lets get it right
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Posts posted by lets get it right
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Would it not be fair to say that in printing money we are devaluing our currency?.
So in real terms, the additional money supply is causing inflation, yet our wages are not going up so in real terms we are now all worse off.
To keep on subject, inflation has run at over 400% since labour took power, simply because it now takes 8 times the average salary to purchase a house, President Mugabe would be proud of Gordon and Tony!!!.
Yes the 'White Farmers' or in this case young, indigenous people who might otherwise expect at least a similar lifestyle to their parents, are being forced 'off the land' and into rented accommodation.
No wonder Blair and co will not do anything about Mugabe, they are clearly admirers.
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I find it incredible that people have only just realised this.
When new labour took power they made big noises about unemployment under the Tories, yet today in real terms the unemployed have just been shifted off the dole and into high paying public service jobs, and this during an economic miracle.
And my good lady wife has just joined their ranks. Very nice pension it is too - still final salary, massive contribution from employer. I almost don't mind paying my tax as a good lump of it is now coming straight back.
Why doesn't everyone work for the state? Problems solved.
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Obviously, this is not really the forum to discuss these kind of questions. Just a brief response from someone with possibly
a slightly different opinion:
(1) If the world wants Iraq to persist as a state, the present situation shows, that it would be best to bring back Saddam,
You do know he has had his neck stretched?
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For your comparison, the BoE has 311 tonnes left in its vaults. Now, let's take some time and
think about that.
Well I for one went to my room and thought about it long and hard. I then went down and apologized to my parents.
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Hope so.
back to the person losing money on their flat. I'm getting the impression that they want compensation. Is this possible? surely the valuers are protected against being taken to court for this type of thing.
Of course they are. They 'valued' the property at 148k and some dipstick bought it. Therefore, at that point in time, it was 'worth' 148k.
Surely a child of 5 knows that a surveyor is valuing a property on behalf of the lender unless, of course, you engage them yourself and ask for a valuation. Even so, a valuation is an opinion. Nothing more.
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I don't buy the idea that BTLs will sell up.
No-one will realise a loss unless their personal circumstances change and they have to.
BTL investors are sitting on 10 years of a rising market. 10 years of media property porn. I think this will make them think 'okay it's tight now, but in 5 years time it will have turned around and in 20 years time I'll be loaded.'
And, what if amateur BTLs do panic and sell? What if the professional BTLetter with his 50 strong portfolio just watches them fall and swoops in and buys as soon as the rent will cover the mortgage?
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Why does anyone need to 'negotiate agreements on behalf of UK Plc on every subject that engages us with the rest of the world'? Why can't the people of Britain make up their own minds about who they want to trade with and what?
Why does anyone need to 'translate political will into coherent policy capable of implementation'? Why can't people live their own lives their own way within a minimally interfering structure of laws?
Good point. Once upon a time ten laws or commandments were all that were necessary. How many Acts have this lot passed in their almost 10 years? Is it 2 a day? Some truly insane amount. I read somewhere this government's new laws, if printed out on A4 paper would take up 8000 pages.
They say ignorance of the law is no excuse. How can anyone possibly be expected to keep up with this legislation mad government.
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I bet they are really regretting that cut in '05 though.
I bet they aren't. Where I live the 5 rate rises in 2004 from 3.5% to 4.75% had done the job. In 2005 the market was dead. Anything selling was selling for way below asking, usually after 6 months to a year on the market. At the time people on here were reporting numerous examples of property that either did not sell, or sold way under asking price.
We really were poised on the edge of the cliff and, if nothing had changed, the winter market at the end of 2005/2006 would have signalled serious price falls.
But we don't want that do we? So the toss pots cut rates in August 2005 and the market went mad again in January 2006. A year to a year and a half of suppressed demand came out, and everything sold quickly.
So the BOE did their job. They convinced people to keep on borrowing and keep the party going. It just goes to show how much this nonsense is driven by sentiment. Interest rates now are 5.25% - half a percent above the level that previously killed the market - yet the market continues. Why? Because people are now absolutely convinced that if they do go up again, they will soon come down again.
I wouldn't be surprised to see no further rises and, if the market or economy do get sticky, maybe a cut later in the year to stimulate more borrowing.
