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Mid-lifers' Deadly Grip On The Market


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HOLA441

Times.

Choice excerpt:

Despite the lack of opportunity for first-time buyers, there are some who argue that mortgage rationing is far preferable to the excess leverage: this stance is usually justified by much tut-tutting about the 125 per cent loans that Northern Rock used to distribute to the young and indigent who took it into their heads to be owner-occupiers. But the reckless conduct of one bank should not be used to thwart the aspirations of those twentysomethings who cannot depend on intergenerational subsidy. Banks should see a deposit of 15 per cent as an adequate cushion against another collapse in prices — which not even the arch-miserabilists think is a possibility.

HPI is back and here to stay, 2007 style, apparently... :unsure:

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The subtext of all Anne Ashworth's articles is always the following:

"No need to panic - you are an astute (re:Smug), boomer (or at least 40-something) property "investor". Don't worry the nasty HPC is just "doom & gloom" / never happened / was minimal, and now we can all go back to hosting dinner parties, sipping chardonnay whilst flicking through brochures for overpriced "property", cars and other associated "middle class" tat. Aren't we all so clever. Didn't we work so hard for it. But times are still a little tough, so let's not forget to feign some sympathy for the "priced out". With luck, Gordon will soon allow them to borrow 15 times there measly salaries to come and join in - because after all, prices only go up and they really shouldn't miss the boat".

Daft trollop. Not sure who's worse - her or Rosie. :angry:

Edited by uncle_monty
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HOLA444
The subtext of all Anne Ashworth's articles is always the following:

"No need to panic - you are an astute (re:Smug), boomer (or at least 40-something) property "investor". Don't worry the nasty HPC is just "doom & gloom" / never happened / was minimal, and now we can all go back to hosting dinner parties, sipping chardonnay whilst flicking through brochures for overpriced "property", cars and other associated "middle class" tat. Aren't we all so clever. Didn't we work so hard for it. But times are still a little tough, so let's not forget to feign some sympathy for the "priced out". With luck, Gordon will soon allow them to borrow 15 times there measly salaries to come and join in - because after all, prices only go up and they really shouldn't miss the boat".

Daft trollop. Not sure who's worse - her or Rosie. :angry:

Bang on. Would love to see them shopping in Poundland one day.

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HOLA445

Ashworth genuinely doesnt have the capacity to see that prices could come down, and that would solve a lot of the problems she identifies. It's not even a conceivable concept to her and the end result is a strange position where she'd much rather that the banks put themselves (taxpayers) at significant further risk, so one asset class can continue to be overvalued.

Also, I am an arch-miserabilist, by sounds of it. Has a nice ring to it, I might use that one.

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Just re read the excerpt and it's unbelievable. She seems to think that big words might conceal the large hole in her logic. Fail.

My fave bit is "the reckless conduct of one bank should not be used to thwart the aspirations (etc etc)"

One bank?! Perhaps she fell asleep in August 2007 and missed the bit where the worldwide financial system nearly collapsed.

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HOLA449

And for the nth time she refers to an increase in house prices as an 'improvement'.

I've emailed a letter about property journalists apparently thinking that where HPs are concerned, these two words are interchangeable.

I've had quite a few letters published in The Times, but I bet they won't publish this one.

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The subtext of all Anne Ashworth's articles is always the following:

"No need to panic - you are an astute (re:Smug), boomer (or at least 40-something) property "investor". Don't worry the nasty HPC is just "doom & gloom" / never happened / was minimal, and now we can all go back to hosting dinner parties, sipping chardonnay whilst flicking through brochures for overpriced "property", cars and other associated "middle class" tat. Aren't we all so clever. Didn't we work so hard for it. But times are still a little tough, so let's not forget to feign some sympathy for the "priced out". With luck, Gordon will soon allow them to borrow 15 times there measly salaries to come and join in - because after all, prices only go up and they really shouldn't miss the boat".

Daft trollop. Not sure who's worse - her or Rosie. :angry:

Brilliant! :lol:

I can't see uncle_monty writing for the Times, but he should be!

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