Jump to content
House Price Crash Forum


  • Posts

  • Joined

  • Last visited

Posts posted by ingermany

  1. 4 hours ago, MrPedantic said:

    According to a comment on the Daily Mail article, her parents are the directors of the purchasing companies.

    If a Court oeders her to pay money and she disposes of assets in this way, wouldn't this count as contempt of court?

    Yep, and helping the purchaser avoid SDLT, tax avoidance, conspiracy etc. Question is, why has the Mail published her public confession? Why didn't they warn her. 

  2. I don't understand why social care at end of life cannot be like student finance.  

    1. Allow care homes to charge what they like, so there's no shortage of places.  

    2. Make alternatives to council social care unobtainable and unsupportable. 

    3. Government should  pay 100% of fees demanded by providers,   via an "OAP Loan" secured on property. 

    4. Allow HMRC to seize  pensions, property and assets to finance care. 

    5. Call it a " care tax" to make it sound progressive and caring.

    6. Make people with houses in Scotland exempt from "care tax."

    Problem solved. 


  3. 53 minutes ago, Darby Ram said:

    I think the forex part of the housing market is going to be the key. Most people don't look at anything except the headline HPI number, but if you hold non-sterling assets then the re-rating of the pound this year (and probable its continued decline) has outweighed everything else. A pretty cautious global tracker would have returned c20% last year in sterling terms, which makes housing look like a laggard.

    Even without a nominal crash, I think that a long period of UK housing under-performing as an asset class is likely, and that will be how the wealth disappears without anyone really noticing.  

    Oh good. Will UK government give me a 240K interest free loan for 5 years so I can buy one of these global trackers and gather the profits? 


    Thought not. 

  4. The EU was never to blame for UK being a magnet for immigration. It was the bloated benefits, housing benefits and tax credit system, none of which are mandated by the EU, and all of which simply exist to create house price inflation and BTL profit. Nothing will change. They can't afford to let immigration fall. Boris Johnson has admitted as much. 

  5. Spanish property just rocketed up around 20% in last 2 months thanks to Brexit. Would be good time  to sell?.....in next month or so. 

    However, soon Brits won't buy ther cos they won't get their nhs reciprocal cover overseas once we're out of EU. Property on costas will soon become impossible to shift. 

  6. On 18/10/2016 at 11:21 AM, zugzwang said:

    Fuel price/energy inflation is the measure that will loosen Carney's dentures.  The inability to incorporate energy costs into production functions is a critical point of failure for all reflationary Keynesian economic models.

    Yes.....and that's why I don't get all the economic optimism at looming dollar pound equivalence. Fuel and labour costs will rise. I suspect this will wipe out a lot of the pricing advantage for exporters. 

  7. 38 minutes ago, evetsm said:

    all this country's wealth is in houses, raise rates and that goes belly up. we are trapped. 

    Yes, but in order to maintain house prices, and stop the 2008 crash from happening  they actually need to keep cutting rates. And the scope for that is diminishing. The only way is through more aggressive government intervention and subsidies. I guess the obvious one is MIRAS. 

  8. When anyone raises this issue with you, your stock answer as a HPC should be?

    I think: "It's all part of the unsustainable nature of the UK. worker costs high due to a broken housing market forcing high wages on the NHS, mass immigration creating mass demand from people that don't pay much tax."

    Absolutely right. And the scandal is that government is using public money to force up the cost of housing. Forget the Brexit claim that the NHS can be funded by the costs of what we send to Brussels. It could be funded 3 times over by the subsidies government has given to mortgage lenders and property investors. Truth is that government has been busy nationalising banks and mortgage lenders, directly financing property "loans" and paying for the investments of private landlords. To make matters worse this generosity has been a magnet for migration, mostly from outside the EU. The outcome was sadly inevitable.

  9. Exactly Kibuc, surely these figures (if accurate) are massively skewed because volumes are "so" much lower than normal.

    So right. Sales and mortgage approvals are drying up. In spite of suicidal interest rates, 20% sterling devaluation and taxpayers footing the first 240k for anyone who buys a house in the SE or SW. Not to mention all the other subsidies that keep the plates spinning.

    No moral hazard is too big for UK PLC, but we must be at the very limit of housing market intervention now.

  10. Sentiment turning from pessimism to desperate. I need to buy. Offer 10% below asking rejected. Vendor has already "bought" elsewhere so needs to sell. EA's other "interested buyer" has already "sold" their house, but not for enough to match our 10% below offer.....EA says they are trying to negotiate their "already sold" price upwards to compete. So another sale about to fall through. Meanwhile, another house we wanted to bid on that went under offer 3 weeks ago is now back on market at same price. Suddenly, 10% below valuation looks unduly reckless for a buyer. Market has turned. The 1 April 3% stamp duty surcharge probably also a factor. Starting to think this is a bad time to buy.

    Anecdotal, but......

  11. The irony is that it's been the Tory Brexiteers like Boris who have been doing the most squealing about the need to retain and escalate these welfare benefits. They blame the EU for subsidy and benefits culture, but nowhere else in Europe hands out benefits and subsidies on this scale. This is a uniquely British problem. As is the economic need for escalating inward migration to support house values.

