For the benefit of those of you who know C++ better than Economics: current UK house prices are speculative bubble that will inevitably burst, it is just a question when (the later it happens, the worse it will be).
Right now there are 4 parties in this problem:
1) Fairly large group: those who bought property sometime ago and seen its value raise - they are obviously biased and can be discounted
2) Not big, but substantial: those who bought or going to buy property now - sh1t scared it will drop in price, so in denial - they too, can be discounted.
3) Fairly large group: Those who can't afford property but desperately want to buy it - naturally they wish prices go down, so these can be discounted as biased as well.
4) The last group comprises of few men with hearts of a lion and cool minds that are capable of abstracting from bias and providing objective view over complex problem that others fail to see from different viewpoints.
Right now there are 4 parties in this problem:
1) Fairly large group: those who bought property sometime ago and seen its value raise - they are obviously biased and can be discounted
2) Not big, but substantial: those who bought or going to buy property now - sh1t scared it will drop in price, so in denial - they too, can be discounted.
3) Fairly large group: Those who can't afford property but desperately want to buy it - naturally they wish prices go down, so these can be discounted as biased as well.
4) The last group comprises of few men with hearts of a lion and cool minds that are capable of abstracting from bias and providing objective view over complex problem that others fail to see from different viewpoints.
Comment