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Fairyland

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The Guardian: PM among cabinet members earning money as landlords

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Nine cabinet ministers, including the prime minister, are making more than £10,000 a year by acting as landlords, a Guardian analysis has found.

Sorry, I can't paste the image using 'Insert image from url' link.

http://interactive.guim.co.uk/uploader/embed/2018/04/cabinet_property/giv-3902LlcLasQx4Sd6/

Edited by Fairyland

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15 minutes ago, Fairyland said:

 

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I must admit it's nice to see it all being mentioned. However there's nothing to link this to invested interests in the property bubble, or much else really.

Edited by honkydonkey

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Nothing much to see there as 6 of them are renting their main residence.

Pity the journalist doesn't dig a little deeper and find out what property is put in the name of MP's partners and children like the gentile socialist family known as the Blair's.

Be an open goal for the LAB/SNP if a significant proportion of their MP's weren't neck deep in landlordism.  https://www.theguardian.com/housing-network/2016/jan/14/mp-landlords-number-risen-quarter-last-parliament-housing-bill

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"am a beneficiary of a trust which owns a controlling interest in Castlemead Ltd"

Talk about six degrees of separation...or lack of taxation

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Just now, chronyx said:

"am a beneficiary of a trust which owns a controlling interest in Castlemead Ltd"

Talk about six degrees of separation...or lack of taxation

I thought he transferred all the shares into his wife's name, but it's obviously more complex than that. He bought it off a former in-law of mine.

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3 hours ago, TJHooker said:

 

Pity the journalist doesn't dig a little deeper and find out what property is put in the name of MP's partners and children like the gentile socialist family known as the Blair's.

They did:

https://www.google.co.uk/amp/s/amp.theguardian.com/money/2016/mar/14/tony-cherie-blair-property-empire-worth-estimated-27m-pounds

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16 minutes ago, awkwardturtle said:

Its 'damp squib'.

Although I'm not sure if that was a purposeful malapropism for comidic effect, in which case it went over my head, whooosh.

Well one learns something new every day. There was I, going through life, blissfully unaware of squibs.

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On 14/04/2018 at 9:01 AM, TJHooker said:

Nothing much to see there as 6 of them are renting their main residence.

Pity the journalist doesn't dig a little deeper and find out what property is put in the name of MP's partners and children like the gentile socialist family known as the Blair's.

Be an open goal for the LAB/SNP if a significant proportion of their MP's weren't neck deep in landlordism.  https://www.theguardian.com/housing-network/2016/jan/14/mp-landlords-number-risen-quarter-last-parliament-housing-bill

They did with Cherie Blair the evil witch queen. Turned out  she was doing dodgy deals with a notorious villain from Australia that had a handful of fraud convictions who she knew through one of those tacky life coaches who seem to make a living from advising people to repeat some silly cliched mantas about being positive and having boob implants and botox. He did a deal for her in Bristol on behalf of Tony and then burst into tears on TV when caught how she could not be a "super Mum".

I have no doubts they are all at it and it's not slowing up which makes me doubt a crash will be anytime soon, but on a good  and happy note I discovered this weekend that someone I know well is 3 months in arrears with her BTL property with a troublesome tenant :)

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3 hours ago, inbruges said:

They did with Cherie Blair the evil witch queen. Turned out  she was doing dodgy deals with a notorious villain from Australia that had a handful of fraud convictions who she knew through one of those tacky life coaches who seem to make a living from advising people to repeat some silly cliched mantas about being positive and having boob implants and botox. He did a deal for her in Bristol on behalf of Tony and then burst into tears on TV when caught how she could not be a "super Mum".

I have no doubts they are all at it and it's not slowing up which makes me doubt a crash will be anytime soon, but on a good  and happy note I discovered this weekend that someone I know well is 3 months in arrears with her BTL property with a troublesome tenant :)

Just like Chilchott, the Progress Spin/PR machine soon got people to forget about that...

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housing, especially in london, is now an asset class. even if it crashes, it will be a temporary crash. 

It should be treated just like any other financial instrument and that really does mean that "this time its different". 

Of course that doesn't mean it will remain overpriced forever. But if and when it becomes cheap... it won't be cheap for long.

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21 minutes ago, hayder said:

housing, especially in london, is now an asset class. even if it crashes, it will be a temporary crash. 

It should be treated just like any other financial instrument and that really does mean that "this time its different". 

Of course that doesn't mean it will remain overpriced forever. But if and when it becomes cheap... it won't be cheap for long.

Why is that then.....is it because the streets are paved with gold?;)

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24 minutes ago, winkie said:

Why is that then.....is it because the streets are paved with gold?;)

no. because both asset managers and the wider public (worldwide not just in the UK) now treat real estate as a simple asset class alongside shares, precious metals and other assets. The number of people (worldwide) who are today in a position to buy / leverage up to get into asset classes is much larger than at any other time in history. Just in china hundreds of millions of the "new middle class" are now out and about trying to get their hands on different types of assets whether singularly or in syndicates. 

Within that context. Housing is now simply an asset class. Its no longer just housing. 

It can be cheap, or expensive. It can have good yields or no yields. But the dialogue around houses has to accept that reality. 

We should forget the mantra of attempting to link house prices to 3x average income mortgages. 

Sometimes it can reach 1x income mortgage and sometimes it can be 10x. But I think now the link to average income is tenuous. As it has been worldwide for quite some time.

Edited by hayder

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1 hour ago, hayder said:

no. because both asset managers and the wider public (worldwide not just in the UK) now treat real estate as a simple asset class alongside shares, precious metals and other assets. The number of people (worldwide) who are today in a position to buy / leverage up to get into asset classes is much larger than at any other time in history. Just in china hundreds of millions of the "new middle class" are now out and about trying to get their hands on different types of assets whether singularly or in syndicates. 

Within that context. Housing is now simply an asset class. Its no longer just housing. 

It can be cheap, or expensive. It can have good yields or no yields. But the dialogue around houses has to accept that reality. 

We should forget the mantra of attempting to link house prices to 3x average income mortgages. 

Sometimes it can reach 1x income mortgage and sometimes it can be 10x. But I think now the link to average income is tenuous. As it has been worldwide for quite some time.

I would agree as things stand now.......but that could well change if TPTB taxed investment, hoarding or other reasons to buy other than as a home to live in.....would you buy a property that cost more to keep than it earned in capital income or growth?

The housing market is not open for all form all countries to buy in all countries.....;)

 

 

Edited by winkie

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yes. we can go full bolshevik on all assets not just real estate. Its a risk that all asset holders take into consideration...

and within that context, UK real estate is, ironically, a super safe bet from the perspective of all the newly moneyed people from communist and formerly communist countries. 

- they may very well see UK housing as being rather cheap. I mean as an asset, a house in Hull is less likely to be nationalised than a super expensive place in Shanghai or Moscow. So maybe the UK is still cheap? just not for its salaried citizens.

Onerous taxes, then would be a good way to :

1- have a temporary "dip" in houses as some panic selling takes place

2- have a long term revenue stream from all the "international asset holders" who are buying into the UK's "safe haven" status. 

I don't see a problem with building millions of empty flats for investors. It would make rents super cheap at least - and solve one of the key dilemmas of the massive trade deficit.

Edited by hayder

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