A builder noted (from the surviving tin of paint) that the external rear wall of my house (built in 1884 and whose walls are NOT cavity style) was painted with Homebase's WEATHERCOAT MASONRY paint which also says "Water Based". He therefore surmised that as it is water based it would useless at keeping the rain out. I called him as EIGHT foot from the floor a damp patch has appeared (no pipes, baths etc at al in the room above) and I felt that the rain was coming through the pointing, although he said that the pointing was secure. Did the previous owners boob when painting an exterior wall with water based paint, or is it okay?