England home buyers lose their flipping minds - 125% mortgages and "speed viewings creating an atmosphere of panic"

Why does London feel like Phoenix and Miami circa Fall 2005? You remember, those now-hilarious days where sheeple stood in lines for new condos, where multiple bids would come in on a property's first day, and where real estate clerks were telling folks that "it's different this time"

Oh, man, that seems like a million years ago. For the US. But in London, our "blow-off top" is here.

And we all know how it ends...

Here's just two proofs of housing-obsessed England losing all touch with reality:

1) The 125% mortgage - a recipe for disaster:

Want to buy but don't have a deposit? Here comes the 125 per cent mortgage - Now you can borrow beyond your property's value

First time buyers who have no deposit are being encouraged on to the housing ladder with the help of a new mortgage that allows them to borrow more than the price of the property.

Alliance and Leicester last week became the latest lender to offer a 125 per cent mortgage.

PlusMortgage works by offering a secured loan (the mortgage part) on up to 95 per cent of the value of the property and a further unsecured loan on up to a further 30 per cent of the value.

2) Speed Viewings hit London

From the Guardian (print only): Estate agents use new high-pressure tactic as shortage of homes sparks buyer frenzy

In place of conventional estate agent guided tours of properties, agents are encouraging vendors to open their doors for just one hour and invite potential buyers to view their home en masse. Such "mass viewings" are creating an atmosphere of panic among homebuyers.