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Post Tagged with: houseprices

Almost a class warrior

Almost a class warrior

There is nothing like a bunch of screaming financial headlines to bring out the class warrior in me. Even though I own (half) my own home.

The headline in The Metro (a London freebie newspaper that accounts for a lot of the readership in London) screamed that house prices might drop by 30%. A small headline on page two talked about food riots caused by rising food prices. Another article in the anti-Ken Evening Standard (the only London newspaper you actually have to pay for) interviewed a couple who had to cut the selling price of their house by £100k to £400k. Even though the house only cost them £250k to begin with.

If the recent election results and screaming headlines are anything to go by, people are far more concerned about falling house prices denting the value of their investment portfolio – ie the money they could be making by doing nothing – and the inability to borrow more money than, say, rising food and fuel prices and job instability. Which says volumes about the insanely warped priorities in Britain today.

For heavens sake, a house is there to keep a roof over your head first. Sure its nice to know that its worth something but falling house prices are a good thing for all but selfish investors and those people who HAVE to move house having just bought a flat…

Then again I am (in lieu of getting broadband) trying to redecorate my slightly run down flat and can now mostly be seen in DIY centres or studying home decoration magazines and Ikea catalogues. Oh dear…

Britain's obsession with house prices…

Britain's obsession with house prices…

With all the latest screaming press headlines about falling UK house prices, you’d think that the sky had fallen and we were all doomed. Which we all are, but that’s more due to global warming – or is snow in April a usual thing?

Maybe that’ll stop the annoying quirk whereby for the last three years, the conversational ice-breaker at parties I’ve gone to has been moaning about house prices. Which gives you some idea of the kind of parties I’m going to at my age. 🙁 but on the bright side, at least it’s not about the bleedin’ weather.

Sure, maybe falling house prices mean people are being scared and panicing about the economy, but surely falling house prices are generally a cool thing? Obviously it’s good for people at the lower rungs of the housing market, those trying to get on and those who actually want a roof over their head.

For greedy capitalists who were hoping to make a lot of money, it’s bad news. But since they were part of the problem to begin with, I’m not particularly sympathetic.

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