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Switch625

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Everything posted by Switch625

  1. Yep, full steam ahead toward the iceberg in November
  2. https://www.theguardian.com/money/2020/sep/05/hope-and-heartbreak-as-uk-house-prices-go-through-roof All key points in favour of house price rises covered by our resident troll On the other hand .... The Resolution Foundation Think tank 'Unlikely to be a silver lining' The OBR estimate that house prices could 'fall by 21% by Q3 2021'
  3. Flats around Croydon are hardly comparable to the Imperial Palace no matter how deluded their owners may be.
  4. The BBC covering this as well https://www.bbc.co.uk/news/business-54023631
  5. Know the feeling, been there, tried that, now resigned to the truth of the broken system and trying a mixture of improving my financial position and being more zen about where I am. Both seem to be working reasonably well, then again that could just be the same as the man falling out of the building, but at least I am currently enjoying the feeling of flight
  6. Using an inflation calculator https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator Average wage of £6,000 in 1980 would equate to £25,922 in 2019 Average house price £39,500 in 1980 would equate to £170,657 in 2019 Of course there is a lot of abuse of the word 'average', but agree the figures don't add up. We can certainly say that wages have unsurprisingly not kept pace with house prices, although perhaps not at the figures quoted.
  7. Nice , well done that man. I work in health care at a senior level and am by any stretch very well remunerated and the amount of debt that I would have to take on to get the equivalent house my father bought at an equivalent age is eye-watering.
  8. Can you support that or is that just your interpretation of things? Accepted that some people will have been well above that figure, but for the average person, from my perspective the figures look entirely reasonable during that period and it sucks.
  9. @Smiley George, @dugsbody Sounds like we had similar childhoods and face similar problems, the life expectations we had growing up and leaving school where modest and looked reasonable. The truth is laid bare by this article, our generation who have worked just as hard as the generation before have been exceptionally poorly remunerated for that effort in relative terms. Mortgages/renting are not optional expenses. Unlike beer, which I can choose to forego, besides I can't handle the hangovers anymore anyway 🤣
  10. True, but there are going to be one heck of a lot of flats for sale at knock down prices ...
  11. Well now there's a silver lining after all, flats will be a lot cheeper going forward.
  12. Anything less than a return to April figures, pre the latest prop (i.e. £222,915) will be a very positive sign for impending falls. Fully expect it to be above this level though and as @PalmerEldritch points out lots of pain on the way.
  13. You have a valid point for those that bought in early and wisely have ridden the asset bubble and will have plenty of equity even on IO mortgages. What I suspect is that simple greed has made the majority of these financial geniuses have subsequently MEW'd to double, triple, quadruple down on their gains. This means they have close to zero equity and the amounts gleaned on rent have gone on stuff like those shiny new cars, flashy clothes and even flashier holidays. The former group are quite safe and even in the event of reasonably sizeable falls will still end up coming out of this well ahead of the game depending on how early they got in and where they bought. The later and in my opinion larger group, are in it up to their necks ... lots of pressure.
  14. BBC reminding people what the 80's were like https://www.bbc.co.uk/news/av/53926797/the-1980s-super-recession-when-unemployment-topped-3m-and-kept-rising
  15. It's the old 'new normal' and this is just the beginning of such stories. Some do, but in my experience most don't, it all goes on keeping up with the 'Joneses'.
  16. This was already going on before the current crisis. Three days a week is standard for those at the upper end of the pay scales in some areas for exactly this reason. Makes perfect sense, work less days than you have to live your life and get almost the same money, no brainer really.
  17. Agreed, but the key is they don't feel the pain immediately, the average person is tragically finically illiterate and easy for the government to dupe. Lots of things done to 'help' do nothing of the sort. 'Help to buy' did exactly what it was intended to do, it raised the price of houses and further indebted the very people it was 'helping'. Debt forbearance, is another way of 'helping', it's not debt forgiveness, it's designed to keep those who are indebted in debt and furthers the ends of their 'betters' The truth of the system we live in was perhaps best described by the now deceased Duke of Westminster when asked by an FT reporter; Q; 'What advice would you give to young entrepreneurs keen to emulate your success?' A; 'Make sure they have an ancestor who was a very close friend of William the Conqueror' https://www.ft.com/content/57f2dec2-5e7d-11e6-bb77-a121aa8abd95
  18. Well you could allow the market to collapse and then put Thatcher's sell off of state owned homes into reverse of course ...
  19. A point well made. However I am not sure that many of those that identify as 'middle class' have been able to afford those things for quite some time. I think a lot of them have been living on borrowed money to maintain their competition with the Joneses and heavy taxes on these people will make the illusion of their comfortable life unravel very quickly.
  20. Absolutely @spyguy I think that the government will put some sort of 'rescue package' together for the tenants and homeowners mortgage holders, they do after all make up a very large pool of potential voters. For the later I strongly doubt that they will be allowed to just walk away from their obligations, but they are likely to at least still have a roof over their heads. The landlords on the other hand will have be dealt with in the fashion you describe by the banks. Not that I am in anyway certain on this, just a hunch.
  21. Well it was a rhetorical question, but it is good to see that the HPC posters have come up trumps and proven the Trolls wrong
  22. As others have implied, sadly not worth a thing unless it's in writing. My advice would be to follow that up and get it in writing as soon as possible. If he can get that then time to pop the bubbly 🍾🎉
  23. After years of being shown that this is exactly what will occur, who can blame them? Their decision may yet prove to be the correct one and I would be surprised if they aren't offered positive signs and a few more props to reward their position in the immediate term. You don't have to be Nostradamus to predict that house prices will show rises in next months data set and perhaps even the one after, but beyond that the weather forecast is a cold hard winter.
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