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House Price Crash Forum


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About francis

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  1. Try this one. Nearly quarter of a million quid to live next door to an electricity sub-station! http://www.rightmove.co.uk/property-for-sa...25%26index%3D10
  2. http://news.bbc.co.uk/1/hi/business/8185002.stm "So if I am right, why is the stock market rallying? It's because we are over the worst and prices had fallen too far but watch out for the second V of the "W" recession and another correction in October."
  3. Really? Anecdotally I am aware of a lot of people who have bought recently, are buying or plan to do so. I don't think the British really fear for the future. That's the lemming mentallity kicking in. Personally I'm crapping myself about buying! It's a huge financial commitment and you get one shot at jumping into the market at the right time. But then I'm massively in the minority. How do you know? Why aren't people feeling the pinch now? Why do you think it will kick in in the winter, but hasn't started now? Agree with the principle, but where is the evidence for the lack of credit? Steadily mortgage LTV is reducing. There is as much advertising as ever for unsecured loans and credit cards. And the shopping centres and high streets are still rammed with shoppers at the weekend (with shopping bags full of crap).
  4. Spot on. As I said in my "The British are spending lemmings" post (http://www.housepricecrash.co.uk/forum/index.php?showtopic=120303), people are now hardcoded to spend, and buy properties. People want to buy because property is "a great long term investment". We are outnumbered. There are more lemmings out there than there are people like us. If the banks open up the lending taps (with coersion from the government) prices will go up. If prices start going up the risks of banks losing money on this lending is reduced. They will lend even more and the whole merry-go-round starts again. Joy!
  5. I've been searching my brains for ages trying to understand how house prices can stablise (or rise) when unemployment is heading towards three million. I've been confused about why sterling is so resiliant in the face of warnings from the IMF about our ability to repay national debt and the threat of losing our AAA rating. There seems to be so much fundamentally wrong with our economy yet the recession, broadly speaking, seems to have been a fairly mild so far. Tonight I had a break through. Curious to know what everyone else will think. 1. Spending and debt are like heart disease or lung cancer. There is a human tendancy to worry less about things that are a long way off in the future. Heart disease and lung cancer kill significantly more people than terrorism. Terrorism is in the present, and therefore is somehow much scarier and horrific. It commands far more resources and hype. Our debt fuelled economy allows people to live for the here and now. And the reality is that most people in this country want that. They don't care about saving for their retirement, or pay for their future family needs. They don't care how or when they will repay their debts. As long as they can make the minimum payments each month they are happy. Saving and budgeting are largely extinct nowadays. Individual responsibility has gone and has been replaced with the attitude that if the bank lends them the money then they are entitled to spend it. It's the bank's problem if at some point in the future they can't repay the debt. The British are spending lemmings. If they are given the spending power (credit or cash) they will spend it. The British won't budget, they won't exercise restraint, they won't think about the future they will just spend. The rest of the world knows this. Politicians know this. Because our wreckless approach to spending the government can borrow safe in the knowlege that as long as they put spending power in peoples' pockets they will burn it and generate taxes. The desire to spend will always be there. 2. Too many people believe property is a great investment. Even after two years of falling house prices Brits still believe the property is a great (long term) investment. This belief is hardcoded into people now. Sufficient numbers of the population believe this such that it becomes a self-fulfilling prophecy. Even though high house prices do nobody in society any good whatsoever, as soon as the mortgage tap is turned back on house prices will go up. They will go up because there are more people who believe prices 'always go up' than there are house price crash subscribers and people with sufficient grasp of the economy to understand properly what has gone on and why we are where we are. We need to face the facts. The Labour government gave us high house prices and a 'live for the here and now' attitude to money and responsibility. We are outnumbered. Brits will borrow and spend like lemmings. That wreckless borrowing and spending, and the self-fullfilling beliefs about housing is the new paradigm. High house prices are here, and here to stay. We will pay for it terms of anemic growth and erosion of the values that helped to build our country.
  6. Check out this baby! http://www.rightmove.co.uk/property-for-sa...26radius%3D0.25 What's that humming noise coming from behind the fence, I hear you ask? Why, it's the neighbourhood ELECTRICITY SUB-STATION!!
  7. Not sure about that. I was sat near him in a cafe in Madrid last December and he was sleezing all over this stunning 20-something year old blonde. She was seriously unimpressed. Was quite funny to watch, if a little cringe-worthy!
  8. The idiot made a complete hash of the short selling ban, describing it as "short sale" and stumbling over his words. It looks like a minor point but anyone who works in financial markets can tell he doesn't know what the hell he's talking about.
  9. I am sat inside an investment bank in the City right now, working on preparations for how we handle collapses. We've had a look at Morgans. Next collapse will be AIG.
  10. I should probably start this as a new topic but I don't have the permissions to do so. Anyway, has anyone else seen this? http://www.moveandsave.co.uk/service.html I am optimistic that this heralds the end for the traditional estate agent, as we know them! I love the page that highlights the savings of a flat fee compared to the commission model. http://www.moveandsave.co.uk/howmuchyousave.html This just makes it so clear how this last property boom has been a licence to print money for EAs everywhere.
  11. This same/similar article was plastered all over the London Lite last night. Can't believe no one else on here saw it or has bothered to mention it! The whole article was titled something like "Sell to Let". You would have NEVER thought something like this would appear in an Associated Newspapers rag! Can't find the bloody link though, grrr!!
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