Friday, Nov 23, 2007
This should be worth a watch on Sunday
BBC Politics Show: End of the housing boom?
The bigger they come, the harder they fall. And in the South of England there certainly are some very big prices in the estate agents windows. So big, many believe, they are going to go down with a bang.
At housepricecrash.com they are replaying a video from the 80s comedy show "Spitting Image".
Posted by hoyo @ 10:12 PM (868 views) Add Comment
11 Comments
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1. handle_it said...
Politics Show on Sunday 25 November 2007 at 12:00 GMT on BBC One. Thanks mate. The comment at the bottom of the page asking whether the government should "press ahead" with house building seems a little naive to me. I'm no expert on the issue but it seems to me that this crisis isn't based on supply but the availability of cheap and reckless lending. If I was a house builder and was asked to build more houses to drive down the price, I'd have to think why anyone would expect me to be a busy fool. Anyway I'll watch the show and see what they have to say.....
2. confused76 said...
well said, handle it
and I also find immoral to ask the question whether housing supply should be rationed to sustain house prices and the profits of investors like that bitch of Rosie Millard and other b@stard BTLers. I thought the BBC was public service and not representing one or another part of society
3. alan said...
I just watched BBC (9.20am, Saturday). They interviewed Savills, RICS and a host of other Vested Intersts saying...."now is the time to pick up a bargain". The NR crisis was also covered along with the credit crunch.
No mention of all those years of cheap credit, greed and bad government decisions.
The government and BBC are up to something....
4. eyeoftheweasel said...
Yep. The BBC still thinks there's life in repeats of bad quality 'make your fortune in property' TV shows and the government still thinks there's life in repeating the same sort of bad decisions that Gordon Brown's been making for the last 10 years.
5. paul said...
nicely put eyeoftheweasel.
Sums up the New Labour mentality really. Nothing new about it at all, and all along it assumes people are stupid.
6. Marvin said...
@EotW and every other rehash tv channel, I think they have to squeeze what juice there is left in them, because re rerunning " Well Sarah, we bought this rabbit hutch for £200k spent £20 quid on it and its now on the market for £500 k", will cause traffic jams at Beachy head when it all goes pop....I am not gloating this could all have been avoided but was politically expedient to ignore.
" Now is the time to pick up a bargain" from the Ministry of Truth -strewth!!!!
I'll be watching tomorrow (if only to see how much spin they can put on it).
Life, don't talk to me about Life
7. voiceofreason said...
I was talking to a banker last night and he said that we really have only seen the tip of the iceberg as yet on all this sub-prime and credit crunch story.
He should know. He has worked in the financial industry for 20 years.
As for the govt, they don't listen to anyone but themselves. Which is why the keep screwing up.
They can't see that high house prices has been brought on by over supply of credit. Not under supply of houses.
8. Quiet Guy said...
@confused76
Just a thought about building more houses:
My understanding is that a house price crash will hit the building industry because the value of their new homes will drop but also because there will be less work for the builders to do. I'm not sure what proportion of the economy building represents these days but I'd expect it to be substantial. Rather than having builders laying people off during a recession, you could make a case for spending more money building to stimulate the economy and help first time buyers who are priced out. Of course, the government should have been reducing the national debt and public spending during the easy economic years to prepare for a recession but that's another story.
9. X Blogger said...
I think we are under estimating the speed of this crash. I think April 2008 will be the pivotal point.
People will realise by then that they have all been conned.
I am starting to get scared about the fall out.... Really scared.
10. dohousescrashinthewoods said...
Maybe NL think people are stupid because fundamentally they are a bit thick themselves. I don't care how intelligent, convincing and clever they are, the basic fact is they have shot the future to get the eggs out of the goose now. It's an age old story of basic foolishness and dimwittedness.
Also, if you treat everyone as stupid, pretty soon that's what they will become.
11. bidin'matime said...
Dohouses – interesting observation – I’ve often wondered when I hear commentators refer to Gordo’s amazing intellect, but it may well be because the commentators themselves possess mediocre intellects. They recognize that he’s brighter than them and they naturally think that they are pretty bright themselves, so they conclude that he’s a bloody genius… When in truth, as you say, he’s a bit thick. Not helped by the fact that, as Voice of Reason says, he doesn’t listen to anyone – like all megalomaniacs, he only hears what he wants to hear.
Over the years, Gordo has given us accountants some good laughs – like the £10k tax free allowance for small companies - he thought the headline grabbing announcement wouldn’t cost too much, because most companies were too big to take advantage of it – clearly he hadn’t talked to any small business advisers, cos what he hadn’t reckoned on was that everyone from window-cleaners to hairdressers would change from sole-trader to limited company, so they could earn £20k a year completely tax free – they made their wife company secretary, paid her and themselves £5k each tax free (normal personal allowance) and had £10k in dividends tax free. Of course, after a few years, he had to do away with this, announcing it as a ‘simplification of the tax system’…
Then there’s the ‘New CIS’ (Construction Industry Scheme) which seems designed to drive more people onto the black-market.
Then there’s the fiasco over capital gains tax – talk about making policy on the hoof – years of carefully designed rules to ensure that the tax falls on those who make windfall gains, without unduly penalising those who’ve worked hard for them - just thrown away. We await the ‘real’ Budget with great interest…
You’re right – a bit thick.