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by Peter Parsons
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The fifth and last group are the recent first time buyers who panicked and bought within the last 2 or 3 years despite the obvious housing bubble that had already formed. Whether thru fear or greed, they jumped on board the housing train just before it derailed, and they will also get badly hurt in the crash.
This means, of course, that 3 out of 5 groups either don't care about a crash, or actively want one. As they comprise over 80% of the population, it is therefore brutally apparent that the present 'perfect storm' house price crash currently building up is, in fact, in the interests of the majority of the population! Only a small number of recent buyers with no common sense, a small pack of greedy 'wannabe landlords' and those who released insane amounts of equity from their homes to buy plasma TVs and fancy holidays will actually get hurt. Me? I'll be buying a house or 2 probably around 2006, when the yield indicates it's no longer a silly purchase. Markets always find a way to punish the most inept, and the housing market is, after all is said and done, a market.
About the Author
Peter Parsons writes house price articles for |
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