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House Price Crash Forum


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About volvos60

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  1. If I were living in mainland Europe, & I had substantial funds, I would be panicking right now. I'd want to get out of Euros. There are 6 realistic possibilities: 1. US Dollars - with massive QE, this may not be a good option 2. Swiss Francs - maybe 3. Sterling - maybe 4. Gold - maybe (lets not spark a gold debate here) 5. Property, not really, it's a falling asset class 6. Equities - probably not, going to be very volatile To be honest, many will see Sterling as a good option. The result will be a strengthing pound, cheaper imports, lower inflation, interest rates held. More printing, not sure, because they can slowly introduce more honest inflation numbers to counteract the effect of cheaper imports. Another effect will be an influx of more EU workers attracted by earning those lovely strong pounds. Of course, there are many unknowns, such as the chaos in the banking system that would occur & the impact on British banks. My hunch is that overall, by 'luck' the British economy will look rather successful in comparison to our neighbours, Cameron will claim the credit, & Labour will have no chance of winning an election for a generation, & we'll all live the good life on the back of cheap imports
  2. If Spain goes pop, & there are insufficient funds for a bailout, do we think Santander could survive? - How strong / diversified are they? Would the British government step in? - after all, they own Abbey, Alliance & Leicester & Bradford & Bingley - would be catastrophic for the UK if they go down. Seems to be a question the UK press are avoiding right now Discuss?
  3. So 20p pieces without dates are worth around £50 - is the hyperquantitative easing? Ah, but what about those 20p pieces with dates? - this time next year they'll be worth 15p.....
  4. Can someone clarify exactly what is the qualifying age for this scheme. My car was registered in Mar 2000, does it qualify?
  5. Opening a Tesco internet account is so incredibly complicated & long wnded that I am sure many simply give up. They really need to get their act together.
  6. Best analogy I heard was a car with no brakes & bald tyres heading for a wall, & with a drunk at the wheel. The government has just put more petrol in the tank......
  7. Just caught up with this thread having been out all day - a few further points: 1. As sterling tanks, won't foreign investors come into the UK propery market, maybe propping up prices at some point? 2. Inflation, when it comes, will erode your cash value - this cannot be recovered once lost 3. Buy a property & it may still drop, for argument sake say 20%, but it will eventually recover, unlike cash
  8. I hear the deflation argument but not sure if I buy it for anything longer than short term. Sterling being trashed as it is will bring inflationary pressures. The so called quantitive easing will bring inflationary pressures eventually - if QE startes to reflate the economy & put the government in some sort of heroic light do you really think they will suddenly decide 'ah good, that's worked - lets withdraw some of that extra liquidity as it's job done' or will they conclude that even more medicince is even better. Sorry, but in 12 months time inflation will be the problem & interest rates will not be going up any time soon. Therefore, as stated, why keep cash?
  9. Does anyone else feel the same - such low interest rates mean there is no incentive to save or keep substantial sums of cash - might as well spend it before it is inflated away - on a house maybe. This means Gordon has won. Does anyone else feel the same way?
  10. Closed my account with Anglo Irish yesterday - better to be ahead of the curve rather than fighting forever engaged phone lines once the run starts next week
  11. And if you want to stay liquid (i.e. in cash) where will you put your savings if not in a bank, albeit one paying the best interest rates you can get?. Foreign currency is a problem because not only are you buying at a low point, but you also have commission to pay on each transaction. Physical gold is not so liquid &, at the risk of starting a new debate which I don't intend to, when gold reaches it's highs just who, in a recessionary/deflationary environment will buy it off you?
  12. Retired people do not usually have mortgages - henced would not be forced sellers anyway, unless of course they had to release some equity
  13. A thought occured to me this morning - The US have reduced interest rates to virtually zero, here in the UK we are not far away from that & may also get close to zero. Therefore the cost of servicing a mortgage is getting very low, so there will be hardly any forced sellers, even those made redundant who would, in any case, be bailed out by the government for 2 years if need be. If there are no forced sellers is the HPC cancelled? If the banks stated lending again - a big if, because apart from anything else, the return for the banks will be so low that they might not bother lending anyway. However, if they do, there might even be a scramble for mortages from those in work wanting to trade up causing house prices to increase. Unemployment is the big issue now, but even if it hit 10%, that still leaves 90% in work, many of whom aspire to trading up - will there ever be a better time to do that? Genuine free thinking debate required?
  14. The more I think about it the more annoyed I become. Why on earth won't the Tories just put the ball in the net now they have an open goal. It makes me furious that their complete ineptitude to capitalise on this economic crisis is conspiring to make us put up with another term of Brown. This is unforegivable stuff from Cameron & Osbourne & I for one will never forget the damage having such watered down opposition is doing to all of us. This country deserves better, as does the Tory party
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