In the USA real unemployment is around 20%.
We have nothing like that here. In fact, we have not really had a recession here!
Nor do we have our property market inundated with sub prime borrowers like in the USA.
We are also leveraged into Asian growth - China will continue to grow and is not dependent on the Western world.
Now property prices may come down - nothing ever goes up in a straight line, but predicting a 40% or more decline seems right over the top to me.
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