They won't be happy until the whole housing stock in the country is mortgaged up to the hilt - i.e. completely owned by the banks.
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Search 245,319 properties for sale and rent from 4,957 estate agents 17th Jan 07Search 266,562 properties for sale and rent from 5,288 estate agents 17th FebruarySearch 283,092 properties for sale and rent from 5,469 estate agents 17th MarchSearch 284,047 properties for sale and rent from 5,522 estate agents 20th MarchSearch 285,556 properties for sale and rent from 5,540 estate agents 22nd March
The above stats (desisgnbed to give a broad picture of the supply of new listings) have been taken from the above website and show the growing numbers of property coming to market. The number of EAs varies and Findaproperty explained that they had recently signed up a large EA. The increasing numbers of EAs is due to branches within an EA organisation offering more properties for sale. The supply side of the equation is clearly growing with about 40,000 more properties available on this website today than there were on 17th January. This contrasts with the EA claim that there are now FEWER properties available.
Findaproperty focus almost entirely on London and the SE.
Taking Surrey on its own, more than 1,500 properties were listed in the last 7 days alone:
http://www.findaproperty.com/searchresults...&allareas=1
Buy a property in Surrey with FindaProperty.comShowing 1-20 of 1555* properties for sale.________________________
* This number will change constantly as the website is active.
You do ignore anything that doesn't fit your view of the world. FindAProperty are in a declared war with RightMove and are signing up agents at a rate of knots. In which case you would expect their numbers to increase. You mentioned they have signed up one of the big corporates but seem to blithely ignore this. FindAProperty only launched last year and are growing fast. They offer essentially the same service as RightMove but for about a quarter of the price and they are not owned by Estate Agents. Estate Agents are signing up.
So, let's ignore your ranting and distortion of any figures you can lay hands on.
Where I live the market seems pretty normal. In January it looked like it might be a sticky start to the year, now most of the signs seem to have Sold on them. I do sense there is less property on the market but, like you, have no real idea.
The number of properties being sold - according to Land Registry figures - which are, admittedly, a bit out of date - are remarkably high considering the price of property. So do stop pouncing on any and every figure and trying to twist it to support your views. I have been coming here, in one guise or another, for a long time. You are beginning to sound like a nutcase.
If, as the more dedicated here believe, this site is occasionaly visited by journalists and Snowball, reading the stuff you post would convince them this site is a soap-box for lunatics. You are not doing this site any favours.
Do you have a life?
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The doubt expressed in these responses is well justified. Gordon Brown has a reputation for taking back more than he gives and this was supposed to be a 'neutral' budget. The problem that we have is that parties of all pursuasions have joined the high tax club. David Cameron had ample chance to plead the case of less tax and declined. Gordon Brown has now kicked sand in his face.
I am utterly fed up with my hard earned income being confiscated to pay frivolous government projects, gold plated pensions and lavish salaries of jobsworth public servants. If there is a party out there that will put an end to this wild and excessive public spending, they will get my vote.
Yep, but they won't get the vote of the nearly 1 in 5 people now employed by the state. I'm beginning to think we've had it. This is now a one party state.
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Actually, I went to Bodmin today and the bad news only relates to one house. The house in question suffered the mis fortune of being built directly over a former tin mine shaft. When the mine was closed some years ago, rather than 'back-fill' the whole shaft, the greedy mineowners welded some steel beams across the shaft 10 feet down and then put 1/4" steel road plates over the top. This was topped up with soil and donkey's years later, the house was built on top.
Needless to say the inevitable has happened and the house plunged 500 feet and landed, remarkably intact, at the bottom of the shaft. The houe is now regarded as worthless although the owner has put in for planning permission to add 52 storeys to the house and bring it back up to ground level. Local estate agents say they could only sell it on an 'offers invited' basis, although considerable development potention exists, by all accounts.
The house is one of only 4 in the street and its 'drop' in value has had a catastrophic effect on the average value of houses in the street.
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If a w@nker in the city who can't regularly beat the index gets paid a bonus in millions.
