sonixtorm

If I heard correctly the new cabinet are all taking a 5% pay cut as a demonstration of what is to come and that they too are "doing their bit for the deficit". Folks buying houses at current prices are taking a huge risk. All the pressure to my mind is weighing down on house prices. I understand all the reasons folks on here have given for buying now as I have a wife and child too. But really renting has been fantastic:

 

ZERO debt

Interesting about the cabinet pay cut. I wonder if the UK too will be delivering pay cuts for the public sector, rather than a pay freeze (in the light of news from Spain)?

It would take a lot to convince me to buy property within the next year.

This is as anecdotal as it gets, but in terms of supply, the usual daily count of properties added in the area I monitor via Globrix is ~20 (maximum 30, unless a new agent comes online). Today: 97!

Time will tell if this is a blip or the start of a new trend...

Have you read "The Great Crash 1929"? It's one of the classics, perfectly describes recent events.

 

Also includes the 1925 Florida property bubble...

 

http://www.amazon.co.uk/Great-Crash-1929-P...2092&sr=8-1

A Short History of Financial Euphoria is a cracking read too, although not as in depth as the above...

According to this, we are witnessing a once-in-several-lifetimes event.

 

Frontrow seat.

 

http://www.wolseysecurities.co.uk/news.php?id=566

And now HMRC withhold their figures for this month: http://news.bbc.co.uk/1/hi/business/7572603.stm

Presumably the method/mechanism of calculation has not changed, so it will be interesting to see what the explanation for this is.

I was going to write some longer comments, but the picture speaks for itself...

[gasp]