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Optimuswolf

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About Optimuswolf

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  1. Not surprising. Chelsea is more crowded, has a higher tax base, and its residents use less council services. why wouldn't it be more expensive in the spacious north east?
  2. Some people on this thread have a very good understanding and others....well....don't. A pension is simply a tax wrapper to transfer income from a time in your life when you are working til when you are not. This is why there is tax relief (or deferment if you like). For this deferment and the tax free lump sum goodies, plus any employer contribution, you sacrifice liquidity in a major fashion. Given the good rate of return offered by the tax system, and the fact that most of your need for savings will be for retirement if you want one, it seems a good idea to have a pension, at least once you're into your 40s and are more confident about how your working life is panning out. BUT....you want other liquid savings for sure, in case you need money before you're 55. And when you're young you are more likely to benefit from this liquidity and have plenty of time to get the tax breaks later (although not any employer contribution). If you can't afford to save into a pension and maintain some liquid wealth? Well it's one indicator that you may be living beyond your means.
  3. Sorry - had to comment even though I see little point arguing with Injin and his acolytes - he hasn't budged one inch in the year I've been reading here. But those civilizations all had states - they all had people wielding power over others, and all were as much if not more predicated on violence than today's democratic states. One day you'll all face the music. Today's world is probably much closer to the unattainable utopia you advocate than most societies in the history of the human race.
  4. Wow! You might be best getting into housing sooner than later given the kickass deals you'd be able to get, and the threat of inflation. I save about £10,000 a year and can't afford a sufficient deposit to start thinking about buying yet...ridiculous.
  5. This all depends on definitions, and really looking at assets and liabilities is much more informative. I have no debt save about £1000 left on my SLC loan. But if you want to count that you need to count my savings. Overall individual net liquid wealth is significantly positive. I don't own a house, but have significant non-liquid pension wealth as well. In fact I wish I could borrow from my pension to fund house purchase, but alas you can't in the UK. Having significant credit card debts seem to me to be v silly unless you are under 30 and a renter. I mean, if you haven't built up precautionary saving by your 30th birthday you've almost certainly been living beyond your means, unless you've been qualifying as a doctor, lawyer etc.
  6. I know that the price is a reflection of value, but I gave up on efficient markets when I was still in university. SW London is such a snobby place that I wouldn't doubt that anywhere with any social housing will attract a huge markdown. These people who aren't interested in a place like this would probably happily live in Herne Hill, Hither Green or Hackney. Prices are on the whole looking much more reasonable in sw15 though as far as I can see. I've seen decent two bed flats (newish build) on the west putney URR for 250k. maybe that we look into that sort of option instead when the time comes. Once again, thanks for taking the time.
  7. Thanks again Teddy, good to get some local knowledge. I run past the rugby club quite frequently, and do notice more youngsters around, who are - how can I put it - different from most you'll see in the surrounding area. But looking at google maps it is such an isolated spot, I can only think that the tower blocks off the Upper Richmond road aren't particularly nice, as the other localities seem lovely (and too expensive!). I'm in no particular rush to buy - but am in two minds as to where I see the cost of buying going. House prices might continue to fall, but financing will probably never be better than it is right now. 5 year fixes at 4.29%.....
  8. Thanks guys - I rent in Putney at the moment but getting a house there - for instance in the Dover House Area - looks out of reach (I want to keep diversified, not putting all my cash and income into property at my young age) unless we get 15% plus further falls in prices. This property took my interest, might check out the road this weekend. Obviously it isn't going to be celubrious, but with Barnes to the North, the ground to the south, Mortlake to the west and Putney to the East it must be one tiny isolated ghetto! http://www.rightmove.co.uk/property-for-sa...y-19981894.html
  9. To come back on this, sometimes puzzling through the issue demonstrates that there are conflicting forces in play and overall effects are unclear. At the moment, we have much less MEW, but significant deflation in housing costs due to base rates. I don't see a cast-iron link between the UK housing market and consumption in the short term. In the longer term however, we're going to have to save more to a) cope with the ageing population andb) make up for sustained asset price falls (inc house prices). The question is how much spending (growth) will slow and how stop start the process will be I guess.
  10. Hi, I'm a FTB considering Roehampton as a potential location to buy a house over the next year. Does anyone know much about the area. In particular I'd like to be near Barnes station for travel reasons, so the priory lane area looks like it has potential. Any thoughts would be appreciated guys. OW
  11. Sorry I should make clear that I'm not saying that there hasn't been a drop in spending - but that a) it has so far been small compared with the rapid fall in house prices and the causality hasn't been shown, this crash has bizarrely put more cash into the pockets of homeowners, even as it has reduced their ability to borrow.
  12. Erm, I don't know what data you've got to say that consumer spending has been hugely affected by the housing market? I know that this is HPC but I don't think I've seen anything to say that consumption has been hit by house prices already. It is more likely to be a longer term effect as households rebuild their balance sheets following the correction (over next 2-3 years). That is where Miles feeling that the link between prices and spending is weak will be tested.
  13. Yes but it is inaccurate - the 6.08% is the standard rate is the maximum, you get the money to cover your mortgage interest payments up to that rate, not automatically at that rate. The more interesting question is whether the banks tell the DWP if the rate falls (as it has recently) or do they get to pocket the difference (with vague threats of 'we're closing in')
  14. Biology is the problem then. Biological entities will always exert power over each other. That means violence at the margins, or a state of coercion. Deny biology and you may as well put us all to sleep now.
  15. You can question the FSA about a lot of things, but if you want evidence that Turner takes things seriously, just knock yourself out reading: http://www.webarchive.org.uk/pan/16806/200...nrep/index.html and http://www.webarchive.org.uk/pan/16806/200...nrep-index.html The guy will not make snap decisions without having the background and the evidence.
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