Thursday, September 11, 2008

Have just received an unsolicited invitation and thought I’d share it (LOL)

Welcome to The Property Investor Show 2008...

Why are market conditions perfect for serious property investors?...Looking for an investment bargin?...Looking for property to add to your portfolio?... Looking for an overseas investment or holiday home? if yes, make sure you visit... The Property Investor Show, ExCeL, London Docklands, 19-21 September 2008. Assetz have a stand if anyone cares to attend and ask Stuart a few direct questions

Posted by jack c @ 06:56 PM (809 views)
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4 thoughts on “Have just received an unsolicited invitation and thought I’d share it (LOL)

  • i think those dates are the ones scheduled for the black hole to develop so might do something more fun..

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  • A black hole is where these people belong!

    About a year and a half ago, people said to me ‘buy now or property prices will leave you behind!’. (I currently rent). I ignored their advice. Now that property prices are in freefall and the ecomonic outlook is one of recession, the same people say to me ‘buy now, or you’ll miss out on a bargain’. Of course the message is always the same – ‘Buy now! Buy now! Supply demand! Supply demand!’

    These people are losing their voice however. I think people are starting to wake up to the fact that it’s the credit markets that drove the boom, not ‘supply and demand’. This posting got me thinking about the supply and demand argument – here are my thoughts for what they are worth.

    I’ve been thinking how smart the vested interest parties were with the supply-demand line. It’s a bit-sized piece of ‘wisdom’, which is both convincing and easy to understand. High demand and shortage of supply does indeed drive up prices – you can’t argue with that. It’s the most basic market principle, instantly recognizable and utterly true. But the deceit is in its misapplication. They intentionally confuse the words demand and desire, and this is at the heart of the deception. We are in a property market crash right now, and yet still people tell us that ‘demand remains high’.

    In fact it is ‘desire’ that remains high, that is, lots of people still aspire to buy property. But ‘demand’ is actually at its lowest level for several decades. This is because people cannot contribute to ‘demand’ unless they can afford to buy. And without credit, they can’t afford to buy. Which brings home the message that the property market is driven by the availability of credit, and once the credit is available the market creates its own demand, as we’ve witnessed in recent years. Once the credit dries up, the market dies. And as banks have no social agenda, it doesn’t matter how many aspiring buyers are clamouring for mortgages, or how many people are living in cardboard boxes, the banks will not lend a penny until they are good and ready.

    My conclusions are:
    – That the ‘supply-demand’ argument, with respect to the property market, was an extremely effective market myth, which served its purpose (to encourage ordinary people to buy into an inflated market).
    – That we are experiencing a house price crash.
    – That the perceived desire of the public to buy homes is irrelevant to the future performance of the property market.
    – That demand for homes is at historically low levels.
    – That demand for homes is shackled to the prevailing credit conditions.
    – That future performance of the property market is at the mercy of the lending sector, whose financial models for generating the levels of credit needed for strong property market growth have collapsed.

    Apologies for wondering off topic, but thanks to this website for providing a forum that helped keep me out of the market in the last couple of years!

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  • it’s only a trick to lure the last surviving property investors into a trap and put them into closed facilities for their own protection. They are an endangered species after all.

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  • Good Time and Location for an HPC Party !

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