Saw this in the Times today

http://www.timesonline.co.uk/tol/news/uk/science/article3087321.ece

This has been in the planning for a while

http://www.cinematical.com/2005/08/15/real-life-jurassic-park-planned-for-dubai/

A lot of people say that renting is like throwing money down the drain, conveniently ignoring the fact that an interest only mortgage is effectively renting from the bank. The argument for buying becomes less convincing with a falling market. An example is given below. 

House in Weybridge

Sale: Originally on at £619,950,

http://www.propertysnake.co.uk/site/detail/9182876

it is now listed at £595,000

http://www.johndwood.co.uk/www/site/_page.php?page=propertyDetails&type=b&id=WEY070272&theme=buying_country

Assuming a typical IO mortgage of 6%, this would mean you were paying £36000/year, or £3000/month.

Renting:

Listed for rent at £360/week which works out at £1560/month

http://www.johndwood.co.uk/www/site/_page.php?page=propertyDetails&type=r&id=jlwe_3186&theme=renting_country

Throw in the fact that house prices now appear to be falling (by around 1% month on average - Rightmove have the latest numbers - see link below), and this place will cost you at least £7k more a month to buy rather than rent. Maintenance costs would also be a lot less on a rented property

http://www.rightmove.co.uk/pdf/p/hpi/HousePriceIndex17thDecember2007.pdf

http://www.hbosplc.com/economy/includes/05_12_07HousePriceIndexNov2007.doc

Down 1.1%, and last month revised downwards from -0.5% to -0.7%. Fortunately for home owners, Martin Ellis states that

 "The UK economy is in sound shape. Strong market fundamentals, a structural housing supply shortage and pent-up demand from a large number of potential first-time buyers will support house prices, preventing a sustained and significant fall. I have put my own money on Spreadfair as I am so confident"

Actually, he didn't say the last bit, I made it up, but he really should be putting his money where his mouth is. As you can from my post a few weeks back, Spreadfair is predicting even greater falls

http://www.noelwatson.com/blog/PermaLink,guid,36bbf00c-9e24-42e8-b405-053aa7a525b4.aspx

Another vested interest states

"house prices have continued to grow at a healthy rate over the last two or three months"

http://www.ifaonline.co.uk/public/showPage.html?page=661317

We have seen Halifax's numbers, and Nationwide shows 0.7%, 1.1%, -0.8%, so that's an annual rate of below inflation and interest rates - hardly healthy!

Will the MPC cut rates in a futile attempt to stop the downturn. It is a very close call on Betfair

On a related issue, we are about to remortgage and found the following site useful

http://www.halifax-intermediaries.co.uk/tools/product-search/#results