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House Price Crash Forum


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Posts posted by msi

  1. 7 minutes ago, spacedin said:

    There may be a fair amount of workless households in social housing but being out of work doesn't get you any more priority on waiting lists. 

    Regarding rents, it depends what part of the country we're talking about. The historical rents, i.e.- those where a secure tenancy is in place, aren't far off market rents, maybe £100-£150 off them. 

    With the benefit system, being out of work needs to be justified, usually with some sort of ill health or kids being diagnosed with ADHD, Autism, some bizarre syndrome no-one has head of-itis, intolerances etc.  If you can spread 3 kids out, then you can claim you're a 'full time parent' for 20 years.

    Council rents were significantly lower than private, but I'm old and talking about the days when you signed up on the list after getting married, lived with the in-laws for 5 years, then showed your wage slips to a council officer to get a house of your own. You then had time to build up the community with churches and kids activities and even had some to spare from those looking for asylum.

  2. 6 minutes ago, spacedin said:

    I think it's more a case of them wanting to cling onto their social housing, it's revealing people would rather live in overcrowded accommodation than give up their tenant rights and subject themselves to the conditions of the private rented sector.

    It shows we have a 2 tier social system with any 'working poor' being shafted by the private sector as the right uses the 'big bad government argument to scale social housing to the 'desperate'.


    Councils and housing associations should work hand-in-glove to create 'working estates', charging sustainable rents to build up long term communities.  Once the value of these estates are proven, there will be a healing like the second coming amongst the 'desperate to become part of it. 

  3. Shoe Zone gets a kicking

    2 interesting snippets in the article:


    The company also revealed that its freehold property portfolio was worth £3.1m less than expected, and will write down the value of its 17 freehold properties to £5.3m. It blamed a "tough" property market for the decision.


    The pressure on the retail property market has enabled Shoe Zone to achieve an average 23.5% fall in rents on renewal and average outstanding lease length of only two years

    There is a growing trend pressuring rents downwards. Once the big names have done this, then it's inevitable to become a standard business practice. 

    There are plenty of companies (WH Smith) and commercial property funds overvalued (IMHO) due to an old property valuation.  They must be sweating on how to get a more realistic valuation without wiping themselves out.  It's now a case of a little pain up front or a lot of pain later on.


    Bring. It. On.

  4. Won't someone think of the poor landlord who graciously bestows housing upon the masses out of the goodness of their heart asking nothing but a rent to cover 4 holidays a year, his n hers PCP range rovers, the mortgage on the house in question, the unfair tenancy fee's landed on them, the increasing S24 burden, HMRC Higher rate tax

  5. Great. The UK has now officially given up the idea of working hard and being rewarded.

    **** getting an education and being qualified. Get a house and jack up the rents cos they can afford it

    **** learning through work and getting skills. Get a house and jack up the rents cos they lost out on BTL


    If your spiv gamble is lost, just claim you are 'mis sold' and claim your compo. 





  6. 1 minute ago, Freki said:

     rent caps don't work.

    Yes, you are completely right. Caps are an artificial control. 

    You make a market work to a fair price but creating equal information across parties and liquidity in movement.  Surety of income for a LL should be balanced with surety of tenure for a Tenant.

    If you want to know a Tenants income and ability to pay, then the LL should disclose their leverage and exposure on the house.  Imagine the rent negotiations knowing the LL would jump to an SVR if you moved out with a void :)

  7. 2 minutes ago, Locke said:

    How about if they just didn't steal this from the taxpayer in the first place and people had more of their own money to with as they see fit.

    I see the sentiment.  We need more houses and I'm more confident that £22bn can be put to use thorough a massive building programme rather than punting to the private sector - HTB being case in point.


    3 minutes ago, Locke said:

    I love how much things like tax breaks for having kids incenses leftoids, because it only aids people with jobs and not benefits parasites. 

    erm I wouldn't class myself as a Guardianista if that is what you are spraying.  Tax breaks are just a form of Government subsidy, so more paying you with what they 'steal'.  Governments job is to level the playing field and have a functioning market - something they've abjectly failed to do so.

  8. How much council and social housing could you build with £22bn a year?

    Oh but that is socialism and evil, much better to punt in directly into the hands of BTL landlords and the finance cabal.


    There needs to be a correction.  In 2007, I thought it was worth a bail out to stop the collateral damange.

    Now **** them all. Accept we are all going to suffer, it's simply a matter of damage protection now.

