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desperate young

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Everything posted by desperate young

  1. I should add Bristol is like many other major cities in the UK in terms of good or bad areas. There are good areas and bad areas very closely intertwined. I have seen people buy houses in 'nice' areas only to find they are on the wrong street and vise versa in not so nice areas. As such I would highly recommend renting somewhere first see it as an investment in eventually finding the right house. A commute from Shepton Mallet would be very tough every day.
  2. Consider Paulton or the like. Some parts of East and South Bristol not too different to Shepton Mallet in price and if you get the right part very nice. Good luck!
  3. Concise yet cryptic as ever Injin! When you say it is in everyones interest do you mean in the short/medium/long term? Everything is inevitable, timing in the only relevant factor. The world will end it is inevitable. Hope defines reality in the human condition. There must be other options. Interested in all opinions on this, as well as Injin's continued musings...
  4. Is this collapse in anyone's interest though? Is there another way to achieve equilibrium. Over the years I have become very irritated with the hugely indebted who think they have done well and are happy to flaunt this. However, they do not understand their own situation at all. Do they really deserve the reset you describe? Is a reset realistic, if not we need to be hoping for something else, but what and how?
  5. I agree that this all seems ridiculously naive and really has no chance of working with the VI system in place. However, I would like to know what we would have to do to return the system to some sort of equilibrium with as little pain as possible and avoid this happening again. Unthinkable, I appreciate this, however, it would at least be nice to know what we would like to have.
  6. Thanks that was exactly what I was after! So next question, what would happen if we wrote off the 65% British owned and made sure that those that needed the money (ie not bankers) got back the amount that they had paid in and stopped the bankers/middle men/***** taking their cut? How is the debt structured is it all in sterling or is some in dollars? Lots of questions here, I thought it might be useful to discuss solutions to the current debt problem.
  7. Agreed, it really is all a con, due to a corrupt monetary system that has no substance to it and has nothing supporting it other than confidence,etc... However, we agree with this because we have read so much here and elsewhere online. I was having a conversation in the pub last night trying to explain how the money 'we' have borrowed was our money in the first place, or at least created money from thin air and the whole thing is a scam. All very interesting according to my friends, but what was the breakdown, how is the money organised in theory, who do we owe it to, exactly (or at least in general sections). Without this type of detail to the average drone we come across as conspiracy nuts!
  8. Thanks Bloo, this is also my general impression. But, do we know, is there a breakdown of figures, something concrete? Something like this, but for the UK and a bit more detailed if possible.
  9. A question I am sure has been asked before. Does anyone have any figures as to exactly who we owe the money to? A bit of research to fulfill my Easter curiosity! Thanks in advance DY
  10. ZIRP is not all that is saving Bristol. In my experience Bristol is just not suffering from the recession the economy is too diverse. Around the area I have been looking to buy the decent family properties go STC relatively quickly, the rubbish stays on the market, it has always been this way. One guy I know has just flipped a property, so annoying, bought for 170k sold for 210k, after (he claims) spending 10k. If I had another 100k to spend I would go for it, but I don't! Can't decide now if I should just go for it and buy what I can or look further south into Somerset and commute. The market is a lot stronger than it was in late 2008 IMO. Will it get easier to get a good deal next year, personally I doubt it. I think I personally need to face up to the fact that the area I want to buy in just isn't going to crash massively and with this inflation eroding my limited deposit fund I need to make a decision. Bristol is not the North or Midlands it is a bit different. Rant over!
  11. Not happy with any of the above really. The Tories though are so blatantly a party for the rich. It amazes me that they stand any chance in a democratic election. They probably represent only the top 3% of the population. For instance this week they are not requiring banker's pay to be revealed in state owned banks but they are requiring teacher's pay and sick days to be revealed. Raise VAT and cut the top 50p tax rate, double standards for the rich? . Yes, progressive no. A lot of people are voting for them purely because they think they will reduce immigration, they won't, due to the EU, even if they could they wouldn't. Besides immigration forces wages down, which helps create a low cost economy, why would they want to stop it? It is all posturing. The Lib Dems are over, their support base and grass roots has been obliterated thanks to Clegg's personal and naked grab for power. This country will be in one hell of a mess in 5 years time, in the areas of Tory policy that I consider myself an expert they are a complete nightmare and out of touch with reality. We need a new alternative.
