I think it's important to understand the context in which the House Price Bubble and Crash occured and that context is political and economic one.
When you understand this wider context you'll be able to navigate the future a bit better and you'll be less surprised by such things happening again. But I get the feeling that most people here are just waiting till they can buy a house thenthey'll leave (nothing wrong with that as it's called 'housepricecrash.co.uk'

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which is too bad since there is a lot more to learn from the people here.
The reason I'm here for example is for the information and wisdom about that wider context as I'm not interested in getting a house untill I want to start a family (10 years from now at least) and can pay for it myself completely.
I'm very wary of anyone who derides others for not being normal. Just look at what is considered normal in the western world: Do well in school, work as a wage slave while numbing yourself with TV and Computer entertainment, drugs and alcohol, till you retire to do all the things you REALLY wanted to do with your life. Oh yeah... and indebt yourself with a mortgage along the way. If that's normal then I'd rather be wierd and crazy (which people frequently think I am).
Since my early twenties I've realised that the vast majority of people in this world are full of s**t and have no clue about how the world works. Love, money, health... most people are automatons that don't take a moment to think for themselves, and then they wonder why they feel depressed.
Either a lot of people are incompetent and thick, or they are malicious greedy and power hungry. I don't know what's worse to be honest.
Just look at some of the following scenarios:
Fishermen complaining they are not allowed to fish as much as they used to... yet forgetting the fact that if they continue the way they are there will be no fish for anyone!
Nobel Prize Winning Economists investing in Long Term Capital Management (google it + Smartest People in the Roo) and almost causing the collapse of the whole financial system in the 90's because they thought they could calculate the odds of random things happening in the future.
Gordon Brown wants to reclassify Cannabis despite experts saying it shouldn't and conveniently ignoring the most damaging drug: Alcohol.
Competely barmy war on terror and war in Iraq.
From the average joe to the our elite leaders: normal = retarded.