Peak Mortgage Zombies
All the jabbering about Brexit is clouding one fact about the UK housing market. Its currently slowing down. I suspect its less to do with Brexit or buy-to-let, and more to do with the fact that house prices in the UK are wildly expensive. House prices are too damn high compared to wages.
Peak rental supply
Martin Armstrong exposes rampant BREXIT propaganda
Despite the propaganda, Britain's economic growth peaked prior to joining the Common Market and has fallen ever since. Is it a co-oincident that our major heavy industries collapsed after that date, leading to the winter of discontent, 3 day weeks? Our heavy industry, fishing, mining, etc. continues to be gutted, and our service industry takes in in-spite of rather due to the EU, who would strip mine it to resolve problems in Greece, France, Eastern Europe, etc. before they would give us a hand. Next to go is the NHS and our welfare system. That is the horrible truth.
this cheap borrowing had been the biggest driver for demand for homes. Since 2013, the demand for housing has been turbocharged by chancellor [George] Osbornes help-to-buy policy and the search for yield which has resulted in the accumulation of housing wealth as an investment alternative for low-yielding financial assets, it said. As a consequence, house prices are now close to an all-time high of more than six times disposable income. The firm said couples buying together were increasingly taking on large loans relative to their income. Before the crisis fewer than 30% of joint mortgages were taken at more than 2.75 times income , but now that proportion has risen to more than a third.
The peace and quiet of contemlation during Purdah
Starting on Friday, Purdah will prevented civil servants from helping the Government's referendum campaign. The incessant slew of panicked briefing papers telling us the sky would fall and why toddler Britain couldn't survive on its two feet should come to an end. In light of all that propaganda barely lifting BREMAIN above 50%, we could see BREXIT soar and take over during the next month, as Cameron looses his paid thugs in Whitehall. Final question is whether postal vote fraud will see ballot boxes stuffed like in Austria.
Bank of mum and dad not enough
Why we need property taxes
"This is the incredible staircase of a £3m '"forgotten" Georgian mansion which has gone on the market in the heart of London's East End. Built between July 1741 and October 1742, the spooky four-storey Malplaquet House has not been lived in since 1895 but has been restored by its current owners." On top of it, squatting has been criminalised now. This could have provided housing for lots of people for 120 years and the owner would still have made out like a bandit even if they burnt it to the ground.
Property prices in Britain may be surging due to a horrendous imbalance of supply and demand but the market is poised to implode. Why? Because Britons are not earning enough money to either get on the housing ladder or are spending such a large portion of their wages on mortgages that may not be sustainable.
"This is the most important voting decision any of us will make in our lifetime"
In this film, we see beyond facile arguments about house prices towards the real issues behind BREXIT. You can see very fast that regardless of the propaganda, BREXIT in the long run will result in more democracy, prosperity and resolution of issues such as the housing crisis.