Article: Housing market bubble has burst - Cable.

M2 PRESSWIRE-30 April 2008-Liberal Democrats: Housing market bubble has burst - Cable(C)1994-2008 M2 COMMUNICATIONS LTD

RDATE:30042008

Commenting on today's Nationwide housing figures, which show the first annual fall in house prices since 1996, Liberal Democrat Shadow Chancellor, Vince Cable said:

"It is clear that the bubble in the housing market has burst.

"With prices falling rapidly, the Government's hope that house prices would merely see a gentle correction now seem extremely optimistic.

Responding to MPC member David Blanchflower's comments that house prices could fall by 30% and that the country faced a real risk of recession, Dr Cable said:

...

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