Thursday, Jul 23, 2009
Quick, quick, get in now before there's a stampede (says an EA)
NY Times: Prices for U.K. Properties May Be Bottoming
"I believe that the market will bump along for the next year or so, but as soon as the banks’ confidence begins to slowly return, especially to the U.K. property market, then we will see the bottleneck of people currently waiting to buy come forward. When that happens, demand for good property will go through the roof, and finding a bargain will be much harder than it is now. Anyone looking to buy should consider borrowing as much as you can. With interest rates so low, borrowing to buy property can be excellent way of stretching your dollar, yen or euro." Oh come all ye international buyers, a Knight Frank sales pitch...
However this bonkers market continues, wreck in Sevenoaks (albeit with 2/3 acres land, OK location) went on the market today and sold immediately, WTF...
5 Comments
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1. mander said...
"Anyone looking to buy should consider borrowing as much as you can. With interest rates so low, borrowing to buy property can be excellent way of stretching your dollar, yen or euro."
False hopes from foreign investors like they couldn't see what is happening around the globe.
But I was under the impression that London houses are for families working in London and not for investors.
2. happy mondays said...
@ mander,
But I was under the impression that London houses are for families working in London and not for investors.
You see this is the problem, most people believed the hype that houses were built to actually live in, raise a family, a safe haven for your family, a place where your friends & family sat around, enjoying food , wine & laughter, but this is just an illusion, & if you thought that, then the joke is on you..Because they are built for the purpose of making money, the big economic cogs keep turning, & spitting out anyone that gets in there way! Until the time comes when we change our outlook, but thats way off. As Fred Harrison say's we need the economy to serve us, not us serve the economy !
3. uncle tom said...
From conversations last night, I realise that some insanity really has returned to the market.
People, notably older, richer, more intelligent (one would think..) professional people; are convincing themselves that the market is a buying opportunity, and that prices are about to rebound.
So, the logic goes, don't worry about selling your old house; rent it for a year or two and then sell it when prices have peaked.
Last night, in the pub, I found myself in a surreal conversation with two friends I have known for a long time. One, a lawyer, is preparing to buy a period house for about £700k, and has not even bothered to try selling his existing house, which is worth about half as much.
He was making arrangements with my other friend, a builder, to do some work on the place before he moved in.
Rather than be overtly incredulous, I moved the conversation to the builder's family. He has two children, both in their early twenties, and of broadly average earning ability. I asked if they were still living at home.
"Of course" he said "They'll never be able to afford to buy a place at current prices"
Despite that, the penny just didn't seem to drop in the mind of my lawyer friend...
..eventually he'll learn - the hard way...!
4. inflation is eating my savings said...
@3
self-delusion is something we are all guilty of.
I'm getting rather tired of this rally
5. mystie010 said...
Me too!!