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House Price Crash Forum


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Everything posted by Insane

  1. Love it so true. Was told by someone in the New Homes Industry that the developer they worked for looked at HTB people spending 600K on a tiny 2 Bed in Zone 2 as if they were in the Bargain Basement. Also told me that a survey on HTB in London showed that there was just one developer in Zone 1 who had flats not above the threshold.
  2. It's Price she knows deep down it is price but won't accept it , that is why she states a number of times in the Video that it is not price. I sold my £525,000 Docklands Flat right in the middle of the Financial Crisis January 2009 and Completed that March. I listed at £525,000 then dropped it within 2 weeks to £495,000 then to get shot I told the agent to get anything with a 4 at the front. He came back in a few days with 2 bids £400,000 Cash and £408,000 from a couple getting a mortgage I went with the Cash Buyer who then pulled out but as he pulled out the Bid with the mortgage was raised to £420,000. The sale went through fast I cleared the debt and had a small amount left to put down on a much cheaper flat in Essex. With hindsight it was a massive mistake however at the time with out a job and not in good health the overriding factor was to clear the £340,000 debt which I did.
  3. Correct there are plenty of things that can be taxed and are already, all tax will have an impact on the product , service or item that get's taxed. The massive problem with Labour is you don't know what it is they will tax until they get elected. Last time round they taxed the dividends earned in pensions. Nice one that as no one noticed overnight as it was not a direct hit on the pocket immediately. The outcome :- Most companies closed their final salary pension schemes and replaced with less secure Money Purchase Schemes. I would never trust Labour again.
  4. Totally agree but we had it collectively. No one was forced to sell off a personnel asset.
  5. It is very different as the sell off would be forcing individuals to sell what they legally own. When the Councils were forced to sell their housing stock (yes your correct it was taxpayer owned) but that collective ownership is really just a myth no taxpayer apart from the tenants had any rights ,liabilities or personal profit/loss in what they are told they collectively own. No individual tax payer had any authority over the assets sold it is different when you legal own something. This is another level and if it did happen what next ? Forcing people to scrap high performance cars sell them to the breakers yard when they are still road worthy ? Sell their pension rights for less than they are worth ? Sell their wedding rings at a Discount to the Jeweller in the high street ? Very scary road to go down.
  6. I don't agree with the current housing situation and the way people have been able to extract rent from others however this would cause economic turmoil. It is just another reason not to vote Labour !! If they could take what is legally one persons property and force them to sell it at a discount to the market rate what else are they capable of even those who would benefit under this scheme should be frightened of a Labour Government as they might benefit in one way but lose in another. The Council House Right To Buy is a big part of the problems we now have in the housing market this would be the cause of major problems in the whole economy.
  7. I was talking about the people consuming either Food or Fags not the side effects for other people. How peoples habits impact on those around them is important but a whole different topic.
  8. As Smoking has decreased Obesity has increased. We have swopped one bad habit for another. When I was growing up many adults smoked and it was accepted. I knew 3 very fat ladies in my area and two fat teenage girls. Today you see less people smoking but if you step outside onto the streets you cannot turn your head without seeing Obesity.
  9. Because people I have met who have fled from there tell a different story and say that the state of the country is due to policies that Labour want to bring in. Was asked by someone from there recently " why do people here want to follow us by voting Labour? "
  10. As much as I believe that the Establishment look after themselves at the expense of the remaining population and the City of London again looks after the chosen few , what worries me is Corbyn will not effectively challenge them to get a more even balance but destroy them. By destroying them the rest of us will be worse not better off. Venezuela springs to mind.
  11. Have you listened to Corbyn, Macdonald , Abbott, Lammy, Thornberry and many others that are in Labour ? If you listen to these people that will answer your question.
  12. Or another way to look at it is I am not going to risk the whole country by voting Labour. Voting Labour thinking the young will be better off is Not Kind but Stupid.
  13. I have also made it clear I would vote Tory. Not because I think they would be good but they would be better for everyone young and old due to not causing the Carnage both Economically and Socially that the Labour government would cause.
  14. Correct I don't trust the Tories either however out of the Two the Tories scare me less than Labour.
  15. From what I see and hear from Corbyn and those that surround him those 3 words will not make me put my X next to any Labour Candidate at any election.