  12. And it gets worse. I'm on the young side of that age bracket, so I will get "punished" by HMRC through the lifetime allowance on pension pots. People born 2 years before me don't have that problem. Until 2016 you could amass a huge pension if you were in public services or the military. And it has all been stripped away, but only for the younger generation. Meanwhile the oldies with massive pensions still get the triple lock on their state pension. And still get their property portfolio protected by the taxpayer.

    I am angry. If I was 25 I would be rioting.


    From cursory web searches it looks like a new pension scheme came in 1975 which was probably more generous then the previous one, and then they've revised them down in 2005 and 2015.

    To significantly benefit from the fantastically generous 1975 scheme you needed to start in the armed forces between the early 70s and early 90s. So you needed to be born before that magic 1975 cutoff again.

  13. I left the forces 15 years go at age 40. I get a pension of 27 K to add to my current tax free earned income as an expat.

    My son has a masters degree in engineering, and works for the MoD, salary 23k. Plus x?k student debt. And no hope of a pension. And no hope of house purchase on his income.

    Go figure why the UK is completely screwed. Guaranteed protection for the old, wealthy and unproductive.

    It will change though, and I think the huge voting split on Brexit determined by age is a clue to where we are heading. It won't be pretty. On the other hand I keep persuading my son he should be angry. He can't do it. Yet.

  14. http://www.telegraph.co.uk/business/2016/03/29/house-price-crash-could-leave-savers-without-cash-to-fund-retire/

    Link to new words of wisdom from the BoE along the lines of the old proverb about either having cake, eating it, but not both.

    At first glance I thought it was a warning that a HPC would destroy all the banks and take all deposits, bonds, equities and pension funds with them. I did wonder why BoE would predict that sort of apocalypse scenario. Instead what they appear to be saying that "savers" who have spent their money rather than saving it could be making a very basic error.

    Yeah, that makes the DT headline just a bit misleading. But perhaps explains the muddled logic of monetary and economic policies that got us where we are.

  15. The mkt being the government with their massive generous pot of HB.

    If you take away HB, rents will collapse.

    There's a reason the UK was top of the European rent price charts already !!!

    Do the BTLers honestly think people can/will pay more.

    F**king idiots.

    HB is a disgraceful giveaway to the rich, tarted up as a gift to the poor.

    Benefits Street is now an upmarket address, with a 5 bedroom detached and half dozen small investment properties. No wonder the Tories are at war with each other on the welfare issue, and are fighting to keep benefits rising. The deficit looks a lot less important when GO talks about cutting subsidies to BTL investors.

  16. I dont recall a 3x single limit anytime in my lifetime. Do you have a link to evidence for this?

    I do recall Mr Lamont kindly pushing up my mortgage interest payments (temporarily) well into double figures however. What are current rates? 2-3%?

    % household interest "captured" by banks is less now than under Lamont.

    I certainly don't remember any period in which it was government responsibility to buy a 20-40% stake in houses owned by UK residents, depending on where they choose to buy. And, whilst I am almost old enough to remember British Steel, British Gas and British Leyland, I didn't expect British Home Loans to emerge as the biggest nationalised industry in European history. There is no housing market. There is just nationalisation of private debt, and a system of variable subsidies that determine house prices. As many BTL landlords are about to discover.

    And I have no VI in this. It is unfair that many BTL owners are being arbitrarily shafted. It is equally unfair that other home sellers are being subsidised.

    Just an opinion and observation.

  17. I can confirm this from my recent car buying experience- as cash buyer I was about as welcome at the car dealerships as a fart in a spacesuit- they need debt zombies to rake in those commissions from the finance companies- which meant my actual cash was more an inconvenience than an asset in their eyes.

    Brilliant observation. This is what keeps UK growth going. Eliminate cash purchases. Buy everything using dodgy financial products. Create mis-selling industry. Hand out free compensation through nationalised banking industry. There probably doesn't need to be an end game so long as everyone plays the game. This has added billions to GDP.

  18. Attempts to balance the books by modestly reducing the bloated working benefits and tax credits bill failed miserably. It's what keeps the housing market and BTL alive, so landlords and bankers just weren't having it. Hence the House of Lords scuppered austerity (for property investors). The result of the Lords' action sends UK crashing out of the EU. It's the only way of limiting total cost of benefits and WTCs and stopping UK benefits culture acting as a magnet for immigration. Who knows what the other fiscal consequences of brexit might be though? Can't wait to see Treasury guesscasts on this.

  19. Some have ended or due to end .... but they are always extended so NO and because the existing schemes do not provide enough debt they bring in new ones; QUARTER OF A MILLION INTEREST FREE LOAN for 5 years. If anyone had said the government will lend you 40% on top of your mortgage to buy a property they would have said you were insane and no government would do that; they have done exactly this .... next will be 50% half a million pound interest free loan for ten years

    Yes. The answer to unaffordable house prices and millions of Britons owing massive mortgage balances was for government to shoulder the debt burden on behalf of "homeowners". If I want to sell my house, government pays the buyer the first 40% of my asking price. That kind of implies that it is 40% over-valued does it not? If government fails to cough up, I default and the banks lose. The government owns the bank.

    Government is held hostage by the debtors. So government must keep paying out larger and larger ransom payments to those in debt to stop defaults. The subsidies can't end, and they can get a lot larger. I would say inevitable until the whole economy and social fabric collapses.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.