In his budget speech in 1997 Gordon Brown said 'I will not allow house prices to get out of control and put at risk the sustainability of the recovery'
House price then rose from an average of £68,085 to peak at £199,600 in August 2007.
In March 2000 when the FSA chairman warned that lenders were lending too much, did Gordon Brown call the lenders to the Treasury to ask them why? NO
When lenders stopped checking income on loans under 75% loan to value did the FSA or Gordon Brown call the lenders in to ask if this would encourage borrowers to lie about their incomes? NO
Gordon Brown now passes his Jonah touch as PM onto the housing market. Since he became PM mortgage lending for home purchases has fallen 64%.
House prices have fallen over 7% in 9 months (according to the Halifax). Under the Tories it took over 3 years for house prices to fall that much from 1989 to 1992.
Gordon presided over an unprecedented housing boom and now he is watching a housing bust take place. I wonder if he will get as much of a battering as he dished out to the Tories 15 years ago?