  12. I have tried lowish offers on a range of housing. The offers I have made of anywhere 10-20% off asking I more or less get laughed at. The really annoying thing is they do end up selling it might take a bit longer but they do go. It is going to be tough to crack the area properly despite the high supply. Very very frustrating , imo it is only an interest rate rise that will give us what we want.
  13. Shock horror a non-public sector final salary pension scheme! Seriously though, depends on your view, if you believe we will avoid financial armaggeddon then stick with it, it will be a rare and great deal. Be careful though and remember they can change the scheme part way through.
  14. Thanks both, I had thought about going down the resurvey route. I am a little worried that there are just so few realistically priced properties in the area.
  15. Hi all I am about to exchange on a property that has no chain attached. I want to secure the best deal that our current system allows and want to knock a little extra off of the price. Anyone got any tips on doing this when the seller has no chain attached? Seems difficult and a bit risky anyone done this before? (Buying justification-I am fairly happy with the price which is at a second quarter of 2003 level. With a 5 year fix and borrowing 3.5 times my salary I feel comfortable with my decision. Most properties in the area still asking a unrealistically high amount, right area for us etc. We have been actively looking since late 2008 this is the first suitable property that has come up! I think the next lot of QE will be huge, deflation in housing for around 3-6 months and then very inflation across the board= big real falls, small nominal falls. Been lurking on here since 04, and waiting for a crash since 2002, now struggling to justify waiting any longer especially when even if rates went up to 15% we could still afford it.) Cheers DY
  16. This logic applies to the situation at this exact moment in time. However, if inflation really gathers pace and the currency successfully devalues why would they rigourously resist wage increases? Their issue with wage increases at the moment is to prevent the deficit from growing, if they are solving this through other means ie high inflation, they would need people to be able to continue to service their mortgages or the whole process would have been pointless. Without allowing pay rises alongside cost push high inflation the banks would collapse and they would need another bail out. This is all about keeping the game going as long as possible, there is no reason for them to reach the end stage yet. The conclusion I have reached is that just because I want something to happen (much lower house prices) does not mean it will happen, especially not if all the odds and the majority of other people are against it. If the house looks like they are going to lose under the current rule book they throw it out and come up with a new one, this is what we are slowly seeing happen.
  17. In the York study one thing they did in the 70s was have market interest rates at one rate and then a govt supported rate for mortgages, I can see this happenning again .
  18. Plausible. The option of letting them drop 30% seems impossible due to the bailout that would be required making any cuts they make seem utterly pointless and futile.
  19. Agreed, but can we agree this is the route they are trying to take? Even if they are not fully successful it will lead to inflation and will probably mean house prices do not deflate in the medium term in an extreme way.
  20. But the devaluation would make us more competitive and encourage manufacturing growth. We need to stop being a net importer, this would help. I did not say things would be easy and it will definitely lead to a reduction in living standards. It really does seem the most likely option as much as it pains me to say it.
  21. That is the danger (all be it a bit extreme!) But at least the banks won't go bust, the rich stay rich, people get to keep their homes and us savers lose our wealth!
  22. In a sense more money to service the debt as the debt would be a smaller proportion of income. For example: Net income 2000 Repayments 750 pm Food 400 Bills 400 etc etc with wage inflation and currency devaluation, int rates kept low.... Net income 3500 Repayments 750 Food 1200 Bills 1200 etc etc Repayments now a smaller proportion of income. House prices stay roughly at current levels or go up a little bit, but in real terms are more affordable. UK a more competitive country. Problem is they may well miss their targets, I don't see that they have much choice, this seems like the easiest route out, might not be morally right nor what you want but seems the thing they will go for. Targeted interest rates support for mortgages will replicate those tried in the 1970s to achieve this. It is easy when in opposition to point out things that are morally abject. However, when in power you would chose the easiest way out and the best option for the masses, especially if that option saves the bankers and the other super rich.
  23. Just in case anyone is unclear this isn't what I want just what I think will happen!
  24. Call it want u want , we are already there negative real interest rates already exist . people just don't realise it!
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