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House Price Crash Forum

I'm out

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About I'm out

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    HPC Newbie
  1. Although I don't have much sympathy for foreign property speculators, at least their willingness to put down deposits on London property was a vote of confidence in this country. Once they realise they've been scammed, how is this going to change the way they feel about the UK ? Post Brexit we are going to need all the foreign friends we can find.
  2. There's a great opportunity here for the government to do something about the housing crisis for a change. Give HM Revenue and Customs the resources to go after every single landlord who is not declaring their income. Levy large fines and also collect the arrears. Many landlords will have to sell up to pay, hence prices will fall and more people will be able to become owner occupiers. Simples !
  3. Absolute nonsense, it's mainly the funny money which is created by inflating house prices which has lead to growth in the UK GDP figures over the last 15 years or so. Obviously its not sustainable though.
  4. I'm out

    Homewise property, Surrey

    Buying a lifetime lease means that, when you die, the property reverts to the owner. Whereas if you pay the full price you are presumably going to either get a very long lease or a share of the freehold. I think these schemes are another way of inflating house prices e.g. suppose you are selling a retirement flat and the average prospective buyer has £132k available. The way things used to work is that you would lower the price until they could afford it. Now you still take their money, but only give them a lifetime lease in return. Therefore the headline price can remain at £200k and all the plates can keep spinning a little longer.
  5. I'm out

    Daily Mail...we are on the brink

    What I think is going on here is that Conservative Central Office (who decide what gets printed in the Daily Mail) are trying to make the connection between Brexit and a HPC. This has two advantages for them: 1) Daily Mail readers, who are overwhelmingly Brexiteers, might switch to Remain. This would help the government to back track from Brexit, which they know is going to be disastrous. 2) If the HPC still happens, they can blame it on Brexit rather than on the policies they have pursued since 2010 to deliberately inflate prices still further. In the best possible outcome Brexit could be cancelled and house prices crash. Out of the ashes of this scenario, we could start to rebuild a great country.
  6. Can I be the first to pount out the error in the HTB pictorial ? The home value is of course £240k, being the total of the mortgage and the deposit. The government loan sits on top of this, bringing the purchase price up to £400k. As Warren Buffett pointed out, price is what you pay, value is what you get.
  7. One additional point is that a lot of people try to make money out of property, rather than by working or investing in business. Making money out of property is at best wealth redistribution, whereas the alternatives may actually create new wealth which is beneficial for the economy.
  8. I'm out

    What Do I Do Now?

    If I was you I would defer thinking about it until after the referendum, because the outcome of this will have big implications for house prices. If we have Brexit then Sterling will probably fall, and may necessitate an interest-rate rise which should burst the house price bubble. There will also be a recession, but if you have a job which is likely to survive that then you could be well placed to buy a house at a sensible price within 12 months.
  9. I've noticed lots of rental reductions around Guildford, however even after the reduction the asking prices are still only back to where they were two years ago, so not exactly bargains.
  10. I'm out

    Another Reason To Hate Landlords

    Junior doctors don't seem to be badly paid compared to other young professionals, especially when you include their pensions, but their salaries look inadequate compared to house prices. I wonder whether they would sign the new contract if the government agreed to reverse all its policies designed to inflate house prices ?
  11. I'm out

    Property Workshop

    I notice that the headline celebrity, Martin Roberts, won't even be there himself. The best way to make money from property in this country is to present a television programme about it.
  12. BHS is an example of extreme financial engineering. Shortly after Philip Green bought it, he withdrew over £1 billion as a dividend to his wife who lives in Monaco. In order to raise this much cash, he plundered the company and it has never recovered. Financial engineering means it is possible to get all the golden eggs at once, but the goose always dies in the process.
  13. I agree with all the OP's points except the last one. We're not chained to the EU, its a club which we belong to because that serves our interests in terms of trade and other transnational matters like the environment and security. We're not in the Euro so our government is not oblidged to bail out the siesta countries. I hope we stay in the EU because moving to the mainland is a valuable option for people who are priced out of our overcrowded, overweight, overdrawn and overcast island.
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