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House Price Crash Forum


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About balamory

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  1. Me, paranoid? I'm not one of those people who accuses anyone with a vaguely positive view on the housing market of being an estate agent or buy to let. I shouldnt have added the smugness bit (unnecessary rudeness). But it was a serious question. Why do you think that not having a mortgage is a sacrifice? I would have said that having a large mortgage was a sacrifice, but not the other way round.
  2. You said that you had made "major sacrifices... like not having a mortgage". I asked you why not having a mortgage was a major sacrifice. I think thats a fairly simple question. Care to answer the question?
  3. You are talking absolute [email protected] Please try and explain how the banking sector takes more in tax than it pays? With logic like that you must work in local government.
  4. Sorry, please explain how not having a mortgage is a sacrifice? Sounds like a bit of smug boasting to me.
  5. From my experience, CPRE is purely a vehicle of the middle class draw-bridgers (I like that phrase). Rich land owners want to develop their land every bit as much as the small farmer. The CPRE supporters are the same people who complain about the smell of manure, dust from combine harvesters, noise polution from church bells, etc. They are a pain in the @rse but sadly as the original inhabitants have got priced out they now form the majority of rural inhabitants in my area. I agree about the abundance of unprofitable farm land versus the scarcity of land for house building. That is why the stroke of a planners pen increases the value of an acre from 3k to 1 million. Its purely artificial and arbitrary. Dont get hung up on the fact that land isnt registered. It has more to do with the cost of registering than any desire for secrecy. Much of my land is unregistered. It would cost several thousand pounds to register it (surveyors and solicitors fees), so why should I. My title deeds are proof of ownership, I know what I own and so do my neighbours.
  6. If its high street retail that would explain the high yield. High street retail rents are under pressure as trade moves to edge of town retail parks. Yields of up to 10% are possible for poor quality high street retail, while warehouse yields are can be as low as 5% reflecting better rental growth prospects. Do your home work and figure out what is happening in your local rental market.
  7. The return sounds perfectly reasonable if the rental is fair. Think about it like this. If you can borrow at 5.5%, an 8% yield gives you a fair margin. The fact that you can still get returns like this in commercial real estate suggests it isnt in a bubble. Compare that with the 5% yields avaiable in BTL. Where would you rather invest your money?
  8. You say that the UK is very feudalistic, but the facts dont support this, at least for England. In 1900, 80% of land was farmed by tenants. Today, 80% of land is farmed by owner occupiers. From 1910 to 1960 there was a huge redistribution of land ownership as large estates were broken up and sold to working farmers. This was largely caused by death duties and the agricultural depression. This was land distribution by the back door. My personal experience supports this view. I grew up in East Anglia where most land is owned by farmers. My grandfather started out as a tenant but over the years he, and my father bought up large chunks of land sold off as the traditional estates were broken up. This story is repeated across the region. I dont think anyone can claim that East Anglia is feudalistic today. How does the current system suit landowners? Please explain. As I have already said, what is the benefit of inflated building land values if you dont can never get planning permission. In my experience, the CPRE is run by and for the city dwellers who come into the countryside to retire and bid up by the cost of housing so that locals can no longer afford it. The CPRE and farmer / landowners are on opposite sides. The farmers want to build houses (its much more profitable than any crop), the CPRE want to preserve their view. Agricultural subsidies (as opposed to environmental subsidies) are hard to defend. We owe their existence to he usual political fudge. France wants to support its small farmers. The UK, with larger than average farms doesnt want to lose its share of the pie so blocks modulation (i.e. upper limits on payments). As a recipient I gladly pocket my subsidy, but I pay far more in tax than I receive in subsidy. Why are you so bothered about whether land ownership is recorded at the land registry? Ask any local and they know who owns what.
