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See comments at end of article. Oh how sentiment has changed....Refreshing.

http://www.thisismoney.co.uk/mortgages-and...amp;expand=true

Yet in property terms, 1992 seemed like the turning of the tide. Ever since August 1988 - when MIRAS double mortgage tax relief was ended - the property market had been falling.

But in the spring of 1992, optimism was in the air, with John Major comfortably returned as Prime Minister in April and house prices rising through April, May and June.

Unfortunately, they then began falling again - sharply after Black Wednesday in September when sterling was ejected from the European Exchange Rate Mechanism - and started to climb upwards only from the autumn of 1995 in a sharpening curve right until July 2007.

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See comments at end of article. Oh how sentiment has changed....Refreshing.

http://www.thisismoney.co.uk/mortgages-and...amp;expand=true

I think the sentiment hasn't changed, but a lot of us have been subverted by the most aggressive marketing campaigns ever seen in Britain.

Bill Hicks on Marketing, from his 1990's standup routine Revelations. Transcripts from here and here, reformatted to my taste. Official Bill Hicks site here.

-----

By the way if anyone here is in advertising or marketing... kill yourself.

No, no, no it's just a little thought. I'm just trying to plant seeds. Maybe one day, they'll take root - I don't know. You try, you do what you can. Kill yourself.

Seriously though, if you are, do.

Aaah, no really, there's no rationalisation for what you do and you are Satan's little helpers. Okay - kill yourself - seriously. You are the ruiner of all things good, seriously. No this is not a joke, you're going, "there's going to be a joke coming," there's no ******ing joke coming. You are Satan's spawn filling the world with bile and garbage. You are ******ed and you are ******ing us. Kill yourself. It's the only way to save your ******ing soul, kill yourself.

Planting seeds. I know all the marketing people are going, "he's doing a joke..." there's no joke here whatsoever. Suck a tail-pipe, ******ing hang yourself, borrow a gun from a Yank friend - I don't care how you do it. Rid the world of your evil ******ing makinations. Machi... Whatever, you know what I mean.

I know what all the marketing people are thinking right now too, "Oh, you know what Bill's doing, he's going for that anti-marketing dollar. That's a good market, he's very smart."

Oh man, I am not doing that. You ******ing evil scumbags!

"Ooh, you know what Bill's doing now, he's going for the righteous indignation dollar. That's a big dollar. A lot of people are feeling that indignation. We've done research - huge market. He's doing a good thing."

Godammit, I'm not doing that, you scum-bags! Quit putting a godamm dollar sign on every ******ing thing on this planet!

"Ooh, the anger dollar. Huge. Huge in times of recession. Giant market, Bill's very bright to do that."

God, I'm just caught in a ******ing web.

"Ooh the trapped dollar, big dollar, huge dollar. Good market - look at our research. We see that many people feel trapped. If we play to that and then separate them into the trapped dollar..."

How do you live like that? And I bet you sleep like ******ing babies at night, don't you?

"What didya do today honey?"

"Oh, we made ah, we made ah arsenic a childhood food now, goodnight." [snores] "Yeah we just said you know is your baby really too loud? You know?" [snores] "Yeah, you know the mums will love it." [snores]

Sleep like ******ing children, don't ya, this is your world isn't it?

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it's far too early to make comparisons with spring 1992. three consecutive months of rising prices would be really quite something else, something to be taken very seriously indeed. i'm not saying that month isn't anything but it's only really one step removed from that, even the silliest bear on here would no doubt admit that in sober moments.

i watched the re-run of property snakes & ladders last night & was really slapped in the face by what merryn said - house prices are all about the supply of lending... what i'd really like to see are reliable stats on the average LTVs and the earnings multiples that were being lent at the peak of the bubble. the difference between those figures & what's going to be available over the next couple of years would tell you everything you need to know about where prices are going to go [down by another 10% or so at least for my money, although i have no crystal ball of course].

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