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plummet expert

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Everything posted by plummet expert

  1. They could all be anything. But we all know the market is skewed and totally batty.
  2. Only a knob would buy it! It shows how poor we have become when people are expected to want to live in the corner of an old pub. Perhaps they would like to send their kids to the Wellington School! Arguably better value. Whenyou at how some period homes have all ended up as small flats you have to wonder why anyone thinks we are wealthier in property terms atall. When you see a small terrace built as a 'fishermans cottage' on the deeds, is now a London commuters £400k home near the station, you know it has all gone wrong.
  3. There is a concerted effort over CGT and the replies are not representative of the population at large. If you just chat about it with people, most of them think the coalition should go ahead with a rise on non business assets. The less vocal think differently. The rate of CGT at 18% only came in 2007, so it's hard to see how it would be different had Mr DARLING JUST LEFT IT ALONE AT 40% in the first place. There would have ben no discusion about it or any request to reduce it at this time.
  4. Gawd! That's incredible! I would not give more than £85k for that. It really does not deserve to be more thna 2.5x national av income. This BALLOoN needs shooting! Paper 'wealth' that is actually destructive.
  5. There are definitely two camps in this world. I am on the 'second leg down camp' and not the 'recovery will deal with sovereign debt' camp. The current efforts are just papering over the cracks and will all fail within 12 months. Once you have impossible debts then consequences follow, even where you put it off by various strategies. The nervousness in markets is quite acute. Banks have stopped borrowing from each other again, the money supply M3 in the USA is shrinking at the same rate as in 1931, and all the charts are alarmingly like 1931. It is a dead cat bounce.
  6. THIS IS WHY YOU SHOULD HAVE A REASONABLE SUSPICION THAT THERE WILL BE SOVEREIGN DEFAULT IN THE Eurozone. The numbers are so big that you cannot see how they can be paid off, let alone serviced. Can you stop the national debt from rising? Not until you stop the structural deficit of £156bn pa. It's already £893Billion and going up every day. You have to pay the interest while trying to stop the debt getting bigger month after month, let alone actually reaching the point where you can reduce the national debt one penny.
  7. If you just did this you would need to build many more council and housing Assocn estates. Better to enforce sensible lending criteria, put CGT back as it was pre 2007 and have a HPC. Letting property was impossible before the AST and unfair to the LL.
  8. Absolutely. I know loads of 'city' people who know very well that a severe correction is all but certain. Sovereign debt and the property cycle overhang are impossible to ignore.
  9. Mr Redwood, You have forgotten that all this BTL mania grew up when CGT was up to 40% all along!! It actually results from the 1987 & 1989 Acts which put in first protected shortholds and then AST's AND THE FACT THAT banks decided to allow finance of BTL with a 15% deposit only. Before 1987 there were huge difficulties removing tenants and you usually needed a 30% deposit. BTL has actually forced up the price of starter homes and made it difficult to either rent or even buy them for...BTL. THEY NO LONGER STACK UP. Only very lax lending and developers selling flats with pretend deposits has made it possible in recent times. This is all about sensible lending policies - unfortunately that means prices need to come down to meet proper lending policies which do not interefere with ordinary peoples ablility to buy. Ther are plenty of empty properties and people might buy them or rent them if the govt sorted it out. Where does he get it from?
  10. This reply is not correct on some points. You can agree between LL and T to end any agreement early. The LL wants access to decorate - unless this particular access is allowed within your agreement THEN YOU NEED NOT ALLOW IT. You could agree it on the basis that it means the LL will now accept notice. If not, then you must pay to the end of the tenancy. You would normally find an AST has provision to allow access for a LL to show a prospective purchaser or potential new T around and if so you cannot refuce this type of access. A LL is certainly entitled to market the property before the end of a fixed term either for sale or rent. Otherwise they could be left without a T or a sale.
  11. I agree. If spending was the answer to keeping jobs and creating wealth, then why don't we just borrow and spend more? Why pay off ther national debt attal. Let's just wait for growth to make more tax receipts and it will all pay itself off won't it? B..l.c.s. We will refused the finance in the money markets because we cannot afford it, unless we have a huge cut in spending, however painful. The public sector mostly produces no wealth and will not be there atall unless we reduce it and have the private sector flourish. The Euro answer to countries having insufficient money to service their debts has been to lend them more. It's likely this will not work for some of them as they have borrowed beyond all common sense.
  12. All apart from Australia (and parts of China) where they are in a mega bubble. The long list of reasons does not disclose or show understanding that we do not gain as a country from having our business cycle so affected by the constant bubble and burst of the housing market. We seem to have got used to using it as an investment vehicle rather than a place to live in. It has distorted the rest of the economy to our detriment. MY THINKING: You need not worry about factors like a shortage of housing - when it crashes that sort of thing will be seen as irrelevant. It is causing a kind of paper/ false wealth that is unhealthy. If you find people make more out of their house than by going to work there is something wrong. That is what happens when we have a house price boom here. People start remortgaging these paper gains and spending them on imported cars and holidays. They have not earnt the money, so the balance of payments is put in the red. Even if we manufactured enough here, it would then cause inflationary consequences. Ultimately it has a bust, which is then very painful. In the meantime, those born in the wrong decade find they cannot even buy a home because the distortion is so long lasting and unfair. In one decade your average Jo can buy a 3 bed terace or semi, in the next one the same type of person cannot. How is this helping our country. It has beome a game which is damaging us all in different ways. Mortgage lending needs proper regulation and then we would not have this problem. ANYONE AGREE?
