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Everything posted by munro

  1. That porch is monumentally hideous. We have clearly failed to evolve as a species if something so gob-smackingly ugly can be brought into being and put on public display like this. Add the Leyland cypresses and you have the hillbilly home from hell.
  2. It's being marketed by Pocock & Shaw but the photo shows a Cheffins board in the front garden! More twigs, Del boy, more twigs!
  3. The small print in the box by the article is a shocker - the rent was set at £1050 a week but it became £2000 a week when the benefit claimants moved in - the maximum allowed under the rules. So Brent council no doubt thought great, let's get them off our books by shunting them somewhere else, and the landlord no doubt thought fantastic, Christmas has come early - this year and every year. Even if they end up trashing it that's an extra £950 a week in rent, so £90,000 a year extra for the LL. That'll cover some redecorating later, in a tax-exempt sinking fund. Shame the Wail don't mention wh
  4. Riverside area - that's as close as I'm going to say! I gather they're going to rent it out if it doesn't sell. After all, one wouldn't give away one's property, would one? (Queue music hall exaggerated chorus - How much - how much? Phuq me you're 'avin a laugh, mate - I'm not giving it away!)
  5. Never seen that pop-up, thanks to Firefox, NoScript and AdBlock. Works a treat in cutting out the "you've just walked into a strip mall" effect.
  6. Hiya - do you think it's a BTL bailout? This one looks suspiciously similar - http://www.rightmove.co.uk/property-for-sale/property-32215901.html Same wording of tenant in situ, same agent. The Seymour St house is a shocker - buy now so you can enjoy at least the next year of peeps putting up a house inches away from yours! No doubt with a squad of hard-working Eastern Europeans who will be on site by 5.45 am every morning and hammering away on the dot of 6 (speaking from experience here, of living on Devonshire Rd while they were infilling with four new houses near the youth hostel). Me
  7. Someone posted a cheat for FT articles a while back - click on link, get first few lines of article. Copy title, paste into Google, then click on article as it comes up there. By-passes the FT cookie on your machine, you get the whole article. Seems to work every time.
  8. Terrific. So this is much much worse than 1939, when the "truer model of capitalism" corrected itself via six years of global warfare, millions dead, whole cities bombed flat - sometimes with accompanying firestorms that left cellars full of dead people as the firestorm burnt all the oxygen in the air - and in a couple of cases with added radiation. Even Gordon Brown as PM might be preferable.
  9. OP bases figures on a household income of around £60k gross. This is well into the top 20% of all households - see: http://www.statistics.gov.uk/cci/nugget.asp?id=334 Hence you can only afford this lifestyle if you are working class if you bought housing a long time ago. HPI has grotesquely distorted the picture. As someone said recently, why should someone on £100k a year be happy to buy a two-bed flat in Battersea?
  10. The flaw in the analysis is that it ignores costs spread over a lifetime. The lifecycle model suggests people are nett borrowers when the kids are young and their living expenses are high, and nett savers later in life when the kids have left home and inflation, even at relatively low levels, has eroded debt burdens. Of course this relies on being able to buy a house and have kids while you are in your twenties, so from age 50 or so you move into savings territory. If you have kids in your mid-late 30s and buy a family home in your mid-30s then you'll be 60ish before the kids are gone and the
  11. OTOH that could be the very best thing you could do, as your kids might be so delighted that they'll make a real effort to keep you warm and happy in your dotage. So you don't turn into a bitter old bat moaning about how they never see the grandkids and how other peoples' kids rally round and help them and make an effort to come and see their old parents. Not to mention that the house bought might look a lot less overpriced when you factor in the 40% death duty liability on the parental home when it's finally sold. There are more things to invest in than financial assets. Only I'm forgetting
  12. I've experienced this "insurance" first hand. Exactly how this works doesn't seem to be widely realised. You apply for your rental. The letting agent sends your details off to the credit referencing agency. If you score highly enough then the insurance is granted. In other words, the insurance depends on the financial security of the tenant. If the tenant is felt to be a poor risk then the insurance is not available to the landlord. Because I'm a freelancer and the referencing agency were absolutely phuqing moronic (that's another story) in order to pass the checks I had to get the people I w
  13. Looks like there's some dishonesty here. It's supposed to be a 12 year unsecured loan, but it's only available to parents who are homeowners with a good credit history - at 5.4%. Since banks seem to be able to go to court these days and get so-called "unsecured" loans turned into secured loans with no difficulty at all, it's effectively a secured loan - against the parents' home. Most creditworthy homeowners old enough to have kids looking to buy property on this basis will probably have £50k of equity in any case. So why not take out the cheapest mortgage available with no early repayment ch
