speculators
Britain's biggest house price falls (09-01-08) ITV1 pt.3
A twenty-something property millionaire gone bust likens what happened to "surfing the wave".
He aquired 40 properties by recycling the equity from one into the next.
Great when things are going up, you almost don't need to know what you are doing, if you are in the right place at the right time, riding the boom.
One bad deal crushed his empire.
On another note, the second half of the piece acknowledges how out of whack things were getting in Britain, when it takes a slump to get first time buyers back in the property market. How can a market exist with property owners recycling equity into more and more homes, buying from each other, while nobody new is buying into the system? Sounds like property entropy.
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