JustAnotherProle

I'd rather be gammon than garlic. 😉 Edit: Except on bread of course, because I am civilized

It seems that Australia has a problem with quickly constructed "luxury" apartments with major defects.. 450,000 households in negative equity...oh dear. This is worth a watch:

I can't help but shout at the TV when this ad appears, end game rentier BS but with cars...GTFO

I'm quite used to the fairly regular and desperate calls from a local estate agent asking me if I have reconsidered selling up after they visited months back for a re-evalution of my place. The last one was a bit weird, he seemed very keen to get me another valuation until I said it wasn't worth it as I knew the valuation was going to be less than a few months ago as prices where I live are heading south, this was followed by silence on his end, I then followed up with the fact I would have to be crazy to have anything to do with the UK housing market right now with Brexit etc waiting in the wings...that and there is nothing worth buying in my choice area, or what is there is just probate crap needing thousands to make livable or ex HMO's asking ludicrous prices, I'd be much better off watching and waiting.. After a nervous laugh and some platitudes about having buyers ready for my place he ended the call... I wonder how long it will be before the next call...if they don't close down before then of course

Pitiful when compared to what is actually required, and also historically:

Credit conditions is a huge part of it, but the pitiful amount of housing actually being built seems to just be investment vehicles for speculation, not the actual homes people need.

Indeed, 20% on second homes, 30% on third homes..etc etc.

There used to be a lovely montage of DM and Express pro HPI headlines in a post somewhere, it would be nice to see another one full of crash panic headlines like this!

They have a 16 bed mansion and still want to buy up even more living space they don't need or could possibly use?

I think the whole impression they are trying to give is that lending like this isn't primed for disaster, rationalising it by covering up the whole thing with the strict "professional only" veneer. It looks like a smokescreen to advertise a clearly irresponsible product, at a time when they are desperate to keep the plates spinning and probably hoping we don't ask too many questions; like why would "professionals" need a specific high risk mortgage in the first place if everything to do with UK housing supply and access to it wasn't totally out of kilter with the reality of earnings? . Look at the hand that's obscured not the hand showing you the cards, as far as I can see the fuse is still fizzling slowly towards the barrel of gunpowder sitting under "property wealth".

I use Firefox with NoScript extension, I don't see any ads at all.

Nah mate, it's good enough for renters. Nobody would buy these to actually live in themselves surely?

Debt is Wealth innit. Edit: Ok I read the article and I get the impression that negative equity is some mythical beast that only exists in legend, most of us know what could be coming, and getting more debt to pay for the debt is terrible advice to quell the naive readers fears. So wise, I wonder how easy this would be when IR's start to creep up higher and higher...

The Chinese have developed a laser weapon that causes "instant carbonisation" of human tissue: https://www.independent.co.uk/life-style/gadgets-and-tech/news/china-laser-rifle-zkzm-weapon-police-terrorism-chinese-academy-of-sciences-a8427071.html I have to wonder why they would be investing so much in this line of research and development...I guess it isn't to burn off warts at 800m