  9. 42 minutes ago, scottbeard said:

    So the 5k stamp duty should be considered not in the context of the 300k house but the perhaps 30k cost of having a new room tacked on to your current house. And of course, the CountOfNowhere's friend may not be talking about a 300k house - for a 600k house the stamp duty is 20k.  That's 20k just for moving, even if you sold your house and bought another of the same size!  It's little wonder it really does put people off moving.


    Thanks.  Assuming, in your example, the extra 300K is borrowed, the buyer is now balking at an extra 6% borrowed on the mortgage, but not the circa 100% increase due to mad gainz.



  10. Sussex is in denial land.  Not long ago I went to some big name estate agents on the coast and sounded them on if I could negotiate around 10%.  The response :

    "You need to realise that we price the market accurately, if you are really serious then you need to accept that

    Can some explain why a 5K stamp duty charge on a 300K house would stop a sale? The estate agents fee isn't far off that, and you could search for first time buyers to avoid it completely.


  11. 1 hour ago, scottbeard said:

    I'm not sure how big a story this actually is - it's just one fund manager who used to produce good returns later producing bad ones.

    Not unreasonable to assume there are other fund managers following this 'star' and behind the scenes other funds suffering a cash exodus.  It's whether this is a single spark or the start of something much bigger.

    Given the push for gold, given the cluster**** of Brexit and the impact on property funds with so many leading name CVAs, I'd like to think people want a safe haven to buy some distressed assets.  If there is too much cash exiting the system, that will trigger a sterling crisis and up go interest rates.

    I can also be completely and utterly wrong.

  12. 6 hours ago, 24gray24 said:

    Agree the 85k guarantee won't be honoured if it came to it: at best the government would sponge it out of taxpayers over a decade, and that won't help you if you're also one of the taxpayers being soaked by the same amount to pay for it.

    No.  When the Icelandic banks went under the government tried that then realised the London riots would be a tea party compared to the rage it would unleash.  Metro bank might be smaller in terms of deposits, but the precedent otherwise is too dangerous.

  13. It's a standoff between disinterested sellers, who think any house is immediately worth more then 25% against stretched buyers who either are restricted by MMR or are clever enough to wait it out.


    An empty house will rot, leading to more work.  I've seen 2 houses where even the EA wont publish internal pictures and is asking for 'proceedable cash buyers'. 


    There is appetite for a punitive council tax charge as empty houses puts more pressure on social housing.


    The days of Mad Gainz are over.  The adjustment to the new reality (either stable prices or a drop) will take many by surprise

  14. What is middle class? The ability to grow beyond your background?  The ability to create some capital to apply beyond your own needs?  The ability to show how to get up the ladder and give back to those still climbing?

    That needs a meritocratic education system, especially in further and higher education.  It needs a financial system geared to protecting and explaining risk. It needs a culture where we see renting as an option, not an income stream.

    All of that is being attacked.  No culture survives without a middle class.  In 2007 I didn't want HPC at the cost of a financial crash. 

    Now i want it all to burn.  If it gets to beans and bullets, I know I'll be gone, but I'm gonna take a few ****s with me.



  15. On 11/04/2019 at 23:28, longgone said:

    well put it this way why bother to save then if you cannot pass it in the event of death where does the money end up some benefit scrounger that never worked for it either ?? if you spend it ends up in the elite pocket somewhere if its taxed it end up in the elite via htb and other schemes or given in benefits.  

    your thinking all taxed money ends up in positive places i can assure you it does not.  how much of collected tax is wasted overall ? 

    You've mixed up the idea of inheritance tax with the 'good' use of tax money. I said nothing about that so don't bring it into the topic.


    On 11/04/2019 at 23:28, longgone said:

    if you spend it ends up in the elite pocket somewhere if its taxed it end up in the elite via htb and other schemes or given in benefits.  

    If money moves in a transaction it is taxed, so should an inheritance.  Where it goes, whether HTB, Foreign Aid, NHS, is not the topic here. 

  16. 3 hours ago, longgone said:

    you would get to keep your money, and the tax was paid when it was earn`t.  

    You are right.  A progressive society then overlays the need to have National services (Defense, Education etc) and funds it with an agreed tax levy - not pure capitalism but progressive capitalism. (Don't get the words  Progressive or Liberal to be soy eating bleeding heart, I'm talking about the original meaning)


    3 hours ago, longgone said:

    tax the big business i say, if someone has amassed a decent wedge in their lifetime by hard work why not pass it on. otherwise why work hard.  

    You answer your own question. Someone has amassed a decent wedge - that is theirs.  They pass it on to someone by no other transaction than they popped out of their loins - that was never earned by them so it is taxed.

    Big business is an easy stick to beat - but they generate value.  It's when they try and play the people off each other and use offshore holdings then they should be taxed and punished. 

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