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SE1 House Prices Overvalued

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Friday 25 April 2008 5.45pm
"...nobody would deny that with the benefit of hindsight it could have been done better".

If there's a better candidate for understatement of the millennium, let's hear them.
Friday 25 April 2008 10.26pm
The Mapmaker wrote:
They took over, in 1979, an economy burdened with high unemployment, still suffering the after-effects of the 1970s. Strong medicine - and nobody would deny that with the benefit of hindsight it could have been done better, but something major had to be done and there were no precedents - meant that by 1997 the economy was in such good shape that even the Labour party took ten years to destroy it as they have done quite so neatly. Economy destroyed during a boom; that has taken some doing.

A very selective memory you have - obviously forgetting the bust that happened at the end of the 1980's after the Lawson boom, when house prices collapsed, interest rates hit 15%, unemployement hit 3 million (again), and so on.

I have no love of this labour government but if you want to play around with history.....

It could be argued that the Callaghan labour government was actually the first monetarist government setting the scene for the initial Thatcher boom years after they cut public spending as part of an IMF imposed plan. When Thatcher took over the economy was already starting to recover strongly only to plummet again as a result of letting the exchange rate soar to unheard of levels, destroying a large chunk of British industry. The high unemployment of the late 70's was nothing compared to the unemployment of the whole of the 1980's.
Saturday 26 April 2008 12.02am
mick4recycle wrote:
sorry slightly off topic..
what should the ppl who Dont follow the technical details do..

im guessing it would be worth their while spending a few hundred pounds
to take their financial paperwork along for a full personal advice session with a good professional

does that sound right?


I recommend not... investment "professionals" will charge you hundreds of up-front and maintenance fees for their untested crystal-ball gazing. For some information on investments go to an independent source that won't be so crass as to advise you to give them your money.

Anyone smart enough to have a few quid is smart enough to decide what to do with it.

Try www.moneysavingexpert.com; www.moneymadeclear.fsa.gov.uk; or read a cheap book from the motley fool website.
Sunday 27 April 2008 4.38pm
@reece

sorry i meant professional personal financial advisor/accountant

to advise them about how to protect themselves

(from urbanites second post..

"...which has led to lots of people now being very much overly exposed with the risk of negative equity back to spoil lots of people's lives.")




its just that everyone has been riding the housing boom for so long theyve maybe forgotten the free market can change and turn against them

and itll be the least savvy who will get it the worst

in other words is everyone saying..

if youre not sure what to do about it
and youve got big creditors - mortgage loans creditcard debt etc
you dont have to panic but - now that things are beginning to change - its important to get good (if seemingly expensive) advice
because it will save you more over the long term

(..or am i just being Captain Obvious?!?)


having said all that, youre right, it can always be said.."a fool and his money are soon parted"
Monday 28 April 2008 9.49am
martinr wrote:
A very selective memory you have - obviously forgetting the bust that happened at the end of the 1980's after the Lawson boom, when house prices collapsed, interest rates hit 15%, unemployement hit 3 million (again), and so on.

You miss my point. It is one thing for boom and bust to follow the global economic cycle; that is the natural order and nobody has managed to stop it yet. It is quite another for a Government to manage to achieve a financial crisis after a prolonged period of BOOM as the current incumbents have.
Monday 28 April 2008 9.53am
The Mapmaker wrote:
It is quite another for a Government to manage to achieve a financial crisis after a prolonged period of BOOM as the current incumbents have

I would be interested if you could explain that statement.
Monday 28 April 2008 10.58am
We have had 10 years of boom. Or do you dispute this?

Despite that, Government spending has outpaced receipts, so the national debt has risen. A prudent Chancellor would have squirrelled spare cash away for the inevitable rainy day... instead we're facing a recession without surplus cash. Or am I wrong?
Monday 28 April 2008 11.57am
Odd. Today's land registry report.

House prices in England and Wales: Down
BUT
House prices in London: Up
BUT
House prices in Southwark: Down

Not that one month's numbers are much use.
Wednesday 30 April 2008 3.11pm
The flat underneath mine was under offer at 695K but they must have pulled out because it is back on the market at 655k, that is about a 6% reduction.
Friday 16 May 2008 7.40pm
My neighbour has just sold for a wopping 16% discount! She did get a good discount on the one she is buying but for those of us left, it leaves us with one big headache!
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