Jump to content
House Price Crash Forum
Sign in to follow this  
PostalVote

Weekend Denial

Recommended Posts

I'm a bit offended really, and annoyed I hadn't prepared my arguments, not that it would have made a difference. In a response to my concise and factual points covering portman, sipps, £1.3trillion debt, 66% repossession increase, consumer confidence plummeting, dot coms and the lowest house transaction figure for thirty years. I was simply told "Nah, yer deluding yerself, sellers won't take a lower price they'll just sit tight".

"Some of them might" I admitted...

"In all the years I've owned property the price has always gone up"

And that was where I walked away (not literally, I was spending the weekend there), I saw little chance of swaying his point of view and the entertainment value of a heated debate was somewhat uncertain.

Its only in retrospect that I find myself extremely offended. Not because our hosts raised the property question, and not because they are simply wrong, not because they have always bought at the right time and have fallen for the money illusion, not even because their belief in the ludicrous VI spin would gladly lead us to a path of ruin, but because of the pigheaded denial. Their utter dependence on HPI for their own sense of success and well being blinding them to every indicator to the contrary, and the arrogance to dismiss everything I have to say as ill-conceived fantasy. That is annoying.

Apologies for my rant there, but I'm sure most people here have similar stories. Its just annoying when seemingly educated (doctorate level) people refuse to consider alternate opinions and ignore any supporting evidence. In their mind prices only go up, to believe otherwise is delusional. My favourite rightmove property I've been watching for 18 months is all just in my head. Apparently.

I would like to picture their eggy faces when I remind them of this conversation five years down the line, buts not a pleasant image.

Share this post


Link to post
Share on other sites

Postal Vote,

I absolutely empathise with you, after spending recently an otherwise wonderful weekend with really close friends, that was somehow tainted with a ridiculous discussion where, unlike all other subjects in which they are objective, wise, rational and enlightened, this time they were aggresive, defensive and slightly scary. In an exactly similar discussion to yours I was done over in exactly the same way. What can one do? Friendship is more important than squabbling about house prices, but when such ASSUMPTIONS are made, based on almost SMUGNESS through an advantage gained by sheer ACCIDENT, it makes my blood boil too.

We'll have to form a society for those who have to spend otherwise good weekends biting their lips!

VP

Edited by VacantPossession

Share this post


Link to post
Share on other sites

I'm a bit offended really, and annoyed I hadn't prepared my arguments, not that it would have made a difference. In a response to my concise and factual points covering portman, sipps, £1.3trillion debt, 66% repossession increase, consumer confidence plummeting, dot coms and the lowest house transaction figure for thirty years. I was simply told "Nah, yer deluding yerself, sellers won't take a lower price they'll just sit tight".

"Some of them might" I admitted...

"In all the years I've owned property the price has always gone up"

And that was where I walked away (not literally, I was spending the weekend there), I saw little chance of swaying his point of view and the entertainment value of a heated debate was somewhat uncertain.

Its only in retrospect that I find myself extremely offended. Not because our hosts raised the property question, and not because they are simply wrong, not because they have always bought at the right time and have fallen for the money illusion, not even because their belief in the ludicrous VI spin would gladly lead us to a path of ruin, but because of the pigheaded denial. Their utter dependence on HPI for their own sense of success and well being blinding them to every indicator to the contrary, and the arrogance to dismiss everything I have to say as ill-conceived fantasy. That is annoying.

Apologies for my rant there, but I'm sure most people here have similar stories. Its just annoying when seemingly educated (doctorate level) people refuse to consider alternate opinions and ignore any supporting evidence. In their mind prices only go up, to believe otherwise is delusional. My favourite rightmove property I've been watching for 18 months is all just in my head. Apparently.

I would like to picture their eggy faces when I remind them of this conversation five years down the line, buts not a pleasant image.

This is why when the crash happens it will be painful..because people will not act quickly enough..they will hold on and on making the data fit their hopes until it is too late.

It doesn't have to be this way. If people were sensible, paid reasonable deposits and took out reasonable mortgages and took notice of the market then house prices could drift gently downwards with only the foolhardy being hurt.

Instead many people will be hurt very badly. But they were warned...it is their decision and they have to live with it.

Share this post


Link to post
Share on other sites

I have always looked at all markets with a bit of disbelief.

I think there are two sorts of traders.

One, they follow the heard. spout whatever profound comment they heard from their peers at the coolest wine bar the evening before..

These head toward the constant boom and busts with gay abandon never understanding where they are until they are so solidly entrenched that they have no options left.

The others watch the trends and move amongst the sheep picking bits here and there.. guessing the next moves.. and seeing where each market might fail..

the money made in trading is made by the few clever ones taking the pickings from those who see themselves as succesful right up to the point the baliffs turn up.

dr bubb, is this a fair observation?

Share this post


Link to post
Share on other sites

I was with my best friend looking at flats in Cardiff Bay over the weekend. It got into one of those discussions about how I must buy a flat now, how property can never go wrong, etc, etc. He bought his house in 1997 for 40K and it is now worth 120K so, obviously, I can do no wrong in buying.

Actually, he is not the worst by far. I know others who have remortgaged, are in debt up to the hilt but they do not seem concerned by it and keep intent on rubbing my nose into 'it' about how they have prospered from HPs and I have not. I try to avoid such people but several are friends who have been friends for several years. It is a nuts situation currently.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.