Tuesday, February 03, 2009

Righteous Justice?

* Warning! Property price based rant ahoy! *

Heh heh! I’ve just read that one half of the “location location location” property-gimp act who have done a fine job of stoking the public half of the 10-year obsession with equity (the banks did fine on their own under Gordon’s “light touch”) has a business which – get this – hunts for high-price property for rich buyers (ooo, he counts Kylie Minogue amongst his past clients).

This miserable bastard’s speculative “uber estate agency” is now possibly on the rocks – something which my schadenfreude gland has wished for for so long, especially after he and Katie Allsop were so bullish recently and defended themselves against widespread allegations that the recent “property porn” TV revolution had helped to get us into the mess we’re in. I have no sympathy for these peddlers of the mirage – in tandem with estate agents (who need no qualifications or previous experience to set up, and have sod all mandatory regulation – and who probably get a percentage of sale price), a banking sector which was effectively printing money by recycling debt into collateral (financial BSE, anyone?) and finally, the public – whose greed knew no bounds.

Watching it all unravel is great fun if you’ve been locked out of property (initially because we couldn’t afford to, then because we basically didn’t trust the market long term). Here’s to an overall 50% drop in house prices by end 2010!

* Rant ends – normal musical service will be resumed, promise *

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