HPCatlast.

That's why his proposed budget purge on rentals EXCLUDES long term rentals, no surprise there then, got his very own loophole. NOT to forget that when he purchased a number of flats (6 was it?) in one development, he 'forgot' to declare them in his 'interests'! 😉😉

"Never trust a banker" Was our honourable Prime Minister not a banker before his rapid rise up the political pole?

Pure coincidence of course!! A BIG, BIG housing development is planned NEXT DOOR to the chicken 'factory', smells from the factory were raised as a valid reason to refuse the planning ap! OK, we'll shut the factory to stop the smells, sure! Our (Polish) neighbours (a private rental property) work at the factory, are now considering returning home, when they arrived in the UK 10+ years ago, wages and the standard of living were apparently much, much better here. However he stated last weekend they are seriously considering returning home, very little difference now between Poland and the UK, both wages and the standard of living. So has the Polish economy improved substantially in the past 10+ years, or has the UK economy fallen greatly in the past 10+ years?

From the road it looks like a bungalow on a shallow tump, it's actually an upside down design. Upstairs is 3 beds, kitchen, cloaks, bathroom, lounge diner. Underneath, a huge garage, 4th bed, big 'summer kitchen', laundry, shower room, and big conservatory. All on a plot of 1 & 1/2 acres, purchased in 2003 (Paid off UK mortgage in 1999) for less than £100K. Current value? we'll decorate this year and get some idea from agents next spring. Fully furnished, no room in our small, modern, UK abode, so we'll either sell fully furnished (+ sit on mower, washing machine, etc.) or we'll have to consider other options!

No, UK passports (made in the EU!). Been a holiday hideaway for 20 years, hopefully sell up next year. Travelling (90/180 Brexit rules) and old age means it's a much less attractive asset, sadly.

Guilty, 100% homeowner, twice! UK, new (2014) build, (too) small, but very economical bills! France, huge price difference/'value', UK/France. Our French hideaway would cost 400-500% more in the UK than in France! (CRAZY UK 'values'). UK 'values' are insane, the long awaited 'correction' should bring property values into line with wages, if not nothing will sell, and no one wins!

AIRPORT TAX - TORY CHANCELLOR KEN CLARKE IN 1993 budget, @ 2.5%, then raised & raised, now 20%? INSURANCE POLICY TAX - See above, 1993 budget, again, @ 2.5%, now @ 20%?. NO WAY do I buy the untruth that Tory governments are competent with finance, they are very good at enriching themselves and their supporters, not at helping the remaining 99%.

Amazing, that's identical to my history! 1st mortgage 1972-77, normal 'repayment' mortgage, not 'interest only'. Interest rates through the roof, ended up doing 2 part time jobs + the full time! Virtually £0 paid off the capital after 5 years, a great disappointment to us. 2nd mortgage 1977-1987, 'repayment' again, but, after the disappointment of the 1st mortgage experience (no capital reduction) I saved every penny possible and paid off a lump every December, usually about £1000, plus when interest rates were reducing I left my monthly repayments at the higher rates. 3rd Mortgage 1987-1999, repeat of 2nd mortgage! At 28 I learnt a lesson that truly focused my financial thoughts, avoid being 'owned' by banks and building societies, clear debt ASAP. Started my own business in 1983 (part time, still doing 40 hours per week for employer), slowly built it up to become my full time job (money in the business account, my bank wanted me to borrow from them to expand quickly, NO THANKS). Sold business and house in 2008, rented to see where property was going, UP, UP, UP, bought again in 2014! Never had a new car, just a hate for the whole finance industry (especially private pension Co.'s.). 50 years ago we owned nothing (just a 80% mortgaged home), now we have a house and money in the bank, how times have changed, just a bigger dislike of finance than 46 years ago!

Me too, long time here (Pre 2008) but more to observe and be educated, than to contribute (sorry for that). Our history, sold to rent in 2008 (believing a crash was coming, not expecting to wait another 15 years!), bought again(!) in 2014, a small new build, small garden, small running costs (GREAT insulation rating). NO DIY, don't miss that! A development of about 100 units, 15% to be 'social housing' units, 85% owner occupiers. In reality we believe that at least 50% of the non social housing units have private 'landlords', but with banks offering 0.1% savings rates I'm not surprised that many bought property to rent out to earn from a 2nd income. But, did those 'landlords' ever consider that mortgage rates could raise and property 'values' could fall, I guess not. From recent sales it appears our house had risen by £100k since 2014, a long way to fall yet before we're losing money! Not good times for potential buyers, house 'values' reducing, but borrowing costs increasing, a total no win for them.😭😭

