Monday, Oct 27, 2008
Now you tell us
Western Mail: ‘Days of inflated house prices are over’
THE credit crunch will prompt a return to old-fashioned housing market values, according to Cathy McLean, director of the Royal Institution of Chartered Surveyors Wales. She said the “madness” of the days of inflated house prices and five-times salary mortgages will never return.
“It was never sustainable,” she said. “It was madness that people thought prices were always going to go up. Everybody wanted everything today, rather than saving for it. People were just rushing into the property market thinking there was never ever going to be a problem."
She attacked TV shows like Property Ladder for fuelling greed and an obsession with house prices
Posted by little professor @ 08:41 AM (606 views) Add Comment
8 Comments
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1. charlie brooker said...
It's refreshing to see someone in a position of authority attacking the property porn shows even if it is too late.
2. timmy t said...
There is nothing clever about stating the obvious. If she'd come out and said it a few years ago and tried to put the brakes on the market then that would have been clever - But the simple fact is that she wouldn't have done it then.
3. Safe As A Crash said...
well its property snakes and ladders... everyone is on the snake part now.... hahahaha, haha, hahahahahahahah! losers
4. plato said...
This helps to attach the stigma of 'madness' to high property prices instead of the aura of deluded importance. Fairly easy for the simple mind to connect with. So it all helps to correct the market.
5. Fjcruiser said...
I think blaming property shows for the hype in the housing market is a joke as much as blaming the banks for lending recklessly. The real problem has been in the making since Big Bang over 22 years ago and the so called Deregulation. Property shows and newspaper articles dont give values to your property. Banks do. If you do not control the banks, it is in their interest to lend more and more. So blame the goverments since 1986 for taking us where we are now.
6. bilko said...
My thoughts entirely Timmy T. Why didn't some of these people state these objections when it was all going on? Suddenly our dear Prime Minister has never been happy with this boom and the lack of regulation but while it was going on we hardly heard a murmur. The most likely reason is that people in positions of power and influence were of course benefitting from the whole fiasco. Cathy Maclean and her clan obviously did very nicely in the rampant housing market and ultimately the feel good factor helped to keep New Labour in power.
7. Neo-serf said...
Cathy McLean aint no visionary
“It was never sustainable” - she didn't utter that when she was at the networking freebee's at the races. Shovelling prawn sandwiches and drinking Cava with fellow arrogantcia has a kind of muting effect.
Bandwagon does leap to mind.
8. mark wadsworth said...
IF five times income valuations were madness in 2007, then they were also madness in 1948, 1973 and 1989.
Never say 'never again', unless you are a Land Value Taxer.