HovelinHove

Yep. You will own nothing, and they will own everything. Mass home ownership , the idea that you pay off a debt over a number years to own a home, empowers and enriches the masses, especially in their later years, but this is pure feudalism and a return to serfdom where the masses are at the mercy of these organisations and governments. This is precisely what the Great Reset is…they dress it up as some sort of socialist paradise, but it is corporate feudalism.

This video makes huge sense to me (apart from the desperate plea at the end to buy Bitcoin…although I get that too). I look around the world, especially the Anglo Saxon world, and I have fingers in the Canadian, New Zealand and UK pies, and I am seeing bonkers increases in property prices (the UK is massively under performing Canada and New Zealand). The US is seeing massive run ups, and yes, some of that is driven by people fleeing the cities, but some of it is definitely being driven by this (Blackrock and other huge funds buying houses). I have become a little suspicious that it has been happening in commuter towns in Britain…houses disappearing the day they are listed. There are not many individuals out there capable of mobilising that fast. I also think we will see this happen by stealth when the economy goes into reverse and people hit hard times. There will be no repossessions, the ownership will just transfer to banks or investment funds and former owners will become tenants. We are slowly reverting to a feudal system. (disclaimer - I complete on my house purchase in 4 days time so now have a vested interest in prices not crashing).

Best sell your fiat. I transferred much of my cash to my solicitors for my house purchase yesterday…my bank accounts look normal again, and I feel very relieved. less worried about an HPC than something gobbling my cash, including the inflation monster. HPC 25%…oh well, bank collapses, money printing…so few people have six figures in cash lying around that if they get burned, no one will care…especially not CBs or politicians. Assets are the way ahead.

I completely agree. They will burn everything down with inflation. As for the UK, the oaf in Downing Street wants a second term, he will change the fixed term parliament act, and go for a 2023 election. He will quit in 2025 as he is lazy and would rather have fun and make money writing and giving speeches. In the meantime he will do a deal with Sunak that if he does everything to keep the plates spinning till at least the election, then he will support him taking over. They will dream up completely new ways of stopping a crash. There will be no repossessions and lots of incentives for FTBs. After 2023 there will be a crash vs Gold etc, and in real terms, but probably not nominal terms as these monsters will be happy to see fiat devalued massively as they are all asset rich.

This thread exemplifies why Shlopmo, and other Marxists wannabes are on my ignore list. What a twonk.

Our landlords have been fine, just costs us an arm and a leg.

Thank you. Yes, I wish I was buying with more confidence in the market, but I am sufficiently confident about the house, location, and personal circumstances to take the risk.

That’s the plan.

Thanks for the tips and the warning. yes, I’m aware of the issues with supply chains. Also, your advise on keeping existing structure, something we recently decided and instead of a huge open plan kitchen diner we are going to have a well insulated tiled conservatory and keep the rooms divided. With the advent of so many WFH, more rooms are better, and it is cheaper too. We are lucky to be able to continue renting our current property, but at the same time it is money we’d rather be spending on the renovations, so at some point we will move in with the builders half finished.

Agreed…no, can’t afford Hove, but only 5 miles away and can cycle there on bike paths in 30 mins, and I will be living in the downs national park, so very happy with the location.

After Sunak’s behaviour the past year, it is obvious that the number one economic imperative of the Tory party is to keep house prices rising, and while they may fail, unless there is massive forced selling then I think they will at the very least keep them close to current levels, even if they burn the pound in the process. I suspect in the event of rising redundancies we will see schemes in the future that transfer ownership of the properties to the banks or government backed rental corporations, with outstanding debts and shortfalls in rent payments underwritten by the taxpayer so the former owners can maintain the illusion of wealth and pay what they can until they get back on their feet. This should stop any significant massive crash, but I do suspect that we will see a 5-10% drop over the next year whatever. For me, paying max SD on 500k and nosebleed rents, a 10% drop is about the same as renting for another year, so I would gain nothing by holding out, especially as I know that I got it at a very good price (10% off Nov asking price and what it would have gone for in late 2019).

Yes…no more fear of being gazumped. However, we now have lots of renovation to get done. We have a reliable builder to project manage it, so not going to be too stressful hopefully.

Yes, the uncertainty of renting in the UK rental market is unpleasant. Congrats on your accepted offer, hope it all goes through well. The Tories have made it clear that they will do everything in their power to keep the market going up, and that is an important factor to consider as they are likely to be in power until the end of this decade.

Having not bought a home in the UK since 1997 (sold in 2003 then moved to Canada in 2011 where I bought a lovely huge house for peanuts), I have bought a home in the UK. I got something at a 2019 price. I still expect to see 10% or more knocked off, but so be it. I found a home that I love, that I can afford, that will be highly desirable once we have renovated it, so that is that. So being the last bear to cave, I now fully expect a housing apocalypse!

In the worst case scenario, about 10% of the elderly and vulnerable would die…they don’t need to be alone, or at home. But I think that with the vaccine it would be much less, but yes, we need to just get on with life now.