Friday, Oct 19, 2007
From last night on BBC2
BBC: The Truth About Property: Episode 1
What a shocking and depressing state of affairs this country has been conned into.
Posted by doomwatch @ 10:43 AM (1763 views) Add Comment
14 Comments
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1. Davidr said...
Couldn't agree more. A poor elderly lady loses her home because of an l bunch of greedy incompetent BTL *ossers and a wunch of Bankers who are no better. How come the Northern Rock boys are all still on their big salaries, and lets face with enough dosh creamed out of the busines to set themselves up for life, and the likes of this lady left with nothing except bitterness and poverty. Farepak's another example. Isn't this a Labour Government? They should be ashamed, bet guess what: they ain't.
2. taffee said...
scary scary stuff..................looks like some areas could fall 80% particularly with gang culture upon us.
Boy in sheffield killed yesterday and armed police on the street there.
3. Social Justice Through Housing said...
I thought the programme was really telling and good.
I want it to explore when/why a Labour (Socialist) Government abandoned the idea that housing is a basic right (along with education and housing) and an important social tool (all the evidence is that bad housing along with bad education and health is one of the biggest issues for a Government to tackle) and allowed it to become an investment, get rich quick, greed based commodity.
Shame on this Government. All the good of minimum wage, tax credits, higher pensions are undone when you allow what should be a right, yes right, for most hard working people to buy a house, become a near impossibility. Instead we have the ridiculous situation of people who have houses releasing equity to buy more houses so they can speculate and accumulate, while a lot of hard working people are either unable to get onto the housing ladder or move onto the next rung.
Why can this or any other Government not see that most people work decent jobs and want a decent life - and for a lot of people that involves at some stage buying a house and upgrading as their lives change (have families etc). This Government has in a very short time allowed this basic aspiration to be broken - the social and economic impact and ills will be very long last and potentially very serious.
4. mrmickey said...
I got the impression most people on this programme thought house prices will fall by 20% then recover and it will be back to business as usual with 10% increases every year much like the last crash. Well how about this scenario house prices fall 3-5% a year for the next 10-15 years not so much a crash but a long slow death, what people also failed to realise is that unless their house is going up by at least the governments fiddled inlation figures it's actually falling in price.
5. inbreda said...
I couldn't beleive the hard working people that had their own house that were being compulsory purchased!!!
I also couldn't understand why...
1) If it's about 'supply and demand' half the houses in Salford were derelict. Doesn't sound like a lack of property.
2) If it's about affordability, why knocking down streets of solid built victorian properties to replace it with... much the same ...and increasing the price from £10k to £120k actually solves the issue?
3) what makes anyone think that increasing the price more than ten-fold will change teh situation from 50% occupancy to 100%. They are making the slums of the future. And they will have shared herb gardens.
Also telling that so many people who had a property borrowed all available funds against it. That ugly EA in the jacuzzi is a prime example. He said something like "I'll just keep remortgaging to fund my lifestyle. If I can't remortgage then I've got a big problem, but I don't think that's going to happen"
YEAH RIGHT!!!
6. Newbee said...
I saw the program last night. I have also been reading the news blogs from this website every day for the last 6 months.
After watching the program I am now genuinely scared. I knew things were bad, but this picture of the UK is completely unrecognisable. I cannot see how "we" are going to get out of this housing mess.
I know many people write, okay that's it I am planning to emigrate and then don't do a thing. I really can't see any other option for a decent life.
Buying a boat to live in. An old lady loosing her home just because of a BTL scam that originated in the USA. People in the 40's living with their parents. Babies sleeping in cupboards.
Having people live in a tent to queue up just to be selected by a bunch of estate agents to be able to buy a house. Seeing their grateful expressions as they get a chance to have somewhere to live. Very sad. It should not have come to this.
7. Cstanhope707 said...
About Time a Property Show that tells the truth long long over due. Note the presenter rents. Note Estate Agent MEWING everything to buy his Porshe etc etc.
8. Ben said...
mrmickey said "what people also failed to realise is that unless their house is going up by at least the governments fiddled inlation figures it's actually falling in price.".
I don't think that;s true for an investor though...
Say an invester buys a £200k property at with an 87% LTV B2L mortgage.... so they put in £26k of their own money.
The lets say house prices increase at just 3%pa and inflation runs at 4%.
After one year the property is now worth £206k, an increase of £6k, which represents a 23% return on investment as they only put in £26k of their own money. i.e. £26k in £32k out.
That's obviously an increase in real terms, even taking inflation into account.
9. Madam said...
Can't afford to buy a boarded up property, 120K to live in half a house the size of a postage stamp!!
TIME TO EMMIGRATE!!!!
Doesn't matter if prices go down abroad when you live in a spacious flat with a swimmimg pool. On the other hand when HPC happens in the UK the already miserable slums will look even worse.
If HPC does not materialize in th UK then be prepared to live in third world country conditions everybody.
Well done Labour for enslaving the Brits and causing all this ridiculously unneccessary competitivness!
10. doomwatch said...
The 26 year old Colchester EA "John London" I am almost convionced is a spoof actor, as surely no one is that brainless ?
He's 32-35 mins into the programme. Essentially he got a £90K self cert mortgage on a £10K salary. Then he did
equity release to pay for an Audi TT, 50" plasma and a "summer house" with hot tub. The pri1ck re-mortged three
times from £90K to £135K and now reakons he'll need to remortgage again in Jan for £150K to pay his credit card
bills. What a complete cretin. I just wonder how many more of these idiots there are in the UK ?
11. Ihopeitgoeswithabang said...
dw
"just wonder how many more of these idiots there are in the UK ?"
The answer to that would be alot. A huge number of people. One day they will be forced to stop spending, then what happens to Gordon's Economy .... it goes straight down the pan.
12. cornishman said...
Ugly and a cretin. But you can't deny he's having a good time! .... for now
13. Kikiriki said...
You can blame this on Mr two Jags/jabs John Prescott and his Pathfinder scheme. Compulsory purchase orders on perfectly good Victorian terraces for a few thousand pounds which are then sold on to developers who do a modern maker and then marketed for 100-140K. All was really needed was about 30-40k investment in renovation. Absolute scandal and is operating across NW England with impunity. DISGRACE... Shame on Labour.
14. inbreda said...
It is for morons like johnny no-brains that the government bailed out northern rock.
I'll be damned if I'm going to let the government take my money to paper over the mistakes of such t*rds