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About doomlord

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    Acomb, York, North Yorks.
  1. I also only got the APR one wrong. Maybe so many are getting it wrong because we're all relatively debt free, and so don't have to pay so much attention Although I do wonder how many of those who have vast amounts of debt would do in the test?
  2. From the excellent, if a little premature, Economist property survey of May 2003:
  3. Earlier today the headline coverage, as flagged up on the HPC main page, was the following story: http://money.guardian.co.uk/houseprices/st...1329778,00.html To me this is just rubbish. I sometimes wonder how much intelligence it takes to be a financial journalist. It is impossible to say that we're in for a soft landing just because things haven't started to fall rapidly yet. At the present stage we've at that point on the roller coaster where the chain has stopped clicking, and the car is slowly and silently moving towards the drop that awaits us. And yet, elsewhere on the site is a most
  4. http://www.thisishull.co.uk/displayNode.js...tentPK=11136020 Of course, Hull is also the place for Spring's BTL scam: http://money.guardian.co.uk/scamsandfraud/...1160067,00.html I really can't belive the naivety of these people to buy in areas they don't know without checking the propeties out. This is one thing that a number of people have been mentioning on here - in the last stages of a bubble the prices which have the least reason to rise suddenly show masive gains, as the last people are desparate to become part of the action.
  5. I was looking in Leeds as the prices here in York seemed so ridiculous, but I don't know if Leeds is any better now, although there is more stuff within my £120k budget. I was looking around in York over the summer - I saw some three-bedroom houses advertised in Tang Hall for around the £120k mark. I drove round to check them out, and noted that three houses on the street had their windows boarded up . I also checked out the York Evening Press on line, and discovered a string of social problems in the surrounding streets dating back a number of years. I think that was the point when I fina
  6. What jobs won't they be able to outsource? Well, try building wall, replacing a boiler or emptying the dustbins whilst you are in a call centre in India. So much for the need for more graduates for a knowledge based economy .
  7. The people will be on the trains / tube / road wether they are living in crowded accommodation or in a more desirable position. So just not building any new housing can't be the answer. zzg is correct that it is the economy in the SE that is the big attraction, but what could be done about this? The government is already considering relocating some civil service jobs elsewhere in the UK - see the Lyons report: http://www.hm-treasury.gov.uk/consultation...gislation/lyons But other public service workers, local government officials as well as the much vanted 'key workers', have to be where t
  8. I think that's very true. Almost everyone involved in making predictions on house prices are in occupations, from the media to banking, that are far removed in slalary and circle of friend from the majority of people here in the UK. I often think that there views and opinions are clouded by their own situation rather than based on the real facts. That anyone can belive that current prices for FTBs are reasonable for the average person in their late twenties shows how out of tough they are with many people's everyday reality.
  9. Unlike you I am quite convinced there is a housing shortage, at least in South East England. Why then are people not in tents? This is because it is not a literal shortage of housing space, but a shortage of proper accommodation for individual 'households'. Basically people are having to live in far from ideal conditions of accommodation. This shortage is seen by young people being forced into house shares because it too expensive to rent or buy for themselves; through children staying with their parents for much longer than they used to; and at the social housing end of the spectrum by peopl
  10. My argument applies not just to small houses, but perhaps more importantly to those in poor locations. However, with regards to the issue of small houses: 1) the idea that they are 'the first step on the ladder' only applies when the 'housing ladder' is in operation. At present it is out of order due to high price inflation coupled to low wage inflation. This means that mortgage debt is not quickly eroded by annual pay increases,and the next rung of the ladder gets further and further away. 2) Perhaps unfortunatly most people like to consume larger things when they can (although not everyone
  11. Another point is that the tax benefits for owner occupation are much better than for letting/renting. As a landlord you should pay both income and capital gains tax, whereas an owner occupier pays neither. This should help encorage owner occupation rather than BTL/renting in the long term. As an example, when I first moved to my current job I let my old place in Nottingham whilst renting in York (I have since sold the property). I checked the tax situattion and found I had to pay tax on the difference between mortgage interest and rent in Nottingham, even though I was paying more for my accom
  12. Incidentally, different behaviour for different areas of the market as the market as a whole moves up and down is a well know effect in the stock market. In the capital asset pricing model (CAPM) it is evaluated by the 'beta' coefficient. http://www.idexfunds.com/site3/investor_ed...olatility.jhtml
  13. This afternoon I thought I should take a short break from surfing HPC, and took a look at the housing market somehwere nearby which was commutable to York. I ended up in the Harehills area of leeds, where there is lots of 'back-to-back' housing: http://www.leedscivictrust.org.uk/backs.htm I went to one of the local estate agents and talked about what was on offer. "Back-to-backs are going for around £80k now, but last year they were around £40k". I asked her if it really was just one year ago, and she said yes. That is a 100% annual rise: much higher than the rises quoted in the media. My
  14. These are my comments on the relevant section: ********** There is much discussion about the fact that the market is under-geared rather than over-geared. This is probably true but neglects two facts: 1) this under-gearing is the result of massive recent price rises and the unwillingness of established BTL investors to increase their gearing ratios to match (quite sensible if prices may fall and leave them with negative equity on their whole portfolio); 2) it is not the overall gearing of BTL owners that will help the crash, but rather those recent entrants who are highly geared. **********
  15. Hi there TB, Sorry to hear about your current situation. The whole area of benefits is so difficult, and causes so much unfairness. Similar issues are now involved with pensions, where people who have saved a small amount find that they are scarcely better off than people who have not saved at all. This is due to the importance of means tested benefits. I strongly believe we need a welfare system, as I find it unacceptable to see anyone living in abject poverty. Unfortunately that means there are some people will learn to play the system (but note we don't reserve the same criticism for those
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