A homeowner speaks
September 16, 2007
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"Housing boom over as UK bank chaos grows", is the headline in the Observer. On reading said article, what it actually means is that growth in house prices is predicted to slow to a more-in-line-with-general-inflation 3% over the next year. About fucking time! You’d think they were talking about some desperate property price crash that’s about to see millions of people locked in negative equity. Instead, what’s predicted is simply a modest rise in homeowner’s projected theoretical ‘wealth’ – ‘wealth’ which is completely fictional unless you’re selling to remove yourself from the housing market. You never see it pointed out that house price rises don’t actually make people richer, because whatever they move into will also have risen accordingly, do you? ‘Oh no, smug middle class twats won’t be able to sit around dinner party tables commenting on how their house has quadrupled in price over the last six months.’ This is a long overdue – and desirable – correction of the market. I’d like to see some headlines along the lines of "Phew! Ridiculous hysteria takes a breather for wages to attempt to catch up to prices!" or "First time buyers hopefully not so shafted as they thought!"
House prices still going up, media. Just more sensibly. Please remove heads from Chelsea-residing arses now.
Oh – Uncle out of intensive care, thanks. His kidneys packed up for a while, but apparently it’s all OK now. Until the next infection. Hospitals. Bless ’em.