on sale, three things about the decade-long inflation in house prices now imploding on both sides of the water continue to amaze the Bank of England.

First, the sheer volume of fcuk off and run sweeping the former property market, Second, the size of house price auction 'discounts' about to hit the UK property market. And third, how anyone ever could have thought subprime mortgages sounded like a good idea is truly astonishing.

What we are receiving instead, however, is a fresh dose of tax payer money activity creating a market in mortgage bonds, accepting these illiquid assets as collateral against loans thus released to the banks, all of which are propped up by UK housing market, whatever happens on your street in 2009, subprime lending as a financial product is dead if not for good, then at least for now.

Any hope of residential mortgage backed bonds collapsed by 95% during the first three months of this year!
The futures market expects a further 15% drop in UK house prices and now the UK property crash has finally turned up a mere three years after everyone thought it would, our political leaders have chivved us into a cocked hat for 15 years plus!!