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House Price Crash Forum


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Everything posted by Dorkins

  1. The tax rise is to fund adult social care, what has that got to do with coronavirus?
  2. automation -> lower demand for labour -> lower price for labour -> ??? -> labour having lots of money to spend on expensive housing
  3. Nobody would believe him if he said there would be no more tax rises as he already broke that promise once. He knows he would look ridiculous if he tried to stick to that line again and it would just remind people that he broke it once already.
  4. Fair enough, so presumably he would have had his salary garnished for 3 years and after that he would have had a fresh start.
  5. Not for the long term, the maximum period you can be asked to make payments for is 3 years according to gov.uk: https://www.gov.uk/bankruptcy/your-income In this particular case the article doesn't mention another source of income (e.g. a job) so I'd guess the trustee would not have asked him to make payments.
  6. Sad story. Bankruptcy would clearly have been the best route for him being so deep in debt on multiple cladding-affected properties. It is a shame that bankruptcy has such a stigma attached to it, it was invented to solve exactly this kind of problem so that borrowers and their creditors would be able to draw a line and move on from failed investments.
  7. Petrol station at our local Morrisons already closed by 1pm today. Are we still pretending this is panic buying and as soon as people's tanks are full this will stop? Although to be fair, perhaps some people really are panicking by now as in "if I don't manage to fill up this weekend how on earth am I going to get to work on Monday?"
  8. GenX has a golden opportunity to save for retirement right this minute with tax free pension contributions up to £40k. As clobberings go it's a pretty gentle one.
  9. Australia has falling homeownership among younger age groups even with these props in place. Mostly the grants end up being used by people who would have been able to buy anyway so the marginal effect on the homeownership rate is minimal. I think to have a meaningful effect on homeownership (i.e. to be big enough to price currently-priced-out FTBs back in) the grants would have to be much bigger, more like £25k+ like a typical bank of mum and dad amount. In London/SE it would probably need to be more like £40k.
  10. I don't think that's true at all, the Tories have been winning general elections without young people for ages now. In 2019 Labour beat the Tories among working age people and the Tories still won.
  11. This is basically what Australia does, direct government grants to people buying their first property: https://www.boq.com.au/blog/property/updated-a-guide-to-the-first-home-owner-grants-in-australia Like you, I could easily imagine this government doing something similar. No doubt they will be aware of the Australian schemes and it will be on their policy radar.
  12. Yes it will be new high streets in the North and no planning permissions for new build estates in the South. I suspect they will largely just ignore Scotland though, keep refusing to hold a referendum and that's it. Politically it suits the Conservatives to have the SNP keep taking Scotland's MPs instead of Labour.
  13. With supply heavily constrained and almost certain to remain so in NIMBY England there's not much the housing minister can do to affect house prices, the demand side policy levers are all with Rishi over at the Treasury.
  14. Tale as old as time, public sector worker earning national payscale in a low income part of the country outbidding the local private sector workers for housing. Should marry a teacher or a GP to complete the set.
  15. Sad thing is in the early days of this show that's basically what they did, take an ordinary person round some ordinary places and help them figure out which one suited them best. In the beginning the house price disease wasn't quite so bad so they weren't looking at completely grim places. As you say it gradually morphed into today's weird aspirational theme park where it's only people with post-HPI equity or very high earners.
  16. Interesting to observe that the tendency of some posters to punch down increases when their investment portfolio is doing well. There are honourable exceptions though e.g. byron78 who appears to be sympathetic to asset-poor people despite his comfortable position.
  17. Yes it's a bit weird and political/judgemental, not sure why the ONS felt the need to add that label.
  18. Should be a lot of retirements coming over the next 10-15 years as the late 1950s-1960s baby boom works its way through. Everybody born up to about 1955 has already hit state pension age I believe:
  19. +1 Remoaners should really wind in their little 'jokes' about how much they are enjoying Britain "prospering mightily", it's not helpful right now.
  20. Seems pointless to me making teenagers who don't want to be at school stay on, I've sat in on bottom set classes with 15-16 year olds and there was zero education happening, it was 100% crowd management and busywork. Let the ones who don't want to be at school walk out at 14/15 and put the education budget into adult evening classes for when they calm down in their 20s and realise they might need maths and English GCSE passes to get the job they want.
  21. Sounds like northern cities are going to level up to SE England where 30%+ of properties are in the private rented sector and when a 20/30something buys a normal house everybody raises their eyebrows and wonders which relative died to enable that to happen.
  22. People need a pension pot of £400-600k to get a decent private pension, real returns on investable assets are minimal, therefore the heavy lifting needs to be done by saving large amounts of capital. Average person might earn £1m in a lifetime, take off £400k for the pension and that leaves £600k. Cost of 50 years of adult life between education and retirement at, say, £10k pa comes to £500k and that leaves £100k to buy a house. Of course, most people decide to ignore the pension problem and instead spend £300k on the house and will end up with a £100k pension pot so will retire in genteel poverty. Their choice I guess.
  23. Agreed, given how low wages are these days (including the switch from DB to DC pensions) even £100k would be stretching it a bit.
  24. I suppose we will never know how many of these final furloughed workers were actually the spouses and children of people who own their own companies and not functioning employees.
  25. I don't know what you people with your anecdotes of empty petrol stations and forecourt fistfights are talking about, Boris and Kwazi said it's all getting back to normal now and that's good enough for me.
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