Why I'm Incredibly Bearish on House Prices...
Description
I have no agenda or conflict of interest here as it doesn't affect me at all whether you do/don't buy a house or agree/disagree with this, but if my experience/knowledge has any weight with you, I urge you NOT to buy residential property if you're doing it for investment purposes. Same for stocks, it doesn't affect me whether stocks go up or down. So this really is a no-agenda stance for me here. I just want to be your dose of realism in this hypey-emotionally-charged topic as UK citizens seem to be born with the idea that property always goes up!
Also before I start, if you just want to buy a house to live in and aren't fussed about going into negative equity then sure, crack on.
So, these 'BUY BUY BUY' people are suffering from:
- Conflicting interests. Their living may be from property training or they may be mortgage advisors or estate agents etc so they stand to lose income if people don't buy.
- Probably suffering from Dunning-Krueger effect where they have little knowledge of the markets but high confidence in thinking that they do. Perhaps maybe because they've done well over the last 10 years in property but are unaware of larger macro-economics cycles and trends.
- They have a terribly thin understanding of global macro-economics and have no idea what's actually happening behind the scenes right now.
Other posts I've done explain why we have MUCH more stock market falling to come. But hopefully, this explains why there's falling to come in the UK residential property arena...
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