Further to last week’s Slog post about false optimism in the new homes sector of the UK property market, here’s another stage in the talk-it-up-bollocks saga: from today’s Telegraph City briefing –
‘A double boost for the housing and stock market this morning. Housebuilder Crest Nicholson has confirmed it is to float on the London Stock Exchange.’
Excellent. So just four days after the government-massaged house-building PR from Bovis et al, Crest announces a flotation. Hmm. Potential investors should read the rest of the release carefully (my emphases):
‘The move comes five years after the company was taken private at the height of the property bubble in 2007. Crest plans to raise £50m to repay debt.’
Right, yes, well…that all seems very straightforward: I want it all to be my money in the good times, and use somebody’s else’s money to pick up the tab in the bad times.
There’s one born every minute.