  14. Without wanting to be too facetious (queue Mr Burns laugh, lots of schadenfreude and much rubbing of hands), it would be good to see some moral hazard reintroduced to BTLing. It's been a one-way bet for far too long. The "justification" has been that it's a business and not over-leveraged speculation, and the social/political justification is supposed to be providing goods or services at fair, competitive prices - as well as employment - that overall increase standards of living. That's long been the justification for legal protection for joint stock/limited liability companies. BTL fails ever
  15. Unemployed Youth: "The unemployment benefit in 1931 was reduced from 18shillings to 15 shillings and 3 pence per week. People were starving. In 2009 the equivalent amount of 15s3d would be £300. People on the minimum wage get £200, they aren't starving, but by God they are being ripped off!" So the cut in 1931 was from 90p a week to 76/77p a week. It is hard to make inflation figures work over time but a reasonable multiplier from 1931 to date is 100, which makes the cut from £90/week to about £76/week. Certainly far below the minimum wage and I'd be surprised if there were any housing/medic
  16. Porca Miseria: "Lets see now ... In 2050, today's twentysomethings will be the older folks who own everything. In 1970, today's affluent older folks were the angry youth who had ... a lot less than today's youth. (speaking from an intermediate age)" Sure. But looking around at my parents' generation they bought family homes in their twenties, and most of them now own even bigger family homes now they are in their seventies. Four/five bedroom houses occupied by one or two oldies. Mostly professional middle classes; doctors, teachers, academics, middle management, non-working wives. They ha
  17. So you will destroy young families, people who've bought in the last few years, anybody who has worked their butt off and is just getting by. To create a glut of houses and personal possessions that will be bought up for peanuts by people who have savings. Then there'll be foreign buyers descending with shipping containers to fill up with cheap stuff they can export and flog for a profit. BTL will explode as it'll be people with access to credit who will buy up the housing stock that they will then rent out to the impoverished Jubilants, filling those houses with the consumer goods that used
  18. I got that "nudge" letter from HMRC. It's transparently manipulative. All it succeeded in doing was making me even more p*ss*d off with HMRC than I am already. I wrote to them to sort out the tax on some money; nine months later and repeated letters and phone calls and they still can't do a simple calculation. Recent experiences with HMRC, NHS, and the police have all left me utterly hacked off. If I ran my business with the incompetence and total lack of accountability they exhibit, I'd be bankrupt. I've got to the point where I don't care how many civil servants lose their jobs. It isn't ro
  19. "Recover" - from what? There seems to be a view around that there is a better way of doing things - ie running the economy - and that we just need to work out what it is and get on with it. This is just wishful thinking. Time passes inexorably and life just goes on; there is no recovery just as there is no restructuring. There's just more of, more or less, the same. And that's what we are seeing with the Coalition govt. No radical change, just more or less more of the same. As with hindsight we can see happened after 1997 - no great progressive revolution, just more or less the same again. It
  20. Not sure if this has been posted recently - stats for December. Full report here: http://www.creditaction.org.uk/helpful-resources/debt-statistics.html Highlights: Also: So outright levels of debt are still increasing as the vampire squid needs to be fed. And if we're spending 15% of net income already then even a very small rise in interest rates will push people right over the edge and tip the economy into deep recession. So much for 5% rates - that's all talk to try and show people the BoE are in control. They're not. There's no link between UK interest rates and inflation as the va
  21. Either Castle or Salisbury, about equidistant from me - but I'll have to apologise for being a turncoat...!
  22. Having lost the will to live with all this, I've bought - two bed Victorian terrace, reasonable part of town (deal done, completed, moved in). Not much change from £300k. YMMV but as far as I can see there aren't going to be distress sales this time, and because I've been able to borrow a large amount of money very cheaply my cost of capital for a nice two-bed terrace is equivalent to the rent on an unremarkable one-bed flat. The market is absolutely insane but I've decided to go with it, as the govt are obviously favouring the over-indebted and couldn't give a flying phuq about the prudent.
  23. So how many of the people who frequent HPC want a house then? My guess would be the vast majority - so most non home-ownership is actually voluntary.
  24. Perhaps other countries would like to meet their "social obligations" by taking a few million of our unskilled workers, in exchange for all the ones that arrive here. And if you loathe your job, find another one, rather than projecting your misery on to other people. All those "job dodgers" while poor old you works away in a grim office. Perhaps you need some smack as in Trainspotting.
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