Sunday, Feb 22, 2009
Haven't had a ramping article for a while
Times: No time like the present
“We felt we’d never be able to afford anything of our own,” said Cleak, 28, a PR director for the fashion company my-wardrobe.com. Then, all of a sudden, house prices began to fall, sellers became desperate and things started to look promising. “We knew we were in a better situation in the market than ever before. With renting, we felt the money was virtually going down the drain every month. We wanted to invest it instead.”
Posted by little professor @ 09:27 AM (685 views) Add Comment
5 Comments
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1. Downdowndown said...
This sort of thing reminds me of an excellent strip in Viz from earlier this decade when David Beckhams actions were all controlled by a team of mice pulling levers and pressing buttons in a control room within his head. Then walked in Victoria who was being operated in a similar fashion by a bunch of canaries. The mindlessness of this couple in front of all the available evidence is startling.
I hope the Times will return to this couple in 18 months time when we see that their 'investment' in this 2-bed flat has dropped by a further 100k, though somehow I doubt it will.
2. shipbuilder said...
I love the way that the article paints not meeting the requirements for the mortgage as a roadblock for potential buyers as opposed to being the factor that sets prices. If you can't get the finance, then the price is too high. Generations of house buyers have understood this - what's the difference now? The ridiculous sense of entitlement to anything they want that people have now?
3. shining wit said...
Property in this country is still at unsustanable prices. Everyone who bought property after 2002 paid too much and now we are in the 'Mother of all Recessions" they are seriously overvalued still.
The middle class (for it is they) have to realise that even with 50% reductions our property will still be some of the most expensive in Europe (and of course the whole of those prices will fall massively during this recession).
When they were looking for "Weapons of Mass Destruction" a few years back, why oh why didn't they just pop down the high street and look in any of the major high street banks?
It's like the age old arguments that society keeps being manipulated with regards to drugs. The scourge of drugs, the dangers of these evil things, taking our children away. The war on drugs, the devestation of them and the ruined lives...... When all the time it was the credit /debt system that's been enslaving people, making this country have the longest hours in Europe, to live in some of the poorest houses, to pay for the most expensive transport system, now have some of the worst rights in Europe and with prospects that are possibly now the worst in the western world.
I love living in our democratic and liberal system in this country, just a shame that it's not very democratic and certainly not very liberal, just the same old ying-yang, the same old blah-blah rhetoric and the same old parasitic people running the place.
Of course this will all change when the Tories take over because they will make everything sooooo much better.
4. inflation is eating my savings said...
My brother has just sold his house near Nottingham (hopefully, you can't tell with the English system). Took at 15% hit on his asking price, which was greedy. On the market for a year. Lots of Sold signs around Nottingham, apparently. Can't see who would want to live there. There are no mountains, or beaches or haggis. Another member of the family has just sold in East London/Essex. On the market for 6 months.
Neither were FTB places (if there is such a thing). There is still a dribble of activity.
5. plato said...
Nothing wrong with buying property at this time, as long as you don't consider it a financial investment and can afford the loss.