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Daily Telegraph: State Of Denial Re:

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http://www.telegraph.co.uk/property/main.j...9/05/prat04.xml

House Rat on the state of denial surrounding the decline in property prices

Nick Clark, the managing director of this month's Property Investor Show in Docklands, is getting a little hot under the collar.

"Many so-called experts have been overtly pessimistic in their predictions for the market's future in their quest for media notoriety at the expense of sensible analysis," :P:P

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From the rest of the report - appears our Liz has been picked up on... plus - gasp - a paper writing of falling house prices....!! I get the feeling this winter is going to be pivotal.

For many homeowners, falling prices already are a reality. Not that all seem able to believe it. On one online property forum last week a woman from Cambridge wrote in to say that her property, which she bought for £350,000 last year, had now been valued at £300,000. She wanted to know if she could sue the surveyor who had valued it at £350,000 in her homebuyer's report.

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STUPIDITY HAS NO BOUNDS-

(from the article):

"On one online property forum last week a woman from Cambridge wrote in to say that her property, which she bought for £350,000 last year, had now been valued at £300,000. She wanted to know if she could sue the surveyor who had valued it at £350,000 in her homebuyer's report.

That certainly is a novel way of losing money in the property market: running up large legal bills trying to sue a surveyor who did not spell it out in idiot's language that house prices can go down as well as up."

MAYBE she should sue herself,

if she wants to get back at the person reallly responsible

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Guest Riser

Nice story, we had loads of bearish articles in the Sunday press a few weeks back, I suspect we will see a few more after the latest CPI and Growth figures are released.

Is the property show still on, does anyone fancy a trip down there to have a laugh at the stupid misguided fools B)

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"Many so-called experts have been overtly pessimistic in their predictions for the market's future in their quest for media notoriety at the expense of sensible analysis,"   :P  :P

Mmm let's change that to make it more...accurate:

""Many so-called experts have been overtly optimistic in their predictions for the market's future in their quest for talking up the market to service their own personal greed,"

There....that's better! B)

VP

Edited by VacantPossession

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"On one online property forum last week a woman from Cambridge wrote in to say that her property, which she bought for £350,000 last year, had now been valued at £300,000. She wanted to know if she could sue the surveyor who had valued it at £350,000 in her homebuyer's report.

So naturally if the house had increased in value by £50k she would now be rushing to share this profit with the surveyor <_<

Why is it that when people happen by chance to make a profit on something they'll tell anyone who'll listen that it was down to their shrewd investing, but when they lose money on something it suddenly becomes everyone else's fault & they look for someone to sue?!

Edited by Neil D Possitt

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So naturally if the house had increased in value by £50k she would now be rushing to share this profit with the surveyor  <_<

Why is it that when people happen by chance to make a profit on something they'll tell anyone who'll listen that it was down to their shrewd investing, but when they lose money on something it suddenly becomes everyone else's fault & they look for someone to sue?!

Compo culture.

I think I may have the ultimate in compensation culture stories.

I get on the train one morning to see a group of four neds between ages of say 14 - 18, all drinking cider from a shared bottle (3 litre), complete with floaters from all four neds. This is around 9am. All neds are wearing standard issue shell suits with undersized caps sitting proud (and squint) on their heads.

Some of the neds appear to have been just recently introduced to each other in their social scene.

Ned 1 says to new acquaintance ned 2: "Aw man, ah've goat tae see ma burd man the night aboot ma wean."

Ned 2: "How many weans ye goat man?".

Ned 1: "Man, ah've goat pure 3 man. Tae 3 different burds man."

Later, ned 1 notices a scar on ned 2's face.

Ned 1: "How d'ye git yer scar man?"

Ned 2: "Aw man, ah pure f*cked a boatle aff a wa' man 'n' it pure bounced back 'n' f*cked me in the face man."

Ned 1: "Haw, ye should try fur that compo man. Git sum money oot it."

Ned 2: "Naw man, ah pure tried that. The lawyer telt me tae beat it man."

At this, myself and several other intrigued passengers stifled our laughter at the stupidity of these f@nnies.

The conversation continued along these lines.

