Wednesday, Jul 19, 2006

Is the word for this "delusion"

Firstrung: Hopeful homeowners, most Britons think their area will beat the market

An overwhelming majority of Britain's homeowners firmly believe that prices in their area will outperform the national average, according to new research from property website Six times as many people believe their district is up and coming compared to those who think that it is doing less well than other areas.

Posted by converted lurker @ 10:00 AM (567 views)
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1. denzil said...

Is the word for this "delusion".

Yep, I'd be quite happy to describe it as that.
There's been so much property porn on the TV that people just cannot see anything. I was chatting to some good friend very recently who bought a place for 240K. She promptly informed me it was now worth 300K because they had painted the kitchen. Oh and BTW they had inserted a cat flap in the back door. The fact that they paid 98% of asking price when the house had been on the market for 13 months seemed to pass them by. I nearly bit a hole straight through my tongue trying to not argue with them.

There seems to be as much madness in the market currently than at any point in the last 5 years. Many people need to get burnt for sense to return.

Wednesday, July 19, 2006 10:42AM Report Comment

2. bidin'matime said...

The worrying thing is that, as they suggest in the article, buyers seem to share the delusion. They really believe that all they have to do is persuade someone to lend them enough to buy the house and they will be making a profit from the day they sign on the dotted line. The price becomes irrelevant in fact, the higher the better, as this further proves the up and coming nature of the area!

We can only console ourselves that these are all signs of a bubble, which will burst, sooner or later.

Wednesday, July 19, 2006 01:37PM Report Comment

3. The Bald Man said...

People forget global economics. Credit tightening, rising oil prices, rising inflation, rising interest rates. In the UK we have a bloated civil service, high taxes and a pensions crisis, mis- spending that we will be paying for for years Neverthess people believe house prices will rise! The spin doctors are doing a good job!

Wednesday, July 19, 2006 06:07PM Report Comment

4. Bubbles. . . . said...

Has anyone noticed a few for sale boards staying up longer?? THEN disappearing to be replaced by another, but with a different agent? But still not selling..I wonder why??? Could it be the price? ho hum....

Wednesday, July 19, 2006 08:09PM Report Comment

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