The British housing market still operates.

The British housing market still operates. Houses still have for-sale signs. There are also cash purchases, which do not need mortgage finance. It is unfortunate that two main lenders Northern Rock and Bradford & Bingley are limping along. However, the Nationwide points out that house prices are still 10 pct higher than they were three years ago.
Yet, Liberal Democrat Shadow Chancellor Vince Cable notes that the housing market has been seriously overvalued for some time thanks to massive consumer debt in a quote to
moneymarketing.co.uk.

The housing market is crucial to the UK economy and I am surprised that stamp duty has not been cut to help sentiment. British Chancellor Alistair Darling should have carried out a cut at the March budget since it would have been quite a powerful signal. He perhaps does not have the money at his disposal but a cut then would have been more helpful. The quoted UK housebuilders are going through a torrid time.
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