Ned 2: "Aye man, ah pure goat hut wi' a machete wance 'n' 'aw." He pulls up his 'trouser' leg to show the scar.

Ned 1: "Ah goat stabbed in the @rse wance man."

Thankfully the train reached its destination at this point and they got out to steal as many DVDs from the shops as possible.

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Why is it that when people happen by chance to make a profit on something they'll tell anyone who'll listen that it was down to their shrewd investing, but when they lose money on something it suddenly becomes everyone else's fault & they look for someone to sue?!

Sign of things to come, with 110%, IO and BTL mortgages things are really going to hit the fan. I've I said last week things are going to get very childish :-

No doubt there will trouble with some BTL and self-cert loans too, accusations of misselling and calls for compensation.

As seen in the past with things like endowment mortgages, precipice bonds and Equitable people (especially those of middle-class distinction) are only able to accept one way bets, if it doesn't pay off then it's somebody's fault and there has to be recompense, someone has to be held 'responsible' for their own stupidity.

One imagines them storming into the bookies accusing them of "mis-selling" the 4:50 at Chepstow.

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Why is it that when people happen by chance to make a profit on something they'll tell anyone who'll listen that it was down to their shrewd investing, but when they lose money on something it suddenly becomes everyone else's fault & they look for someone to sue?!

http://en.wikipedia.org/wiki/Self-serving_bias

A self-serving bias occurs when people are more likely to claim responsibility for successes than failures.

Call it human nature. Everyone wants to believe they are special, unique or exceptionally shrewd, no-one wants to believe they are ordinary, dull and utterly derivative, incapable of a single original thought or idea.

Also, success in business/investing tends to garner admiration and praise from that person's peer group and society in general, and it flatters people's egos for others to perceive them as a shrewd businessman/woman, so all the incentives are there for people to flaunt their successes and conceal their failures/failed ventures.

When something goes wrong people naturally look for someone or something (other than themselves) to take the blame. Look at all the finger-pointing that is currently going on in the US after the disastrous Hurricane Katrina relief effort for example. (the "blame game")

People have an instinctive, deep-seated aversion to believing anything they do is wrong. Basically, people refuse to accept that they are in the wrong about anything or that they made a mistake. Partly this is because of a culture that is very intolerant of mistakes, and which does not see them as an inevitable part of learning (you will inevitably make mistakes as you learn how to do something properly, however there are many occupations where the consequences of making a mistake are very severe, ie medicine [ie someone could die as a result of your incompetence], therefore the intolerance of mistakes is in many cases justified). Also if you have paid for a service (say, some plumbing work or something) then you would be justified in feeling aggrieved if the work was substandard/ not carried out properly (see the many complaints about 'rogue tradesmen').

Edited by IPOD

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Ned 1: "How d'ye git yer scar man?"

Ned 2: "Aw man, ah pure f*cked a boatle aff a wa' man 'n' it pure bounced back 'n' f*cked me in the face man."

Ned 1: "Haw, ye should try fur that compo man.  Git sum money oot it."

Ned 2: "Naw man, ah pure tried that.  The lawyer telt me tae beat it man."

:lol: Very funny & also very worrying.

Maybe he should try suing Isaac Newton under the Laws of Motion?

I suppose everyone's guilty of a self-serving bias to some extent, politicians more than most.......

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I've noticed that a lot in recent years. The blatant refusal to acknowledge when you have made a mistake. Not just in the professions though, in practically everything. Maybe it's also combined with the "everythings perfect/easy/cannot go wrong" culture?

Personally I just don't get it.......if I've dropped a b88888k then I have.

Then again I live alone and have nobody to blame except me!

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I've noticed that a lot in recent years.  The blatant refusal to acknowledge when you have made a mistake.  Not just in the professions though, in practically everything.  Maybe it's also combined with the "everythings perfect/easy/cannot go wrong" culture?

Personally I just don't get it.......if I've dropped a b88888k then I have. 

Then again I live alone and have nobody to blame except me!

This is a function of our increasing litigation culture.

Admitting that you have done something wrong is likely to cost you, and also negates your opportunity to walk away free if your greasy lawyer can find a suitable technicality.

