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wsn03

En-suite for the kids, crash in Italy

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I was chatting to a friend of mine the other day about the half a million (that's right, half a million pounds) house he has just bought in Rugby (yes that's right, Rugby...fairly non-descript town in the Midlands with not a lot going on, bit like Northampton, that other place full of mega money homes, except people are still buying them in Rugby).

His 4 bedroom house he said is ridiculous, because it has 3 en-suite bathrooms - very gimmicky and a waste of space he thinks, only the master bedroom should have an en-suite in his opinion.

His partner however is delighted, because it means her son can have his own bathroom, which is no big deal now, but (bear in mind he's 7)  when he grows up it will be ideal for him and his wife / partner...etc etc...because the way things are going "he'll be living with us forever".

Three interesting things from this:

1. People are focussing less on the benefit of sprouting wealth from no-where for doing absolutely nothing (except borrowing lots of money), and are starting to deal with the consequences (that they might be stuck with their kids)

2. They are taking it as a done deal, without realising this could all go horribly wrong (if you have just borrowed a lot of money for an over-priced house).

3. They (all the people I have talked to who have young children) are all saying the current state of affairs is a bad thing, a very bad thing, providing no chances or hope for their children. Interesting, because most of them have parents who seem to rub their hands with glee at the fact that they have done so well at everybody else's expense - what caused the boomer generation to be so selfish I wonder?

 

 

The conversation was extended in the pub when our Italian friend joined us. I didn't realise this, but he said in Italy they lost 30% property values since the credit crunch, and that is why the banks are in a mess (its being covered 8.30pm Radio 4 tonight btw)...I listen to a lot of news, they seem to have kept that one quiet (the cause of the mess, not the mess itself).

In my Italian friends opinion we (the UK) are in the same boat, we just need a prop to go or rates to go up, my friend from Rugby completely agrees (so why did he buy a bl00dy over-priced house then???). Let me see...Brexit (yippee), collapse in the pound, inflation, interest rates go up....I am convinced this is a ticking time bomb, but like my wife when she's on one, I just don't know when its going to go off, or how big the bang is going to be.

 

 

 

Edited by wsn03
Typo

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