GBP

A smart dude who played 10 credit cards but kept up with his payments would have a good rating even though he owned no tangible assets whatseover.

A landowner and propery owner who always payed for everything as they could afford, didnt like credit would have the worst credit rating, very difficult to get a mortgage.

How's that for world gone crazy.

By 94/95 many middle aged very experienced bank managers were pensioned off and replaced by young whiz kids who knew all about network marketing and selling insurance products etc. They knew nothing about biz, would be frightened to visit a company. At that point the banking crisis we have subsequently experienced was born.

What further exasperated the lower level housing mkt in early 90's recession was Maggie Thatcher sold off council houses to tennants at great prices. She encouraged everyone to become house owners and then within 3 years they had the carpet pulled from under their feet before having a chance to get established with their new mortgage. It was chronic, so sad.

Dave thanks! very interesting and insightful answer. I was too young for the recession of 89-94 but my folks still speak about the dark days of 10%+ i-rates and quite a few of their friends who got foreclosed. What halifax have done in a indirect way tells me that house prices are going down at least another 10%. Agree with you London is a special case due to it's intl nature prices will always have a level of support.

IMHO we should tax the libyan rebels, we help you stick a cruise missile up gaddafi's a$$ and you hand over 50% of your oil revenues

Did you get my answer to your question Gunjack ?