Britons should 'change attitude to homes'
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Posted: 5th Sep 2008
The attitude that Britons have towards homes may have to change due to the economic slowdown, an analyst has suggested.
The basic need of a roof overhead and somewhere to call home has been lost as technical terms and speculation have altered the way people look at houses, according to the Guardian's Jon Henley.
Property values are sliding at a record pace, but Mr Henley believes the drop in house prices could be healthy.
"The UK housing market was insanely out of control and plainly unsustainable," he wrote in the newspaper's money blog.
"What's happening to it now is violent, but basically a good thing: falling prices are necessary, and badly burned banks may have learned something about the long-forgotten art of responsible lending."
Earlier this week, the Royal Institution of Chartered Surveyors revealed that sales had slumped to their lowest level for 30 years and estate agents were selling just one property per week on average.
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