Friday, April 30, 2010

Mad, bad and dangerous to buy

Sean O'Grady: Rising house prices in a slump? Madness reigns

It isn't so very difficult to fathom what is happening in the housing market, perverse as it may strike one. It is a matter, as the estate agents have been telling us for the past few months, of a "shortage of supply". It is this magic factor that apparently kept prices up during the second half of last year – probably with a little help from the Bank of England's ultra-low interest rates and a £200bn cash injection into the economy – and the trickle of buyers coming on to the market since January may soften prices over the coming months.

Posted by dill @ 07:11 AM (1673 views)
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3 thoughts on “Mad, bad and dangerous to buy

  • Interesting post, Dill

    “Housing in Britain has gone from being a rational choice about renting or buying at the right time, and turned into a cult.”

    Cults tend to be minority movements. This “cult” is actually the majority in the UK, which is really worrying if you think it’s a “mad, bad and dangerous” time to take on decades of debt for a roof over your head. If the national property market is still in thrall to bubble psychology, then the madness begins to make sense.

    Cults may be associated with brainwashing, mind control, group pressure and instill feelings of guilt and fear which fits the HPC view of the housing market quite nicely.

    On the other hand, the housing bulls might argue that we are the cult and are engaged in self destructive practices.

    Sorry to ramble a bit. I found it interesting to explore the commonalities between bubble psychology, cults and madness.

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  • A shortage of supply?
    More like a shortage of volume and high-end cash sales are skewing the numbers.
    For Joe Public, there is no recovery to speak of.

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  • quiet guy..I spent 10 years as a cult exit counsellor believe it or not and its quite easy to brainwash people is my main view of cults.

    we are ultimately individuals who need to know what they are doing is ‘normal’…..so I guarantee if you spent 2 months in a cult you would stay there and believe all they say….there are also commercial cults abound…probably goldman sachs is probably one.

    The real problem lies when you want to separate cult thinking from your normal life and with housing its virtually impossible

    When the reality people have been duped kicks in…expect social unrest and suicides

    did you see in ireland they have whole housing estates unoccupied which they are considering demolishing…bizarre

    On a positive note people will eventually be happier

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