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House Price Crash Forum


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Posts posted by red

  1. Really, how many old people are rattling around in family houses, living in one room, because 'they are not giving it away'. They never go upstairs unless the council (taxpayer) has installed a stair-lift and they will gleefully tell you what they paid for the house and what it is now worth.

    Heh - I actually know a few people like this, living in huge family homes petrified that if they sell up and downsize they'll miss out on another boom in prices.

    Also, what do they do with the profit? The average pensioner isn't going to want to risk their 'hard-earned' property cash in stocks etc. and there's bugger-all return on cash investment...

    Oh, hang on - they can give the cash to their grandchildren to help them 'up the property ladder'. <_<

  2. ....the system allowed them to borrow money they didn't have, to then go on to not pay it back, free stuff, equity for nothing.....it gave them what they wanted, a home, a lot of people have made a lot of money out of it all, it has created employment, but what it has also done is price a whole generation out of buying an affordable home that they can afford to eventually pay for......this is the way it was designed to be, but now we have reached the tipping point. ;)

    Agreed - but nobody forced him or other like him to take out these deals. It's the age-old argument of regulation versus free market and choice.

    On one hand, we, the customers, have the opportunity to make investment choices and to enjoy the benefits (assuming it works in our favour) if we calculate the risks, do the maths and make a rational, educated decision...

    Trouble is, when it goes wrong, everyone cries for more regulation and condemns the lenders for their excessive lending and lax criteria.

  3. I don't think they are as naive as you think....they know the score but will 'cross that bridge when they come to it', not everyone thinks ahead some only deal with what is on their plate today......IO is another word for renting with extra responsibility, for some, the lenders will eventually end up owning the property outright....c'est la vie. ;)

    sounds pretty naive to me...

  4. Keeley, 20, of Stansted Mountfitchet in Essex said: "I'm looking forward to soaking up the rays next week with Jack me other half, but like no central bank that I’m aware of is currently operating with a mandate to maintain monetary stability. Rather they are given an inflation targeting goal – typically 2%. Now, on the face of it for most people who are not economists, the 2% targeting policy may sound like a commitment to a stable money supply, you know M2, or at least to one that is “only” growing by 2% a year. The rest is obvious."


    you win!

  5. The token sensible one, but thanks Andrew, he has stuck his neck out and said he doesn't think the UK will hit another recession? Brave

    I am reassured QE would be fine for the UK, mainly thanks to this:

    They should also ask the Page 3 girls what they think about more QE

    Heh - I can just see it:

    34DD Cindy, 21 from Colchester says: "I think it's terrible that the bank are thinking about printing more funny money to prop up our zombie economy."

  6. Anyone watching? It's excruciating. An orange-tanned Phil and an ever-frumpy looking Krusty...

    Krusty classics so far:

    "Plumped cushions sell houses"

    "We're all concerned about falling house prices but renting is not an investment..."

    Phil: "He might be saving a bigger deposit but while he's renting he's paying off his landlord's mortgage"

    Krusty: "I have convinced him that he should be buying, not renting"

    Krusty: "Aaargh! Here's my dead body. Climb over it."

  7. We had a chance to re-structure 'the system' and didn't take it. The banks are effectively being rewarded for their irresponsible behaviour by cleaning up on lending at 3-4% above base., whilst offering savers feck all.

    And we (Jo Public) have accepted it with barely a whimper.

    It'll be interesting to see what happens when rates eventually rise, whether or not the banks can still get away with their current margins...

    "The average SVR is now 3.48% above the base rate, compared with 1.95% in September 2008."


  8. Have you been watching the cheaper flat prices in the area as well? My theory is that you'll begin to see them dropping (maybe even from now if it's happening in other suburbs of London like Putney...) and then 6 months to a year later that will have bought the prices of the whole area down - even the larger houses.

    But I do agree - it's extremely frustrating all this waiting around, and despite everything, there's no certainty it'll be worth it! I started looking to buy just before the sub-prime affair and have been watching and waiting ever since. And in that time I've gone from a sort of smug-self-certainty to a weary-stubborness!

    The 'cheaper' flats are cheap for a reason - they're not in the 'nice' bit of N2. Anywhere within 10 mins walk to the tube is still ludicrously priced.

  9. As I've said many times, London N2 is proving extraordinarily resilient to the point that we've seen 20%+ increases in 3 bed semis over the past two years. Influx of 'moneyed' people from neighbouring areas (who can't quite afford Hampstead) seem to be pushing prices up.

    Another bubble, perhaps, but it's a pain for me and my family who have lived locally for 5 years and are looking to buy...

  10. (CPI) annual rate of inflation held steady in May at 4.5%.

    The Retail Prices Index (RPI) measure of inflation - which includes mortgage interest payments - was also unchanged at 5.2%

    How can we reward Merve further for failing again and again at his job with no prospect of him ever being able to arrest the inflation which his the remit


    Ah, but it hasn't gone UP. Therefore, Merv's vigilance is paying off. <_<

  11. I don't know how long this property will stay listed on Rightmove as the vendors who have had it listd since October without selling have decided to switch estate agents but have had the briliiant idea to increase the price by 5k in the process!

    There is no no hope!!!


    flat around the corner - FIVE different agents in past 4 months. Same asking price. :blink:

  12. One idiot agent I spoke to recently said "..it's dead out there, not much coming onto the market."

    I said: "Wouldn't a rate rise actually help you? More forced sales at lower prices meaning more transactions..."

    "Oh, no...a rate rise would kill the market." he said.

    So he'd rather scrape by on one sale a month at ludicrously high prices and a few parasitic commissions on rentals.

    ANYTHING to keep the goodship HPI afloat. Prices must never fall. What a catastrophe that would be.

    The twunt.

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