James O'Brien 10am - 1pm
Brexiteer Tells James O'Brien He'd Be Happy If His House Price Drops By 30%
29 November 2018, 11:26 | Updated: 29 November 2018, 15:23
James O'Brien was left with his head in his hands as this Brexiteer insisted he would be happy if his house price dropped by a third.
The Bank of England's Brexit forecasts suggested that if the UK leaves the EU without a deal, house prices would fall and the economy would face its biggest crash since the 1930s.
James O'Brien was asking why Leave voters believe BoE chief Mark Carney is lying about it
David from Snowden called in and claimed that Mr Carney is only interested in big business and that won't affect him at all. But James had one simple question that made him re-think that.
He asked the caller: "Have you got a mortgage? And does that mortgage have interest rates?
"The top line of Mark Carney's analysis is of course house prices and interest rates, which is nothing to do with big business.
"If the house comes down in value and interest rates go up, you could end up owing more than your house is worth."
But David insisted: "House prices are over-exaggerated anyway. If it meant that my children could afford houses, I would accept that.
"If the house prices drop down by a third tomorrow, my children would be better off. At least they'd be able to raise a deposit."
James summed up David's position: "The worst recession since the 1930s and you think it would be great."
David insisted he didn't think it would be great, he just has a different interpretation of the situation, to which James concluded: "Yes, I think crashes are really bad. And you don't."