Home repossession orders now stand at 100,000—the same as in 1990
Repo actions entered - 145350 in 1990 and 132972 for the 4 quarters ending Q3 2008 (Q4 data not yet available)
—and house prices are falling faster than they were even then.
By the end of 1990 the average house price was £69030 down from it's peak of £70246 in May 1989 a drop of 1.7%.
Does the Prime Minister still deny that the crisis facing British home owners today looks at least as bad as the Tory recession of the early 1990s?
I do not know when the Liberal party (Liberal Democrats actually but hey what's in a name Newlabour/Old labour?) will ever learn.
Interest rates were 18 per cent. at one point in the early 1990s;
Nope - 15% yes but hey what's 3% if it's not spun and lied about
they are 5.25 per cent. today. The number of repossessions in the last year was 27,000;
True - although these are repossessions not repossession orders. A repossession order comes before a repossession. So a classic Brownie.
in the first two years of the 1990s, it was 200,000.
Not true - 119,400 in 1990 & 1991. 188000 if you include 1992
We are dealing with a quite different situation and the reason is that we did not take the advice of the Liberal party, but pursued policies for economic stability.No response to the house price question - Halifax house prices were at £196465 in Feb 08 down 1.5% from £199600 in Aug 07. A further 2.5% fall in March adds to the woe.
So the question is this-
- does Gordon not understand the question
-does Gordon understand the question but believes his answer that things are not as bad?
- is Gordon simply delusional?