Thursday, March 20, 2008

The last stand of the property-boom optimists

The last stand of the property-boom optimists

The latest horrible numbers from the property market seem to have cleared out the last of the buy-to-let optimists. A good idea would be to sell out now, despite one paper's suggestion of turning your city centre buy-to-let into a holiday let.

Posted by damien @ 12:19 PM (741 views)
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7 thoughts on “The last stand of the property-boom optimists

  • Good. Hopefully I won’t have to listen to any more of those annoying Inside Track adverts.

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  • This is massively old news

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  • Enter Greenbay, Fools, all the other eternally misty-eyed optimists to valiantly defend their crowns stage right …

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  • nothing to do with being misty eyed, everyone will have to deal with their own set of problems…just the ‘I’ve been so prudent’ ..another 30,000 jobs lost MWAAAAHAHA, attitude of some on here that’s pityful.

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  • stage left …

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  • Fools,

    “the ‘I’ve been so prudent’ ..another 30,000 jobs lost MWAAAAHAHA, attitude of some on here that’s pityful.”

    To some extent, I see your point but let me put it to you this way: Imagine the following scenarios during the rampant growth phase of the bubble and you are priced out:
    – a colleague at work approaches, unbidden, to tell you how much money his house made this year with a big smile on his face then departs.
    – somebody observes, with a sneer, that you must ‘like being poor’ because you cannot afford a property.
    – a colleague at work describs his BTL tax avoidance scheme.
    – somebody describes how they are cashing in on the boom by lying to their bank to get an interest only mortgage for (untaxed) BTLing, without the slightest embarrassment about it.

    The examples are from my personal experience.

    It isn’t really surprising that some of the blog posters have an attitude problem. This house price boom may turn out to be one of the biggest and most socially divisive asset bubbles in history causing terrible damage to our country and standard of living.

    I’m glad to listen to your logical arguments but what is wrong with being prudent and I’m not happy at the prospect of paying the price for other people’s greed.

    Rant over!

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  • Quiet Guy, I wish you the best with all your plans and genuinely hope that things work out for you….

    but lots on here are in denial, and would love to have made money from BTLing or whatever else they now elevate to worse than paedophilia. As for personal experiences I understand where you are coming from but people brag about all sorts of thing, it’s just their own insecurities coming out. I’ll tell you a story, I was at Kempton one day and backed ‘Barton bank’ to win the King George at Christmas time, the beast was about 15 lengths clear coming to the last and I was standing at the rails knowing I was about to collect xxxx ( amount doesent really matter anyway), when it fell! I was shellshocked when the bloke next to me starting hugging me and telling me he’d sneaked one in to the placepot. He then insisted on telling me how he came up with his clever picks for the next 15 mins. I wanted to punch him really, but knowing I couldn’t, just walked away and thought it was better to get on with the rest of my life..

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