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About shermanator

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  1. Hello guys, thought i'd give you an update - please see my opening post for background. My friend's Grandmother's house had lots of viewings and was under offer within 2 weeks for 410k so her family made an offer for a 2 bed flat in Bromley (asking 250k) which was accepted. Anyway, at more or less the last moment in the process of solicitors the buyers of gran's house wanted another 55k knocked off citing market conditions (they couldn't get a mortgage truthfully) which was rejected so it's back on the market and the vendors of the flat my friend wanted have dropped them - cue tears, arguments, recriminations and solicitors/surveyors fees for nothing. Thought i'd share this vignette with you as it relates to the 'buoyant' London market. I wonder how much this scenario is going on now.
  2. I note your well argued points. However in this case my friend's aunt who will inherit the other c.200k may use that to help her 2 kids (friend's cousins) who live at home to get a flat themselves so that'll increase demand for little flats ie net demand is up two? (Number of family members has decreased but potential households is up.) Perhaps my anecdotal is silly as many on here think it's rare whereas I thought it was fairly common in London at least.
  3. She will probably have to cut down on holidays and other treats for flat upkeep unless she gets a promotion. Her late grandmother's house hasn't been touched for 40 years so the 420k asking price is really plus about 60k. Still on the market after 6 weeks with Winkworths I believe. Lucky her that she has a route out of living at home and that her nan didn't go into a nursing home. I guess her story is like tens of thousands across London/South East; would love to know how many new build flats are being bought like this.
  4. I have a 30 year old female friend who I reckon earns about 20-25k and lives with her parents in Orpington. No savings so has no chance of leaving home - buying or renting. Anyway, her grandmother passed away and 3 bed house in Beckenham is on the market now for 420k. Plan is for this girl's mum to buy her a new build flat in Widmore Rd Bromley for c.250k with the proceeds (got to be split with aunt naturally). My point is, this scenario must be replicated countless times over, particularly in London and the South East and has been doing so since year dot one presumes. I wonder how many of these new buildflats are being bought from the proceeds of grandparents passing away and is this trickle down effect doing anything to keep the market from truly tanking? PS. I'm a bear and believe the UK is in a deflationary collapse a la Japan but when my friend told me her plan it got me thinking about this sub-section of the market that isn't reliant on mortgages/borrowing.
  5. Can someone explain how retired people are surviving now with non discretionary items rising at around 15% whilst their savings are earning peanuts, state pension isn't much and not everyone has a private pension?
  6. The same goes for the Torygraph in general, an Anglo-Saxon, neo liberal, debt is wealth cheerleading rag.
  7. Well he would say that wouldn't he? I'm one of the few Buffet sceptics - not of his wealth but of his motives and all this home spun schtick is dangerous. 1. In 2005 he said there was no housing bubble, never talk down America etc. 2. Self styled free market cheerleader personally counselled Bush and Obama to bail out bust banks thus saving Goldmans.....which he invested in. 3. Called derivative "financial weapons of mass destruction" but invested in them anyway. 4. Says Bank of America is a quality business and brand but buys not ordinary stock but preferred stock. 5. Never short America.......as he buys a railroad company for billions.
  8. This thread should come with a health warning - Bullsh1t artists and willy wavers on the loose.
  9. Yes but I think now we're seeing the endgame for Lloyd's and HBOS as quoted entities - they're bust and either this year or next they'll be fully nationalised after a bank run or the shares drop even further. Same fate could befall Barclays too. Nationalised banks is the endgame as the debts are just too large to sustain.
  10. And you thought they would? The elite, of which the BBC are part of, have enjoyed the biggest asset price party erm.....ever in modern times and they're frantically running around wittering on about criminality 'we won't be beaten' blah blah. Tough - their greed of creating two nations within one has come back to bite them in their jacksy. Still it was so unexpected
  11. Good point but surely the wider point is that the elite (banksters, politicians, media etc) have become so detached from the rest that it's hardly a surprise when a growing underclass, seeing the banks getting bailed out and their measly benefits cut, rebel surely? P.S. Some fancy schmancy eatery in Notting Hill got steamed and all some silly Sloane was concerned about was that they'd wrecked the cheese board and the tasting menu stopped at the 4th course.
  12. Cameron's an idiot and economically illiterate. UK yields are low (and getting lower) because the markets have woken up to the fact that there'll be no growth in the UK for many years. Remind what yields are on Japanese debt and their interest rates too........
  13. Hahaha, oh wait you're serious? Nice line from the Adam Smith Istitute or whatever that group of neo Socialist bail out fetishists have morphed into these days (hint "we're all in this together" tosh is a dead giveaway). Have you asked yourself why companies are sitting on billions? It's because even those ivory towered fat cats realise the UK has recently entered a lost decade or more of anaemic growth, quite similar to Japan. This fact alone will bring down Eton Dave and the new Labour government as the sheeple crave 'growth' above everything. The banks should've been permitted to go bust in 2008 (interesting the Tories free market waffle went out the window then) but the elite propped them up creating zombie banks. Oh dear * *
  14. I'm inclined to agree with a lot of that. Watching the various Ministers trot out the same load of meaningless platitudes about criminality, communities etc is pretty nauseating considering their total inertia regarding Bankster largesse and an elite that doesn't play by the rules. It's the whole Mumsnet syndrome me me me - they don't give a hoot about societal breakdown until it hits them. How many people condemning the rioters live in Lego set in the sky overlooking Canary Wharf where trillions have been squandered to prop up a tiny layer at the top? There was an opportunity in 2008 to make an example of the Banksters, it wasn't taken and here's the result folks.
  15. Hahaha. Apparantly Iran is advising its citizens against travelling to the UK. Still, I'm sure Eton 'we're all this together' Dave will sort it out
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