Here be dragons!

The dragon in our mythology is characterised by many things.  But perhaps most interesting is that they’ll sit on a hoard of gold, jealously guarding it but gaining no benefit from it.  Tolkien’s Smaug is one of my earliest memories: my parents read me The Hobbit when I was just three[1].  Wagner’s Fafner, even more tellingly, turns himself into a dragon only when he has the ill-gotten hoard and his life turns to the sole task of possessing it.

The housing crash has revealed dragons in our society.  People who might’ve sold their house in a rising market, but resolutely refuse to accept less than some hypothetical peak price when it’s falling.  Fair enough when someone has no reason to move, but as sad as any dragon when they have a good reason to move, and would even be buying in the same market conditions.  For example, the true dragon is revealed in comments like:

Paul’s comment explains why so few decent houses are on the market. I would never accept 25% less than what I know my house is worth in a normal market, so it will stay off the market until it picks up again.

Many such dragons will retreat in the face of reality.  But perhaps not for some time.

[1] They refused to read me Lord of the Rings.  So I had no choice: I had to learn to read.

Posted on June 20, 2008, in housing, uk. Bookmark the permalink. Leave a comment.

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