  16. When Labour were elected in 1997 the housing market had just recovered from the massive slump of the late 80's early 90's. The £100,000 house that had dropped to £60,000 or £70,000 was back to £100,000 negative equity that had blighted many was now wiped out. Due to much lower interest rates than the late 80's and wages that had risen quite well the £100,000 house was now affordable. Gordon Brown promised that Labour would never let the housing market get out of control again and there would be no more boom and bust. Fast Forward 10 years and after letting the housing market get completely out of control that was the Boom LABOUR Government Sprayed Billions of other peoples money plus fake money at the Bankers and Landowners to stop the Bust. Never trust what Labour say. The only way the Labour Government will ever stop the Rigged Housing market and be in Government while there is a crash is if there is a complete and utter economic crash. Thinking about it that is exactly why many people will never vote Labour again.
  17. LOL is that how you base your assumptions of people whether they vote Conservative or not. I know many people myself (ex Labour ) included who would vote Conservative as they are frightened for the plight of everyone young or old if Labour were to get into Government.
  18. Many Pre-Boomer+Boomers have children in the later generations and many of them are waking up to the fact of how their children have been screwed. Many also give free child care in order for their children to survive in two working full time adult households and so yes there is a lot of common ground.
  19. The people drawing their pensions today and in the near future more than likely started working at 15 and 16. During the next 50 years they would have paid " Income Tax, National Insurance, Vat, Council Tax , Stamp Duty, Fuel Tax, Alcohol Tax , Tobacco Tax, Insurance Tax , Airport Tax " Maybe a few other Taxes that I have not listed. Today they are still paying many of those Taxes Retiring does not release people from the burden of Tax. To say that they have not and are not still contributing enough to deserve the state pension they currently get is madness . Can you explain how you conclude that their life time contribution only deems them eligible for 30% of the current NOT VERY GENEROUS state pension.
  20. I just see it as another TAX. Whatever % it starts off at it won't stay at they say they will switch it from the buyer to the seller then they will put it back on for the buyer at a later stage. TAX TAX and more TAX.
  21. Well the money has to come from some place to pay the top dollar price. Here in Norwich it's someone from London or Cambridge. They dont have the salary or they are taking a cut to move here so its equity from the London/Camb sale. So someone had to buy their house back in London or Cambridge. That is fine if rates are going down as that high price in London can be explained by larger loans at high multiples at the same monthly outgoing. However wages dont cover London or Camb its nuts (we have had years of cheap rates) so where does the money come from? It must be/had been foreign money. London is falling like very other city with Chinese money, the problem is the non London/London ratio is well out of whack. Its about x2 when historically its 1.25/1.5x ie London was always expensive just not as nuts as it is now. So for me London folks will keep buying places outside London even as prices fall until that ratio is corrected....Unless a new external source of money is provided (lower rates/liar loans or foreign cash). We are seeing this in effect London down circa 5-10% yet the exodus by the middle class is at full tilt as it still pays to GTFO. If London keeps falling then I expect the real action to get going once/if another 10-15% comes off. Eg average flat was 600k+ the recent London average pro price a) 10% fall = £540,000 (can still buy nice house in Norwich and bank 50-100k+) b) 20% fall = £480.000 (can swap a flat for house in Norwich but will earn less and might not get huge mortgage if you need one) c) 25%+ = £450,000 (at this point your severely reducing your earning potential to swap a flat + 40K+ job for house + 30k job and no other job prospects.) On the ground her it feels like prices in London are between a-b as the best still goes for same as last year but its more sticky and boring but decent family houses do not go for as much as earlier in the year in many cases. People retiring are willing to pay much more now so expensive working areas (ie families and professionals) seem to be hit harder than granny land Broads and north Norfolk. Yes I see a correction however I don't see prices falling back to relate to average incomes which was the gist of the post I first answered. There are other ways people come into money . I have know many tail end Boomers now in the mid 50's where both the husband and wife inherited 50% of a house as they were both the products of family's with two children. Having paid off their own mortgage they have used some of this windfall to help their own kids get started. I have also know many who inherited nothing as it was all spent on care home fees. However there is enough of the former to keep the money recirculating around the housing market. Let's remember also that we have an acute shortage that is not going to reverse any time soon. People will find ways to out bid each other if they want a product that is scarce.
  22. For a very short period in the early mid 90's 93- 95 that was the case. I remember FTB's skipping over the small starter homes and jumping straight into 3 Bed Semis and this was in London and the South East. Even the press gave up trying to talk the London market up as they gave up it took off again. There are prices dropping in London & the South East but I don't think they will ever relate to average actual incomes again.
  23. What does " kind of the point " mean ? Something is either the point or not the point not "kind of the point" Why have I undone my own argument ? I was stating that members of my family have not fared equally due to the different financial outcomes from Renting verses Buying. The ones having bought being far better off than those that rented. To say that this might not be the same going forward does not change the facts from the past.
  24. Anecdotal to you but facts to those who I have quoted . You understand that right ?
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