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NotMyHouse

Last Bear Turns Bull

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Edward Conway has (since 2005 when he publicly stated that he believed there would be a crash) been consistently bearish.

Interesting to see him appearing to take on bullish attitudes and being tempted to the "how much my house is worth" dark side.

A few weeks ago, however, everything changed. Another property down the road, almost identical to mine, was on the market for 25 per cent more. My curiosity whetted, I phoned the agent - and discovered that, barely a week after being advertised, it had been sold for a sum "comfortably" above the offer price.

I could barely contain myself. My mantra that "house prices don't matter" instantly melted away.

All my good intentions went to pot. Should I sell and realise the extra money my home had generated over the past few months? Should I remortgage and free up all those thousands of pounds I had earned? For a while it consumed my every thought.

Thankfully, he saw sense and makes some extremely important points. I think the one about remortaging should be branded on VIs bottoms:

"Many of the potential gains for homeowners from "cashing in" are chimeric. Unless you have invested in property or plan either to downsize or move out and start renting, the gains cannot truly be classed as "profit"; after all, you have to buy a new house to replace the one you're selling. Remortgaging does not make one more wealthy, it makes one more indebted."

What did catch me off guard somewhat was his admission that he bought a flat about 8 months ago. Did he STR in 2005 and then get caught in the bull trap?

Edited by WantHousewithLand

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This Bear never turn bull,

despite the last gasp rally since the August 2005 rate cut.

I did however, jump ahead of UK property prices by investing in Hong Kong, which will look a particulary shrewd move

in prices soon rollover in teh UK- as I expect

I wish it was a last gasp rally, certain parts of London has shot up over the past 18 months at a ridiculous rate. How is your HK property going? how long have you had it? and how much has it increased in value?

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