Wednesday, October 17

Still looking

Whilst it’s not been the best of weeks for fat, middle-class punters who enjoy a glass or two of Rioja, the IMF seem determined to put the boot in…

Britain risks the prospect of a US-style crash in its house prices as the credit crunch in the financial markets takes its toll of a heavily over-valued property market. US real house prices had risen by about one-third more than explained by fundamentals, and the over-valuation in Britain is even more pronounced. Tightening credit conditions could curtail demand for housing and house prices could decline more sharply than currently expected.

Perhaps it’s not the time to invest in bricks & mortar? I was already going cool on the house we’d been looking at... The survey reveals a disturbing catalogue of questionable traits, not least - and this is not a wind up - Asbestos Tiles on the roof; enough Radon Gas to take care of Saddam’s old Kurdish problem; a questionable private water supply of dubious quality; a septic tank that’s not been emptied since installation in 1968; and a Tarka Trail right of way, through the kitchen. The property’s original construction is dated somewhere around 1460, with a state-of-the-art 18C addition. As I told Mrs G., I’m up for a challenge, but this guy’s done his own electrical wiring and plumbing; he made all of the windows in the shed out back with what looks like a ‘little Jimmy’s joiner kit’ before installing them himself; and the two acre garden hasn’t seen a scythe since the Ministry of Agriculture’s 1939 ‘Dig for Victory’ campaign.

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