I liken the housing market to the stock market, they’re both casinos if you’re an investor, and neither allow for the idiocies of human nature.
Last year I was asked to advise a friend of a friend who wanted to buy a holiday home here in Spain. I wasted a couple of hours of my time telling the lady from London not to buy a holiday home in Spain at this time.
Needless to say, she bought one, and just about the daftest one on the market. It was in a poorly built apartment block, facing the wrong way, with hardly any infrastructure in place, and empty of neighbours, a dangerous place to live, especially for a lady.
And this lady had run her own business for years. But, what do I know? It will probably treble in value in a couple of years if a war happens in some part of the world, or the euro collapses and the pound takes off again.