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Dave Beans

Guardian - Journey To The Heart Of The House Price Bubble

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Nice turn of phrase:

I suspect you could drop a massive turd in the middle of the living room floor during a viewing, and it'll still make above reserve..

Edited by Dave Beans

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That really is astounding. George Osborne's just been telling us that there's another ten years of price rises in the pipeline, but at that rate all the money in the world will have been spent on buying London houses in a few years. I suppose this time it's different...

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An amazing article. To quote a few snippets...

"Most of the places I've seen are shitholes."

Tell it like it is :)

...a sunny but otherwise unremarkable two-bedroom top floor mansion block flat, overlooking a main road and on the market at £400,000... In the end, five offers are made on Monday, ranging from £405,000 to £454,000."

Wow, if this what it's like going UP, just imagine the fun it's going to when these sucker prices go DOWN and everyone is rushing for the exits.

She is bemused by the number of cash buyers. "Where are all these people coming from with £575,000 in their pocket?"

Yes, I'd like to know as well.

We're looking now at places which cost £550,000, when similar properties six months ago were on sale for £400,000. We are flabbergasted. It is difficult to remain positive in a situation like this. The prices that other people are bidding keep taking us by surprise."

This is not going to end well. Although I'm sure it was a great time to sell tulips when they were all the rage.

"£550,000 when half the flat is in darkness? That is not a recipe for happiness."

lol. Best understatement of the article :)

Clearly it's becoming a bidding frenzy in some cases. Unfortunately, the suckers who are holding the parcel when this whole spectacle burns out, are going to be incredibly miserable human beings for the good part of a few decades - stuck in a crappy flat that has just lost £300k of value.

Double ouch.

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That was a very depressing read. I really hope more people move away from London and stop working there. Prices and rents have become absurd. Obviously it can be hard to find work elsewhere, but some sort of exodus is needed to show how bad it is. Stop playing the game, it doesn't seem to be making people happy.

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I'd hazard a guess that it's the boomer bank of Mum and Dad pushing these largely (financially/economically) clueless lambs to the slaughter. Thinking they can pump their own Ponzi (which is probably true, in the short-term).

LIAR LOANS

SLAUGHTER DEATH LOANS

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Seriously though, where are FTB'ers getting over half a million in cash from. Only in a very few cases will they have been able to save up this amount, you would be talking City workers on serious cash.

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Almost laughable....remember it well when you couldn't give them away, when given a choice would be close to the bottom of the desirable list...dot.com. ;)

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I wonder if the "prospective buyer" of the spaniel sh*t flat was a Guardian scribbler? It would be a delicious irony of they were a financial journo. Still, if these people are now priced out, at least they writing about HPI with a negative spin.

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I wonder if the "prospective buyer" of the spaniel sh*t flat was a Guardian scribbler? It would be a delicious irony of they were a financial journo. Still, if these people are now priced out, at least they writing about HPI with a negative spin.

I think this is happening - you've got journalists 10 years in to the job not able to get out of a crappy ex-LA rental. Whilst the 50 year old sub-ed has a pad in the country and a nice town house 10 mins walk from the office - along with a pension starting in 5 years.

The journalists are thinking - I'm 15 years behind this guy, I'm 5 years off a deposit, I've no pension, no car, I don't spend a lot and eating out is a treat - this isn't right.

Edited by slacker

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Seriously though, where are FTB'ers getting over half a million in cash from. Only in a very few cases will they have been able to save up this amount, you would be talking City workers on serious cash.

Even if you had a 'power couple' who both had jobs commanding 6 figure salaries, they'd STILL be stretched to get a 3 bed house with a garden, i.e. a bog standard house. Why bother?

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I wonder if the "prospective buyer" of the spaniel sh*t flat was a Guardian scribbler? It would be a delicious irony of they were a financial journo. Still, if these people are now priced out, at least they writing about HPI with a negative spin.

And yet the article still has an air of "buy now or miss the boat forever" about it rather than "I refuse to partake in this economically unviable madness".

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And yet the article still has an air of "buy now or miss the boat forever" about it rather than "I refuse to partake in this economically unviable madness".

It's very possible an article like that wouldn't have made it past the editor.

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Even if you had a 'power couple' who both had jobs commanding 6 figure salaries, they'd STILL be stretched to get a 3 bed house with a garden, i.e. a bog standard house. Why bother?

I agree. I can't see why London is so expensive - it's a dirty, overcrowded sh1thole, I'd never want to live there again. To be fair, most of Britain is a rundown sh1thole though.

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Almost as funny as Location x 3 the other night. I still laugh when I think of the kitchen in the £650k house (for those who didn't see it the kitchen was literally in the corridor -you had to squeeze past the worktop to get to the bedrooms).

People are giving their kids £200km and the kids (well people who are around 30) themselves putting in another £250k to buy a small leaky flat on muder mile.

Funny and tragic at the same time.

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