Put your money in shares advice, not houses

Put your money in shares advice, not houses

Wednesday, January 28, 2004

A warning predicting that further housing growth is unsustainable was broadcast on BBC Radio four along with advice to put money in shares.

Speaking on BBC’s Radio Four programme You and Your’s, Professor Andrew Oswald of Warwick University said if people had taken his advice to buy shares in the past year They would have been massively ahead in cash terms by now.

“I said people should buy shares with the cash,” said Prof Oswald, “if they had done so they would have been massively ahead because the stock market is up by a third.”

Professor Andrew Oswald argues that housing market surveys are biased because they are likely to be produced by people interested in seeing prices increase.

The Professor of economics said although house prices could rise a little bit more the “warning signs simply flash redder and redder”

“We are way above sustainable multiples,” he said, “We are at a worse level than in 1988.”

Prof Oswald admits siphoning all of your assets into the stock market would have been an extreme gamble but he says, "The stock market as measured by the FTSE 100 is up by nearly a third since the middle of last year; selling homes and buying shares would have worked."

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