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"it flatters people's egos for others to perceive them as a shrewd businessman/woman, so all the incentives are there for people to flaunt their successes and conceal their failures/failed ventures."

I know it happens, but what a poor reason to buy.

Must be something that happens when a market is near the top-

Buying to earn status points

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Off topic, but talking of chavs on trains. I got talking to a couple of them a few years back. They were off to Cambridge to work for some pikeys laying drives (they were complaining that they hadn't got paid for the last job they did a couple of weeks before but they were sure they could trust these guys!!!!).

Anyway, one had a broken wrist, so I asked him how he'd done it.

"I was going through a tunnel on a train, and I got this shotgun cartidge out of my pocket, and I was pushing the metal end against the inside of the tunnnel to make sparks. Anyway, there was a bit of the tunnel set back from the main bit and my hand went in it and when the inside of the tunnel went back to the normal level I smashed my hand against the wall."

On how many levels can one chav be stupid on?

FF

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Off topic, but talking of chavs on trains.  I got talking to a couple of them a few years back.  They were off to Cambridge to work for some pikeys laying drives (they were complaining that they hadn't got paid for the last job they did a couple of weeks before but they were sure they could trust these guys!!!!).

Anyway, one had a broken wrist, so I asked him how he'd done it.

"I was going through a tunnel on a train, and I got this shotgun cartidge out of my pocket, and I was pushing the metal end against the inside of the tunnnel to make sparks.  Anyway, there was a bit of the tunnel set back from the main bit and my hand went in it and when the inside of the tunnel went back to the normal level I smashed my hand against the wall."

On how many levels can one chav be stupid on?

FF

You should have told him that it's a bigger 'rush' if he were to hold it in his teeth next time. :rolleyes:

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Compo culture.

I think I may have the ultimate in compensation culture stories.

I get on the train one morning to see a group of four neds between ages of say 14 - 18, all drinking cider from a shared bottle (3 litre), complete with floaters from all four neds.  This is around 9am.  All neds are wearing standard issue shell suits with undersized caps sitting proud (and squint) on their heads.

Some of the neds appear to have been just recently introduced to each other in their social scene.

Ned 1 says to new acquaintance ned 2: "Aw man, ah've goat tae see ma burd man the night aboot ma wean."

Ned 2: "How many weans ye goat man?".

Ned 1: "Man, ah've goat pure 3 man.  Tae 3 different burds man."

Later, ned 1 notices a scar on ned 2's face.

Ned 1: "How d'ye git yer scar man?"

Ned 2: "Aw man, ah pure f*cked a boatle aff a wa' man 'n' it pure bounced back 'n' f*cked me in the face man."

Ned 1: "Haw, ye should try fur that compo man.  Git sum money oot it."

Ned 2: "Naw man, ah pure tried that.  The lawyer telt me tae beat it man."

At this, myself and several other intrigued passengers stifled our laughter at the stupidity of these f@nnies.

The conversation continued along these lines.

Ned 2: "Aye man, ah pure goat hut wi' a machete wance 'n' 'aw."  He pulls up his 'trouser' leg to show the scar.

Ned 1: "Ah goat stabbed in the @rse wance man."

Thankfully the train reached its destination at this point and they got out to steal as many DVDs from the shops as possible.

:lol::lol:

thats written in the style of "Ooor Willie"

...crivens.....

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Off topic also, but a few years ago I was in a Chesterfield petrol station shop at about 2am in the morning.

A drunk teenage girl was on the forecourt between the pumps waiting for her pals, and lit a cigarette.

The shop attendant switched on his microphone and asked her to extinguish the cigarrette.

"What's the problem ?" she said

"You're insured aren't you?"

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So naturally if the house had increased in value by £50k she would now be rushing to share this profit with the surveyor  <_<

Why is it that when people happen by chance to make a profit on something they'll tell anyone who'll listen that it was down to their shrewd investing, but when they lose money on something it suddenly becomes everyone else's fault & they look for someone to sue?!

Absolutely incredible!!! Just staggering how stupid people are.........

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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