  13. There are many EA's quaking in their footware this weekend. The tipping point is here. The sale of house next door has fallen through! Hardly any sold boards atall anymore. Fear is entering the market.
  14. I knew I wanted another recession to clear things up but this just takes the biscuit.
  15. I think we should just have legislation to write off all mortgages with immediate effect and abolish the banks - just have the post office. Then give all renters/ everyone else 5 x their income in newly printed notes, so that life becomes fair again. Agreeeeeeeeeeeeeeeeeeeed?
  16. You have a 1 year fixed term with a break clause operating after 6 months - ie from Feb 28th. Any notice given to expire before that will be invalid. You can only give notice for all of you, unless you wish to arrange a substitute sharer with agreement of LL. You cannot 'serve' a break clause as you suggest - you already have one anyway and serving another has no effect unless the LL wants to agree an amendment to the 1 yr agt in writing. A periodic AST only begins after 1 year on your facts and then ONE months notice by tenant is the law after the one yr, until then its two months as you agreed. All original tenants are responsible for all the rent from the LL point of view, until notice is properly given and you all move out. You are 'joint and severally liable'. The LL can sue one, some or all of you for any unpaid rent and get judgement for it. That answers it, but not in your order of q's because some cannot happen the way you describe it. PS if mortgage co. takes possession , law is they can now get tenants out, but t's owe rent for any time they are there until court says they must leave.
  17. The article is mesileading on several fronts. I will deal with one - It's not true that investment was driven away by CGT as set up by Lawson in 1987-8. There was a stock market crash in 1987 which was responsible for a large drop in the actual amount of tax being paid because LOSSES AND NOT GAINS were being made. Then followed a house price tumble. So the article is attributing the fall in revenue to the tax when it was the markets themselves dictating this. Investment from abroad increased dramatically after the recession was over and the UK was in a good position by 1997, with the same tax on CGT until 2007. We need to pay off the deficit and not have second home owners and Buy to let folk stop a necessary 'rebalancing' of our economy. Those assets in particular have enjoyed a tax status which they do not deserve and which creates no real wealth. In fact their benign treatment has contributed to the property bubble and damaged our economy, pumping it up, increasing borrowing/lending, and allowing people to treat property as some remortgagable private ATM. Then the 'booty' of false wealth is spent on imports because we hardly make anything, thus ruining our balance of payments.
  18. Just go on the website for number 10 and there you can email the PM. I urge all to do so. The CGT whingers are getting more exposure when most people do not agree with them. They are amaking preposterous claims about returning CGT to the pre-2007 position, when most assets with any gain to be ytaxed on sale would have bought before 2007 anyway, when the tax was up to 40%. For 'runforthehills' - there was a good letter on here to lobby with. BUT All you need to say is that you support the Coalition's originally announced policy on CGT, to make it similar to that which existed before it was reduced to 18% in 2007.
  19. No way! The second home owners (except me of course) are all moaning because they just don't want to pay. The market is going down anyway without any change in CGT. How many bought before 1997? Most of them. Exactly. They bought when CGT was already up to 40% and should not be whinging when the country is bankrupt. A proportion of the 'gains' they whinge about were only created because of a rediculously lax policy toward mortgage credit. Had I been Chancellor, interest rates would never have fallen below 4.5% ever and no lending above 3 x income/ + minimum 5 % deposit, would have been allowed since 1997. Then house prices would have been broadly 80-100% more than 1997 and therefore in line with ability to pay. No bubble or crash in property.
  20. It's the plastic death..... Ding Dong..'Bring out your debts, bring out your debts. Unclean, unclean...' We ain't got no ....ing money, so we eat plastic and hope we will not die.
  21. The warm weather and lack of snow kept me, my family and all my friends well away from the shops since mid April. Obviously we will be out shopping again soon now the prices are going up properly.
  22. YES! Brown was running a 6% deficit before any sign of trouble. That's why our structural deficit will so painful to deal with now. It would have been half the problem without his totally inept leadership as Chancellor and PM.
  23. Try telling that to China, which upon finding their exports dropping has built empty motorways and shopping malls all over the country. They are falsifying their current economic health and growth. People who predicted the crisis - there were a few, notably Peter Schiff who was laughed off Bloomberg in 2006. He predicts Gold will go up to the value that the dow falls to in the nearterm crash - maybe $3-6000.
  24. The fact that these sorts of news threads are arriving every week upsetting the markets, tells you something. Our AAA will only survive if the Budget on 22.06 amounts to a convincing plan for the UK to control annual spending and actually reduce the national debt in the medium term. Nothing less will do! That means setting out cuts of at least £60 billion to the annual spend, open to review for more cuts.
  25. Mr Redwood is off the mark on this topic. He speaks for the very right wing of the Cons only. I reckon the more silent majority think the rise in CGT put forward is right in the present economic mess we are in.
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