Sunday, Jul 29, 2007
More house price falls
Times: Flood homes: prices could fall 80%
In no other country (I mean civilized country) the attention of the media could be turned so quickly from the human cost of the flooding to the repercussions on property market. Brick and mortar is a national obsession, people need mental help! On another note, this story shows the inherent fragility of the "brick and mortar", there is basically no inherent value in housing... you cant get an insurance policy? no value left! Keep investing all your pension in property, yes keep going, solid as "brick and mortar"! Just hope it does not rain!
Posted by confused76 @ 05:13 PM (222 views) Add Comment
6 Comments
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1. japanese uncle said...
One big deterrence to house purchase in Japan is the clear and present danager of earthquake, which has been striking the vicinity of Tokyo every 80-100 years. Seems like the flood risk is becoming a great deterrence to house purchase in the UK. Oops charlatans may well start a campaign yelling that the flood risk drives the property price yet higher in flood-free areas!
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3. Pie said...
You will probably hear suggestions that the government assist in underwriting flood insurance (to "help poor homeowners") like they do here in the US.
What this means is constant building in flood zones by people secure in the knowledge that the taxpaying public will happily foot the bill for their reckless behaviour time and time again.
Coastal areas in the States are replete with people whose home floods every 5-10 years and who are quite happy to accept the prospect of a brand new house in exchange for a bit of inconvenience.
4. Scott said...
Yes JA, I heard that when you buy in Japan, the price is purely for the land. I have also heard that the government is literally giving land away in some areas to try and repopulate them. I was there 2 years ago. Tokyo is much better than London and Kyoto was amazing too.
5. enuii said...
Same applies to criminal law in the UK, if it involves money you get banged up for longer than ABH or GBH.
6. shipbuilder said...
Gordo must be doing a rain dance - this is his 'big excuse' for the forthcoming property crash. Couldn't have worked out better for him.