If a half witted, angry tosser who kicks a ball around a field once a week for 90 minutes gets paid FIFTY THOUSAND POUNDS A WEEK
If a dipstick gets himself elected to the House of COMMONS - and then enjoys a pension pot worth millions after 10 years of putting his nose in the trough
Then a bloke who cycles and walks around in all weathers delivering your mail (and I find they do this reliably and without nicking anything) is worth more than they get at the moment.
I don't care if it is unskilled. The wage differentials in this country have become a joke. Lots of 'men and women in the street' have been interviewed on the box today talking about how the budget (what a misnomer that is!) will affect them. Surprising number of people are on wages between 14k and 18k. How people live on this is beyond my comprehension.
What postmen get at the moment is an OUTRAGE. I hope they strike - set off a national strike - and bring this country to its knees. 20% of the country earning £100 an hour and 80% earing feck all an hour is not right.
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There are some dark days ahead that is for certain.
Change the record.
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Paddy's Friendly Mortgage Lending Protection Society has warned them of the consequences of doing or saying anything likely to contribute to people becoming less reluctant to put their head in the noose.
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At about 30 miles from London, I am clearly well outside the South East. For my own reasons I watch the market like a hawk. I observe the same houses on the market - week in, week out - in the local rag. I think the market is slowish, not stagnant, but nothing like the Spring madness of last year.
Prices? I checked on Proviser a couple of weeks ago and detached houses in my area are showing as being a few percent more expensive than in 2003. The Spring madness of last year corrected falls in 2004 and 2005 and the market now is roughly where it was 3 to 4 years ago.
I re-registered with local agents a few weeks ago. There does not seem to be much on the market. However, one agent rang us and really badgered me to go and see a particular house because the owners have already moved to the West Country and are 'very keen' to sell. Without even going to see it I said 'they'll have to drop 40k to get below one of the stamp duty thresholds and, to be honest, I think it's 60k over-valued.' The agent said 'come and have a look at it, the vendor may be interested.'
I find this hard to reconcile with stories on the front page of the Telegraph about every house in London having 80 buyers chasing it, sealed bids, cheques for 10k on top etc.
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No not the w-word - they are engaging in a giant experiment to see what happens when you let the market take control - it is an extreem experiment - and there seems to be no safetly net in place or brakes to contain any potential catastrophe.
In short they are hoping that people are rational (which they obviously are not) and that the market will find its own equilibrium (which it will but it will undergo hugh rises and dips).
What our policy makers have misunderstood is that speculation in lifes essentials will bring massive suffering, leading to increased crime and it will destroy the fabric of society.
I hate government control myself but there are a few places when it does make sense - i.e. see the German system for housing and how they control speculation.
HAL
My questions were rhetorical.
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Blame the forecast on the Reuters report posted on the opening post.
As they would say in ancient Greece, don't kill the messenger if you don't like the news.
NEW YORK (Reuters) - The anxiety level on Wall Street may escalate next week with several indicators due on the housing sector and a Federal Reserve meeting that most agree will end with no change in short-term interest rates.IMO, any rally we get will be short lived as nothing has changed and credit is still constricting.
Largest point gain for the opening minutes in history???
FTSE 100 (FSI:^FTSE) Edit
Index Value: 6,174.70
Trade Time: 8:05AM
Change: Up 44.10 (0.72%)
Prev Close: 6,130.60
Open: 6,130.60
Day's Range: 6,130.60 - 6,180.50
52wk Range: 5,467.40 - 6,451.40
Come on, own up! You've been saying this for years.
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Q10 Mr Fallon: One uncertainty you have not mentioned particularly this morning is house prices. How concerned are you, not just by the continued growth in house prices but the current level of house prices?
Mr King: As I said, I think my concern is about the level of asset prices in general, not just one particular example of that. That does carry with it, I think, the implication that the outlook for demand is stronger than many people thought. When we last came before you, even in the late spring, there were still many people who doubted whether the UK economy had really recovered from the slowdown in 2005. We are now seeing four successive quarters of pretty steady and buoyant growth, so the economy clearly has recovered, and I think it is no accident that that has gone along with rapid growth in money and credit which has helped to underpin the level of asset prices. These, therefore, are things which we have to take into our judgment about the outlook for demand and inflation over the next two years as well.
What, in the name of all that is holy, do they get up to in these meetings? Is synchronised w@nking what we pay our taxes for?
