Sunday, January 10, 2010
Property cheerleader Brendan O’Connor feeling sorry for himself
House Price Indices used to be much more fun. Every month some agency or other would put out a press release saying that prices had gone up another 10% or so. Some years you would discover that you had made more money just by owning your house than you had earned by working. Indeed, some people took that thinking to its logical conclusion, decided to stop doing anything productive in their working lives and just fooled around with property, making millions. These days we curse the day we ever got on the ladder. Most of us lost more money on our property last year than we earned through work. The new reality is that house prices are not going to "recover" to previous levels in the near future. We can only hope that when inflation does come, it will wash all our debt away with it.