  9. Apologies if i came over as a ****. I am certain that there is no collusion, not even "a modicum". How is it possible for 250,000 land owners to collude? Even in the housebuilding industry there are hundreds of companies. They compete to buy land and to sell houses. I dont believe that you could coordinate any level of colusion between such numbers of diverse people and businesses. My experience is personal. My family are farmers. We have no chance of ever getting any planning permission on our land because it falls outside the arbitrary lines drawn by planners. Even my parents couldnt get permission to build themselves a modest retirement home on land they have owned for decades. How can the current status quo possibly benefit us as land owners? If there is a conspiracy, someone forgot to cut us in. No, you didnt ever say that planning wasnt part of the problem but you suggested that a landowning conspricay was and that was the point i replied to. The VI conspiracy theories pedalled on this site make entertaining reading but they obscure the real issue which is our fossilised planning system.
  10. So you are a conspiracy theorist! I'm sorry, but a quote from the new statesman, a left wing fringe publication stuck in the era of class war (and owned by Geoffrey Robinson?) is hardly an unbiased or reliable source. Its a bit like quoting from a BNP website about imigration. How about looking at it another way which sounds less sinister (but is less successful at selling books or motivating class warriors). 80% of England consists of owner occupied farms. There are 250,000 full time farmers in the UK. So, its fair to conclude that 250,000 people own 80% of England. Do you seriously believe that 250,000 people have got together and formed a plot to ration the supply of building land? Here is another question for you. Scottish land ownership is far more concentrated than in England. How come house price are lower in Scotland than in England? Surely with fewer landowners, the cartel should be more effective. Or perhaps the whole conspiracy theory is just plain old [email protected] and its all to do with planning laws, NIMBYs and incompetent politicians. Why is it that people like you would rather believe ridiculous conspiracy theories rather than accept the obvious?
  11. A crank conspiracy theory. I rest my case. 737, a question for you. What makes agricultural land worth 3k per acre and building land worth 1m? Go on, think really hard about it. Is it 1. a conspiracy by an inbreed land owning elite (presumably all sorted out down at the lodge with funny handshakes) to ration the amount of land released to the peasants, or 2. the restrictive nature of planning laws, due to stupid politicians who refuse to stand up to NIMBYs. Have you read that book, or are you just quoting from the book review? I have read it and I can assure you it is a political tract by an author who thinks he lives in Victorian Britain and for some reason has a very large chip on his shoulder. The data in it is full of errors, so take it with a large pinch of salt. EU agricultural subsidies are wrong, but I can highlight far worse abuses of tax payer money (how about public sector inefficiency / pensions for a start).
  12. I agree. If you want to see where NIMBYism comes from just read some of the comments on this thread. A large number of people who post on this site believe that there is no shortage of housing (and this is a site devoted to the housing crisis). How much more ignorant is the average person. Many HPCers would rather blame VI spin and obscure conspiracy theories rather than face the fact that we are building too few houses. With all due respect, this is [email protected] Where is your evidence to support this? House builders maintain land banks. This is because the planning process takes so long that they have to in order to have some visibility on their pipeline.
  13. How much money do you give to charity? Or, would you rather everyone else is forced to donate via the tax system while you sit on your steadily expanding **** doing very little except snaffle your index linked pension. Thats the problem with socialists. They like to spend money that other people have worked hard to earn but arent very good at earning it themselves. You've never said what highly important service you provide for the tax payer. It might shed some light on your comments on this thread. I think that UK tax as a percentage of GDP is now about 40%. However, the figure we should focus on is public sector expenditure which currently runs at nearly 44% of GDP. The difference is the filled by public sector borrowing which will have to be repaid by future tax payers. The other point to note is that our burden of taxation has been increasing relative to most other countries. Next year we will overtake Germany in public sector expenditure relative to GDP. Why would anyone would invest in the UK over the new EU members in Eastern Europe?
  14. The public sector, paid up union and labour party member speaks.... Now I see why you always take such offence at Dogs "tax abuser of the week" thread - you are one of them, with your head burried so far up Gordon Browns **** that we can barely see the soles of your feet.
  15. Interesting reading but I have little sympathy for most of these people. They let their accounts get overdrawn or forget to pay off their zero interest credit card balances in time and then go to vast lengths to wriggle out of modest penalties which they have signed up for in the first place. Others have bad credit histories and are surprised when they get charged exhorbitant interest rates and fees. There are worse injustices in the world. Besides, that is the way our banking system works. Bank accounts are free, and those who are careless enough to rack up penalties subsidise the rest of us.
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