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House Price Crash Forum

Mugwump

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About Mugwump

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  1. Never mind cars, most peoples brains are subject to an immobilisor. Its called television. You sit in front of it and it subjects you to an endless stream of veiled suggestions that you conform to the norm. Later, these suggestions get repeated through speech, at work, or elswhere, where they are accepted as reality. When the TV goes on, the brain goes off. And while the brain is off, it is subtly re programmed to think in certain terms. Thats why we all think the way we do, and hold the opinions we hold. It has backup too, in the form of the press, whose freedom is held so dear. You might think you have independent thoughts, but you dont. They are all conditioned. I dont need to give examples. If you dont understand what I am getting at, its already too late. Welcome to the matrix. Back to cars.
  2. Surely this is utter rubbish. Can anyone believe anything the council of mortgage lenders says after this? ( not that I believed them anyway) Or am I missing something? "The Council of Mortgage Lenders today said first-time buyers were typically borrowing 3.42 times their gross income in April, slightly up from March." What is the average gross income of first time buyers? http://www.thisismoney.co.uk/money/mortgageshome/article-2656439/Chancellor-set-hand-Bank-England-power-cap-home-buyers-borrow-bid-curb-runaway-house-prices.html
  3. Mugwump

    If The Uk Did Leave The Eu

    Do you really think that there is a democracy to be subverted? What we have is not democracy, it is autocracy.
  4. Sorry drunkincharge, but I dont understand what you are geting at in your second sentence.
  5. It seems obvious to me, but maybe I'm wrong? There is simply no way that houses can be worth what is asked for them today. A very high percentage of them can only be bought by those who have one to sell. Its becoming a closed circle, where "owners" bid up prices for other "owners" in a way that is almost cannibalistic. Property owners are feeding off each other is an upward price spiral that must have an end. I think, when the bubble bursts, as I am convinced it must, the term boom and bust will have a new meaning. The boom will be the sound that describes what was once a pop. The bust will be what follows. Such is the magnitude of this folly that is the housing market.
  6. Mugwump

    BIG FAT SPANISH THREAD

    I am not sure if it is the crisis itself that is driving the Brits and others out of Spain. Rather, I think it is taxation. Some time ago Spain introduced a reporting requirement whereby all assets, worldwide, over (I think) €50,000 have to be declared to the authorities there. This has probably put a lot of Brits in a rather tricky position. Spain taxes second properties on imputed rents, so...If you are tax resident in Spain and own a house in the UK(for example), you will be taxed by Spain on the imputed rental income derived from that house. The tax base is around 2% of the value of the property, multiplied by 24% (these figures are approximations). That means that a Brit with a house in the UK valued at, say, €500,000, would be taxed at around €2500 a year. Well, there is a way round this. If you declare a rental income from the house, you will be taxed by Spain on that income instead. I wonder how many Brits (and others) have retired to Spain, become resident, and quietly let their home country house without declaring the income? If they have done this, they are faced with a tax bill for imputed rents. Alternatively, they could fess up and face a hefty for not declaring the income, and another fine for not declaring the asset. Oh, then there is wealth tax... No wonder they are leaving.
  7. There seems to be a constant stream of scare stories designed to panic would be house buyers into making the jump from the fence into dung heap of debt waiting on the other side. Whenever there is something presented as an incentive to buy, whether it is low interest rates, HTB, or some other special deal, it creates a new wave of the "now is the time to buy" brigade. This always seems to be followed by a scare tactic. Rates are going to rise next year, or lending criteria are going to be tightened or some other future disaster waits just around the corner which will devour alive the potential debtor if they dont act now. So they do. They are scared of missing the boat, poor things. I wondered what you all think about this. Is there a deliberate ploy by TPTB to constantly incentivise then terrorize Joe Bloggs, to make him jump off the fence so as to make way for the next wave of potential buyers? And if so, what will they try next?
  8. Mugwump

    They Think It's All Over....

    It does seem to compare rather well with this actual graph showing the evolution of per meter prices for houses in Spain. I wonder if the missing second peak is a result of the rather unique situation the world finds itself in at the moment regarding the state of its financial institutions etc.
  9. There have been black holes in budgets for as long as I can remember. It never seems to make any difference though. I wonder why?
  10. Mugwump

    Social Security Contributions

    I believe the EU has recently addressed an anomaly concerning social security contributions made in different countries. Sorry, I dont have a link for this, but you might like to research it for yourself. Basically, because each country has different qualifying periods for pension rights, it was possible to make contributions over a long period which did not count towards a state pension. Here's an example. Country A requires 15 years national insurance contributions before qualifying for a pension, and country B requires 10 years. Joe is living in country B, but works just over the border in country A. He has worked in country A for 14 years, so is a member of that countries social security system. Then he moves to country A and gets a job in country B, again just over the border, where he works for 9 years. Having had enough of commuting, he goes to England, shall we call it country C?(probably to sign on!!) Poor old Joe. He has worked for 23 years, paid his contributions, and is entitled to nothing. He didnt qualify in either country where he worked. As far as I know, EU law now requires that all those years must be counted towards a persons pension entitlement, although I dont know how they make the calculation. It might also be worth mentioning that providing you are not working and paying into another countries social security system, you can make voluntary contributions into the UK system which count towards your state pension.
  11. Your rather simplistic statement belies the reality of the housing situation in Germany after the war. You seem to be using a construct of your own making, unsupported by any evidence, to suggest that newly built or reconstructed housing in Germany, post 1945, was generally of a higher standard than that of the UK, and that this is why the UK has worse living conditions than Germany today. I suggest you read this informative article from Der Spiegel, which goes some way to showing the complex realities of peoples lives in respect of housing in Germany immediately after the war, and later, before making spurious comparisons between UK and German housing stock. http://www.spiegel.de/international/germany/out-of-the-ashes-a-new-look-at-germany-s-postwar-reconstruction-a-702856.html
  12. Mugwump

    Uk Shop Prices Fall For Ninth Consecutive Month

    I find that I sometimes enjoy a deep fried sideboard, or perhaps a lightly toasted sofa, especially when accompanied by a creamed polyester jacket, and washed down by a nice glass of softeneur de fabrique.
  13. Mugwump

    £2.5M In Assets Means You're Not Rich

    When I read about people with a lot of money pretending that it is really not so much, it reminds me of a conversation I had as a young man while on the overland route to India, circa 1970. In Herat, I met a fellow traveler coming back after several months in the sub continent, and asked him what it was like. The conversation turned to money, and costs. After a while, he said, " if India has taught me one thing, it isn't that the poor are able to do so much with so little, but rather that we westerners do so little with so much" Not rich with two and a half million? Go tell it to a rickshaw driver.
  14. In the cities there are quite a few corporate holdings of residential property which are let. There are also quite a lot of owner occupiers, also mainly flat dwellers, as German cities are predominately composed of flats. But Germany has a much lower percentage of city dwellers than the UK (please dont ask for evidence, I'm a bit tired). It is a country of villages and small towns. In those smaller place, houses (and flats) are of course sold, just like everywhere else, but there are a large number of properties that are handed down from one generation to the next. Of course, if you are someone, say, in your thirties, with your own place that you are buying, and you inherit a house, you could sell it. But many people in this situation decide to let the inherited property instead. It gives them an income (which they might spend on higher education for their children, so as to provide a good future for them) and then, when their children have become adults, they can have the house to live in. German village houses are often quite big, and can accommodate more than one generation. I suppose these are some of the mugs you refer to. People who have used their property to reinforce their family's well-being, and to provide a home and education for their children.
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