Signs of the times

One of the things we talked about in Defra last week was the need to capture real time data on what was going on in the economy.  So am going to use signs of the times to capture the data I notice -- on the grounds that I won't conceivably remember it to Monday.

We hear lots about the perilous state of the housing market at the moment - and it is clear that the housing as investment asset market is in a bad way.  But the housing as consumption of housing services market seems still to be roaring away.  At least that is my take-out from the fact that the two estate agents I passed on my way to the farmers market (buzzing - the people of W8 aren't going to Aldi - yet) are ONLY advertising rental properties -- not a single place for sale in their windows.  But still worth advertising places to rent at £ 2500 per week!

The second thing on my walk was to see two shops boarded up and for rental - one a pricey sandwich/ juice bar and one a Threshers!

And the third was coming back and falling over my downstairs neigbour's weekend FT - front page headlines: parents are pawning Rolexes and Aston Martins to pay private school fees - which reflected a conversation over dinner last night on the plight of fired investment bankers and attracted varying degrees of sympathy for people who overleveraged themselves while benefiting from many of the actions which put the stability of the banking system at risk; housebuilders offering 10 year 25% interest free loans to first-time buyers to shift property.

Watch this space - and add your own.