Friday, October 10, 2008

Silver lining

Goodbye turbo-lifestyle – we won’t miss you

"Foxtons' difficulties symbolise one of the biggest silver linings of the crisis: house prices are coming down. Yes, of course this will hurt the economy, and some recent buyers (especially those who used Foxtons) will land in negative equity. But most homeowners will still have made money. Their profits will merely be less than they once were. And thousands of Londoners on average incomes might now actually be able to live in London. Thousands more will see slightly less hideous proportions of their salaries eaten up by their houses. Homes will once again be for living in, not for making money out of. "

Posted by doomwatch @ 12:02 PM (654 views)
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3 thoughts on “Silver lining

  • Nice, sane, intelligent piece – worth a read..

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  • The question for the UK is where now? we have over the last 30 years deindustrialized and based our economy on the service sector especially the financial services sector which is now a burnt out shell. Doesn’t look to bright does it, all the media study students leaving university will have to go straight back to retrain as engineers.

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  • Nice, except for the fact that the metaphor he suggests fails, since there will be no such thing as a B&B in Cornwall, when no one has any money and will lucky to have food. The picture of gentle decline he paints, lauding those who choose a bicycle over a BMW and suggesting that it’s not healthy to stare at a computer all day anyway, truly demonstrates the superficial idea many have of what is about to happen here. Perhaps a stint in Melton Mowbray would replace his own London ivory tower with the common touch – and a little common sense?

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