"The only people that will be affected by the property down turn are the greedy mugs who borrowed to much and the idiots who kept re financing to support their life style. if you own your home with no debt what will change for you, absolutely nothing."
arrrh - depending on the size of the down turn ---------- then, not quite true
if we have a large housing downturn - basically, the economy will be devastated and pretty much everyone in it.
It's housing that has been holding up the nation - be that good or bad.
Builders will be shot to bits, so too any trades that follow them - so to any suppliers that follow them.
Add in homemakers, anyone who delivers homemaker products, services them, manufactures them.
Real estate agents will even be effected --- particularly if lending stops - no lending = no sales.
No home rising prices - no remortgaging -no remortgaging - no new car, no holiday, no new couch, no new boat, no baby this year.
No home sales - no state stamp duty - no stamp duty - no revenue for state projects - no projects - no money for contractors and suppliers - or their workers ----