A long, long time HPC fan. ERIC, what happened to my HPC hero? To your question. 1972 (gazumping was rife) we bought a wreck of a 1 & 1/2 bedroom (top of stairs was into a small bedroom, with just one door, into a 2nd bedroom) cottage for £5500. Only allowed a mortgage of £4500, so borrowed part of the £1000 (nearly 20%) deposit from a relative. Weekly wage at that time was £25.92p at GPO telecom! 5 years later (1977, after a new roof, rewire, replumbed, new kitchen, new bathroom, etc) we sold for £10250 to buy a 1930's 3 bed semi. During those years we had rising interest rates, so one full time job and 2 part time to cover the bills, no posh car, just a Morris 1000 van. What I did learn after paying a 'repayment' mortgage for 5 years was that I still owed nearly £4500!! When I questioned how come, I was told 'early years is mostly interest, later years pays the capital', LESSON LEARNT! Next house (from 1977) I saved like a miser, every December I tried to pay £1000 off the debt. before recalibrated in January. When interest went up we paid, when interest went down we carried on paying the higher figure. After the experience of those first 5 years mortgage payments and the debt remaining where we started I was obsessed with clearing any debt as quickly as possible, I have no respect of the 'finance industry!! One more move in 1987 to another 1930's, extended etc. etc. but mortgage free at 50, thanks to the lesson learnt on our 1st home (bankers want your interest ££'ss, not debt reduction). Then, at 54 we got a small 5 year mortgage to buy a holiday hideaway in France, just about to celebrate our 20th anniversary. All thanks to lessons learn from our 1st mortgage, clear the debt ASAP! EDIT. sorry forgot to add, our 1972 cottage at £5500 became a £325k purchase in 2022!

Lots in common to discuss! From memory I'm sure that Hunt has/had a property portfolio too (that he 'forgot' to declare). Made the news at the time (probably on HPC?) If he helps mortgage holders what about renters?

WOW, a very interesting evening (NO TV tonight) on HPC. I been a fan since 200?, in the belief that an HPC was imminent. We even STR in 2008, thinking that the housing scam was about to pop, but it carried on, and on, and on. So, seeing prices (values?) increase year on year we chose to buy again in 2014, while still expecting a crash. Well, here we be 8 years (even 14 years since we STR) later and it now feels that our patience is being rewarded. Why has it taken so long? Prop after prop to maintain such stupid 'values' that denied our youngsters the opportunities that we enjoyed, home ownership! A fan of 'ERIC' all those years ago, HPC is my default for financial reasoning, and tonight my hunch of 2008 appears to be, at long last, beginning to bear fruit. Interest rates have been much too low for too long, encouraging reckless borrowing, well tonight looks like a 'Titanic' moment, reckless give a way's by a new government, greater inflation than stated, unwarranted energy price increases, and dear old BoE keeping rates too low, quite the perfect storm, and the PM will say "It wasn't possible to predict the collapse of our £", it certainly was, even with no education certificates, it was totally predictable. Well, no pleasure seeing folks housing 'values' tumble (even ours!), but if it should help our younger population (yes, higher interest rates won't do them any favours I know) get a property (Hate the word 'ladder') I'm all in favour. Is 'ERIC' still around?

KEN CLARKE, the Tory chancellor who invented two more taxes to keep us poor even poorer. 'Flight' tax and 'Insurance Policy' taxes @ just 2.5%, now running at about 20%? We must be close to being the most taxed nation on the planet, thanks to Tory governments? Income tax on earnings and savings, 20% VAT on non foods, cars, servicing, home maintenance, the list is endless. Tax on drink, smokes, fuel, insurance, holidays, carrier bags, environment taxes, etc. etc. When will they realise we spend more on tax than on living? I remember earning £25.92 in 1972, got my 1st mortgage, and had disposable income (spare £'s) for a pint, etc. thanks to far fewer tax grab schemes. Now, in retirement I'm still being taxed, not wealthy, but just enough £'s to be another tax paying slave!

Apparently so! I received a 'valuation' for my 2016 Skoda Superb from one of those 'We buy any car' business's in April, of £11,108. 15 minutes ago I received an email from them, did I want a new 'valuation'? Followed their link, new 'value' is £12,898. I've no understanding of the 'mechanics' for house price or car price valuations. (Retyred, and currently following the Tour de France, 5+ hours a day of TV adds for stair lifts, ready made meals, life insurance, and equity release, etc. can't wait for the TdF to end and ignore daytime TV!).

+4.5% overall. Largest element increase was the police budget!

Their both the same!

For what it's worth, not a lot! HPC was my housing 'authority' (still is), so we STR in Jan 2008, and to downsize. Initially in 2008, and 2009 the interest on our 'house' pot paid the rent, then the financial crisis killed interest rates! Struggled on until 2014, then bit the bullet again, and bought a small 3 (2&1/2!) bed, new build. Very pleased with the first 6 years, no DIY, no maintenance bills so far, very energy efficient, only down side is parking spaces for visitors. But after 3 previous houses from 1972 to 2008, new kitchens, new bathrooms, rewires, and 100's of other projects, this new build ticks all our needs, especially regarding it's economy of ownership. Still regard HPC as a necessary site for varied and valuable views. Retired, we both look at 'Rightmove' and 'Zoopla' most days, now following the price drops, occasionally dream about a bigger home (more bedroom space), then consider how little this one costs to heat, and the dream is no more. I do miss the BIG, BOLD, script of a certain contributor of the 2006-2008 years, still respect his views of all those years ago.

