From The Daily Mail:
They dreamt of a better life on the Costas. Now villa values have HALVED, pensions have crashed - and they can't afford to come home. Now for the really bad news, it's about to get even worse...
Shaun, Leeds, bats it straight back at 'em:
They took money from an over inflated class here and ran to Spain with it where the reverse happened. What about the people that paid £875,000 for their house [in England]... was that a sustainable price in relation to people's income?
Monday, 21 February 2011
Shaun in the comments nails it
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3 comments:
They punted their capital by buying a house in Spain, and their incomes by paying for their outgoings in euros while their incomes were in sterling. They seem to have done this without having reserves to protect them if everything went pear-shaped.
I can still feel sorry for them, but I do not want a penny of mine spent on baling them out. (Just as I resent my pennies having been spent baling out bank bond-holders.)
While training just now, the tele was on and there was an item about Cumbrian prices - mindboggling for rolling hills with nowt on them.
D, I feel no more sorry for them then I'd feel jealous had their gamble paid off.
JH, you pay for the scarcity value of plots with planning permission/a house on it. And the views are lovely, that's what you pay for.
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