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The Independent goes ramping

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Once upon a time, The Independent was my paper of choice. I actually bought it from time to time. I followed it on social media too. Then, something changed. The editorial content stopped dealing with the serious social, political and economic issues of the day and increasingly turned into the sort of millenial social justice warrioring identity politics drivel I expect from the Huffington Post. So I stopped reading it.

Now it appears that they have no ability to provide any considered insight into the property market, have no ability to do their own analysis, have no real editorial voice on the subject (other than as a angle from which to bash Brexit), and have simply taken to parrotting the analysis and (wishful) views of the VI's 

A small recent sample:

Calm before the property storm? (Nah, supply and demand, foreign investors, cheap credit - says several VIs)

15% of London has been gazumped on their "dream home" (says bridging loan specialist after talking to 2000 people)

Record numbers of first time buyers reported (60% on more than 25 year terms, required deposits doubled - don't call it a bubble)

You Brexit idiots have really screwed up if you thought you were going to get a cheaper house

Savills soaring as Johnny Foreigner buys up London with cheap pound

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They could well be right.

This year.

That's what grates with me - the failure across all of these articles to acknowledge that there is a longer term view to take a beyond 2017, that there are any indications of problems ahead in the London market and so on...

It's this sort of shallow reporting that leads young people sleep walking into equity loans and shared ownership.

I might actually buy a property in the next 12 months - obviously not a decision based on economics - but because we want to have kids and are fed up living in a house we cannot decorate, personalise or improve after a life time renting. I will be a cash buyer though, so I will at least avoid rent by buying, and when prices inevitably do take a hit I will still own a house, and when interest rates inevitably go up I will have no reason to worry. If I only had £25k in the bank wild horses wouldn't drag me to a mortgage broker.

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Totally agree with views about the Independent. When I was 12 I used to read their 'junior' version (The Indy) which was entertaining and contained more intelligent content than the 'grown-up' version these days. My friends and I even got a fake letter to the agony aunt printed! Some of the online Indy articles I've seen posted on FB have been bizarre illogical rants that would have disgraced a student newspaper. I guess they don't pay much for these contributions. It's a shame.

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It's nothing more than propaganda trying to get people to buy into the scheme they're all up to their necks in.

 

The big problem....THE F***ING INSANE PRICES


people seem to forget this.

 

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46 minutes ago, TheCountOfNowhere said:

It's nothing more than propaganda trying to get people to buy into the scheme they're all up to their necks in

I think the articles taken together, and in the absence of wider / longer term economic analysis, or reporting of any of the risk indicators, or indications of a wider property bubble in the developed world pretty much add up to that, yes.

 

I also suspect at some point we will see a bit of editorial whinging about the young being locked out - but the type of whinging that demands the governbankment DO SOMETHING to HELP the young to reach the bottom of the ladder (without acknowledging that a HTB buyer has been boosted onto a property kickstool from which they cannot climb higher, not a ladder) - rather than actually pulling the ladder down so that the lower rungs meet the buying power of the average person. 

A lot of people are utterly economically illiterate. They want to be helped to buy a house, but they also want HPI-4-eva, eyeing up the half a mil they expect to carve up with their siblings from selling mummy's house when she kicks the bucket... completely failing to realise buying 1 expensive house now with borrowed money and inheriting half an expensive house later still leaves them in more debt than buying 1 cheap house and inheriting half a cheap house.

The Indy is simply providing a soothing echo chamber for them and appears to have relegated itself to a sort of Daily Mail level paper, albeit left wing. 

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1 hour ago, TheCountOfNowhere said:

It's nothing more than propaganda trying to get people to buy into the scheme they're all up to their necks in.

 

The big problem....THE F***ING INSANE PRICES


people seem to forget this.

+1

The media use the 'lack of supply/build more' to distract from this. Lets see how prices hold when rates move up.

Edited by Blod

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1 hour ago, TheCountOfNowhere said:

It's nothing more than propaganda trying to get people to buy into the scheme they're all up to their necks in.

 

The big problem....THE F***ING INSANE PRICES


people seem to forget this.

 

Can I copyright a new word for it?

Propertyganda

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