What chance do our youngsters have, to ever enjoy a 'disposable income' life style? As I quoted recently on another thread- Glos, new build 2 bed flat, reduced by 16.7% to just £52,500 for a 1/4 share of the flat! Then 'rent' the remaining 3/4 for £336.88 per MONTH, then £125.14 SERVICE charge per MONTH! Just £462.02 per month plus the MORTGAGE, plus gas, elec, water, rates, etc. for a 2 bed 'box'. *** (EDIT- To add 1/4 share = 25% ownership, but 100% of the maintenance costs and repairs!) *** CRAZY, CRAZY, STUPID, STUPID times, then throw in your pension pot towards the deposit, what have you got? ZERO pension, zero savings, just debt for life! As a 'silvertop'. 'boomer', etc. that I'm referred to being, this situation is very distressing, I have great sympathy for the lack of opportunities that are available to our youngsters, for employment and home ownership. Perhaps, just perhaps, 2021 will be the year for an overdue HPC, to give the youngsters some hope, providing jobs are available? Our 2 & 1/2 bedder (2 'double' bed, 1 single bed, new build) 'box' will lose some value, fine, it's a home, not an investment!

Not sure if I'm in the right category, but my observation this morning. GLOUCESTER, new build 2 bed flat, bargain, reduced by 16.7%? Originally 'valued' at £262k, or buy a 1/4 share at £63k + rent, + service charge. Now, reduced to 'only' £52,500 (mortgage?) for the 1/4 share, + £336.88 rent, + £125.14 service charge, PER MONTH. How in God's name is this remotely 'getting on the property ladder', seems like huge debts to me! Thoughts?

2008 and 2014 were our decisive years! Addicted to HPC from about 2005/6, I took the anticipated values (-10%, -20%?) to fall seriously. Decided we knew the future market direction (DOWN?) in 2008, and chose to sell up and rent! In renting we did try different locations (good experience), but decided to buy again in 2014 before being priced out. Our 2014 purchase (October) has seen a rise of approximately 25% in 6 years, a new build, so no repair bills. In conclusion, my thoughts are exactly the same now as 15+ years ago, far too expensive, with a recession and huge unemployment figures just around the corner! I took onboard all the advice I could find 13-15 years ago, and still got it wrong, so certainly not offering any advice now. But, for sure prices must fall in 2021, the only question is, by how much? So, with much unemployment and future prospects not guaranteed, who will be buying the new property 'bargains'?

(TORY DONOR Business's?).

lol. Brown borrowed/spent WAY, WAY LESS that Osborne did, tax breaks for the rich and poverty for the poor, a true Tory. Brown's worst crime way bailing out the gambling bankers ('Fred the shred', etc) and allowing them to keep huge bonus's, for failure! Those bonus's should have been cancelled when they lost the dodgy 'bets', and made to repay them, for such reckless behaviour.

GLOS, yes, but not like we'll see this winter! In 1989/90 we saw our then home 'value' go from approx £120k to about £75k, but it all returned (and more) by the time we STR in 2014. Property ownership is like snakes and ladders, it's not like on TV, profit, profit, profit!

Great faith in this site in those long gone days, STR in Jan 2008, expecting the predicted crash. I waited, and waited, and waited a bit longer, until October 2014, watching prices heading North. So, reluctantly, we bought again in 2014, and witnessed a 25.7% increase in the past 5 & 1/2 years. Yes, now expecting to see that 25.7% 'gain' wiped out, maybe even more, but it's only a home, not a business investment. We could have taken the BTR route when down sizing in 2008, but not our bag, seen too many trashed homes on TV. So, I'm still a HPC fan many years later, but I fear a real crash later in the year (pretty sure it was coming, even before Covid-19). Not expecting it to effect us directly (we're not moving!), but it should seriously help the younger folks that have sacrificed much to save, save, save, for their own home. Very pleased if those folks get their dream, their very own front door, without worrying about being moved out of their rented home. The times they are a changing, is ERIC still around? Much enjoyed his contributions.

Similar thoughts. Have a Skoda Fabia (£20 tax) as a runaround, plus a top of the range (even got TV!) Skoda Superb (£30 tax) for long trips. Both purchased at 4 years old for about 35% of their 'new' price! But just one bike, for good weather days. Very rare, but if my wife needs to drive she takes the Fabia and I'll use the Superb. Never looked or considered a 'monthly' cost posh motor, far too tight to change by lifetime habits of buying around the 4 year mark.