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House Price Crash Forum


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Everything posted by Redcellar

  1. So they are no longer selling anything? Is that your point? Banks make money just like every other business and person. The debit cards you expect to use cost money, the holding your cash and giving cash machine access, cheque books, processing cheques, processing electronic bills, providing branches you can walk into with people behind the counters, telephone banking. It all costs and has to come from somewhere. I say again, very few countries operate free banking for just this reason.
  2. Not sure what industry you are thinking of. In the work I did I never got a bonus in the four years I was there. And yes I did perform above expectations. The bonus culture in banks is for the elite and not the average employee. Do you really think the cleaner gets a large bonus?
  3. And thats why they offered them free. However when the above you talk about becomes a liability, with constantly getting sued, plus increased competition pushing down profits of all the other sales, then you have to make the margins somewhere. People no longer go to one bank for everything. They get the cheapest from all the sources for all the products. If you supermarket has milk as a loss leader but all people ever bought was the milk then you quickly have to raise the price of the milk or your future is screwed.
  4. Having worked in banks previously for many years, I can say that current accounts are not profitable. The administration involved, even with Internet banking, has a cost and the interest of a couple of quid a month doesn't cover the costs. A chargeable model is used in most other countries. If you hold a large enough balance its often waived. My Chase account in the USA is an example.
  5. I'm pretty sure the reduction of jobless is due to part time work. And part time work is not a long term answer, especially when interest rates rise and bills rise. It's masking the worsening situation.
  6. How many of the Great British public would read it and think "you know what he's right!". Then promptly expect their house to be worth 10x what they paid without any work or effort having been put in. No to get rich quick. Oh the irony of the British.
  7. It's not a buyers vs sellers stand still. It's a sellers vs 'bank valuation for mortgage application' stand off. And in that debate there is only one winner. If they are serious about selling they drop their prices, if not they are simply not sellers and therefore are not part of the market.
  8. I'll help you. I lived there and the cost of living was so darned expensive I had little money to do those things. Great city with great culture and things to do. Sadly only the museums are free so my ability to enjoy it was limited. I doubt I was the minority (unless all my friends were also a minority). London is one of only two world financial hubs, the other being New York. That has contributed to its massive growth over the decades. However the same growth has caused a divide of the haves and have nots. The have nots cannot take advantage of all the things London has to offer.
  9. Doom and gloom stuff. What happens when the glut of olympic rentals comes onto the market too
  10. Right click on the youtube vid , copy Video URL, and then paste that URL into the Insert Media tag.
  11. What a complete load of bu11sh1t. Money laundering involves placement, layering and integration. Sure bitcoin could be used for placement and layering, but integration? To move the money into real cash would involve transferring it into a bank account. And guess what, you could see that happening. And that infers that you can buy a significant number of bitcoins to make this worthwhile. There are much easier ways to launder vast sums of cash, just ask HSBC and Standard Chartered how it can be done
  12. Probably to the daft ManU fans. Can't see who else in their right mind buys into a 'company' who has massive debt and offers no voting rights (which is not normal) and no dividend. Purely based on share price speculation or daft fans. More likely the latter given the huge debt that still hangs over it.
  13. Or any dividend. All professional investors steered well clear. Might as well just write a cheque to Glazer and kiss it good bye.
  14. I'll tell you exactly why BTL is encouraged. The banks take inherently lower risk with all the upside. If you are a landlord and try to miss payments they can seize the property much quicker, you have no recourse (it's a business loan) and any losses are fully recoverable from you. They can even go after your existing 'home'. You owe every penny and you would lose everything. Pretty obvious why banks love it, if you have significant capital in your home or have cash. As for BTL landlords, the measly 3-5% return you hope to make is just not worth the significant downside. You are taking all the risk and you have no protection.
  15. He / she has taken it to the extreme and that is my point. They said no point dropping the price, full stop. Then their retarded argument about others selling so why do it because they will be attracting buyers on price.
  16. Well at least yours wasnt splashed all over the press, a la Equitable Life. I was with them for the first "most important years to save into your pension". Might as well have p1ssed it up the wall on booze, women and cars like most my peers of that time. One thing I learnt. Pensions were worth p1ss and you might as well organize your own retirement by saving enough to buy a shotgun and one cartridge and enjoying the rest.
  17. Definitely not where I live. National average salary is a pipe dream for the people here. Yet the expected house prices are high with as I said 000's up for £250K +. Just doesn't add up.
  18. Bit of a retarded response though. I'm not giving it away BS. Why would I drop my price, everyone else would. Then market it for £20,000,000 you dozy donkey. By that logic it'll sell "If only it were so simple, tawse57... What about in a situation where there are lots of very similar houses at very similar prices all trying to sell in an area, and only a few buyers who are willing and able to buy? Given the struggles to acquire mortgages and the doom and gloom being reported putting buyers off. There's no way the few buyers are going to purchase every house for sale. So what do the house owners do? By your system, they'd keep reducing and reducing and reducing to try and make sure they're the one chosen. Where do you draw the line? When you run out of equity and moving becomes unfeasible? Or when the house goes below the cost of materials and construction? Or when you're giving it away for free? Yes there are people out there who are delusional about the worth of their property and price unrealistically, but that's not always the situation."
  19. +1 There are thousands of houses around here expecting £250,000 + and yet the average salary is less than £16,000 pre tax. How on earth does that work out. Not all of them can be company directors Somewhere along the line the world went crazy and the value of things went nuts along with it.
  20. +1 As they always say, having a mortgage or buying is dead money. You're be better off renting. -0.6% loss on an house or +0.25% if you stuck the cash in a saving account. Kind of obvious really.
  21. Stinks of desparation. They bought the GM product and tech for a steal. They signed the contract. Then they decided it wasn't for them. Quel surpise. "On March 6, 2012, an Indian newspaper reported that at least two companies had placed bids for a complete SAAB Automobile buy out. These were India’s Mahindra and Mahindra and China’s Youngman. It was reported that these bids were in the range of $300 million to $400 million" There's a reason they didn't sell to the Chinese then. Can you work it out
  22. I'm not so sure. Two guys at work selling. They even asked me if I was buying now. I told them in no uncertain terms I wasn't as futher price falls expected. One is considering becoming a landlord, but prefers to sell, the other wants the sale. Both not getting any viewings after the first week! I think the reality has slowly dawned on them that the places aren't worth what they were kidded into believing. I give them six more months and they will collapse. Neighbours down the road been on sale two years, and other one 9 months. Not a snifter. Kind of gives you a clue eh?
  23. No they didn't. You mean Entrepeneurs tax relief to the tune of £10,000,000. 10% tax on it. I hardly think this 'small' and it increased to that value relatively recently. http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm#1 The press are correct if they are still reporting it.
  24. Philosopher John Gray on Radio4 "A point of view" pretty much says no point saving or thinking about a pension. All this on Radio4 Are the MSM beginning to wake up to reality. What he says is pretty much repeating many peoples views on here. Radical thoughts. Bear with it and listen through. It's well worth it. http://www.bbc.co.uk/iplayer/episode/b01l8rc1/A_Point_of_View_Price_of_a_Postage_Stamp/
  25. Money for old rope. Computerised bet matching and trading. With charges like that I'm surprised no one else has done the same business model, only much cheaper. You could use Amazons cloud to host it to keep costs low.
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