(Untitled)

[incy]

And for today's idiocy on morning. a programme on BBC1 saying that you can make money out of property at the moment. That banging sound is me using my head as a pile driver. And to just make things better it is followed by a programme about buying property at auction. And they said that bankers were carrying on regardless of risk.

Comments

[girfan]

To be fair, the homes at auction programme was made before everything started to go tits-up, and they show the auction dates (usually 2007) clearly. I suppose the BBC are showing this until they have something new to fill the spot.

It was interesting to watch Location, Location, Location the other night where they tried to find homes for people and how they got them for cheaper (though the Swindon family had to sell their house for less than they wanted as well). And, the hosts said a few times to look for a home you want to live in for a long time (and can improve) rather than one to do up and move on).

At least they were realistic about the situation. There are still people out there who think their property is worth lots more than what they paid for it expecting to make a killing when selling in this climate. In most cases, they will be lucky to get anyone in to view the place and may have a rude awakening if the offers are less than what they paid for it.

[sciamachy]

I guess if you're really stinking rich you could make money out of it by waiting till things are really terribly bad, worse than they are now, buying up scads of land in inner-city areas & sitting on it till the upturn comes. Then when the banks etc are all wanting to expand like crazy once more, you have the land to sell to the developers. Or you could buy acres of slums in Leeds or Barnsley & be the Victorian style slum landlord for a while (and turn up in a top hat, carrying a cane, and demand rent or the tenant's comely daughter's hand in marriage, while twirling a handlebar moustache).