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If you go back to the original post I did make it quite clear that as long as you can afford the repayments and do not stretch yourself, 3 - 4 x wages then go for it.
This kind of advice would be the same if prices were 50% less than what they are today, Anyone who takes on more than they can afford will get stung,No matter how the market is..this is not what I am talking about.
If you cannot repay £50,000 it will be the same result as not being able to pay back £100,000.
As for advice in general I wonder how many have held out buying since this site first launched after taking some of the advice/Guidance on here, I could dig up a number of posts, Those are probably still renting having thrown ££££ down the drain and now looking to mortgage some 30% more in order to get the same property.
The truth is nobody can predict a HPC and so on that note really there should be nobody giving any advice.
There are many here with VI, I know two bears down the local pub, Every week there is going to be a HPC according to them, The reason they both left school went to uni, did a master and both got top jobs £50k + a year. Both own their own homes, nice lifestyle etc
Then there is this guy I knew from school, left with not a single qualification bought a few houses back in the late nineties, Sold them all off last year with massive profits, set up for life.........Now these 2 want a bit of it or work until their 60.
My advice be your own man and do what you think is best and what suits you not others
My advice would be to take your own advice.
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Thing is guys, I got my home and only a very small mortgage and like other posts in the past have said the market looks more bearish at the moment, But it has on a number of occasions in the past and then suddenly picked up again.
I am not one of these who says that prices will rise forever and ever, But many give me the impression that suddenly they expect that dream house to suddenly be 50% less than today.
Its just not gonna happen and thats what I have told a work colleague, He wants to buy in a very established area on this particular avenue....Looking back only 2 houses have been for sale/sold there in the past 7 years (1 2000 , 1 2001) they very rarely come to market.
Last week one was put up for sale, I know the history the family are moving abroad, My mate does not know what to do, If he does not buy then there may not be another for a good few years, if he does buy and prices crash he does not want to lose that way either, But I have told him that if he intends staying there for the next 10-15 Years at least then go for it and do what I said in the OP and buy a second home during a possible crash.
I personally don't think that a house like this would be hit greatly in any case, a few weeks back someone posted london prices during the last crash and certain affluent areas were not affected.
Am I right that during the last crash prices dropped 30% on average, I seen the chart somewhere.
IQ of about 110. Leave the thinking to others. Concentrate on developing your reading and listening skills. Good advice and cheap.
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Next week on the markets may be dire,
then again, of course, the markets may go higher,
if you repeat your forecast each and every week
eventually you will no doubt prove that you are 'reet'
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Why do people on here keep complaining about 'boomers'? The way you lot carry on you would think we engineered a house price boom. Most of the boomers I know despair of their kids being able to get on the housing ladder and have a decent life without a huge mortgage.
The boom has been caused by people who are greedy and people desperate for security. Owning half a dozen houses seems to give some people this. Buy to let has been the biggest problem and many buy to let landlords are not boomers. The ones I know are just basically selfish idiots who think they are a cut above everyone else and who think they have a sort of God-given right to rise above the flotsam.
Allowing one person to acquire a portfolio of 20 houses forcing 19 others to rent - well it's always amazed me that you lot have not revolted. A swingeing tax on multiple home ownership is required.
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Don't think so. The BTLs would just put the rent up to cover the tax. Perhaps then this would make it look even better to buy?
They can't put them up now. What makes you think BTL's can just put up the rent? I've been paying the same rent for 4 years. Many BTLs are highly geared and have no back-up resources. If second homes get taxes they'll sell up in droves. Which is why, of course, they won't be taxed.
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Nothing is going to happen - there will be no crash! I really do think the UK will escape this one. It feels horrible to be disenfranchised. My wife and I earn £50 k per year and we live in Coventry - we are probably some of the best paid people in the city. Even that is not enough to buy us more than a terraced house in a sink neighbourhood! We always said that we would by a house before we had children because we wanted to give them stability. Now we are resigned to the fact that we will never be able to own our own home - all because of baby boomer greed! We now agree that we will rent and have kids (and risk being evicted at three months notice by the LL!)
We will be a generation of renters whilst our parents will be the last generation of OO's. I love my parents but as far as I'm concerned their generation deserve to piss into plastic bags and have long lingering deaths for the way they have selfishly raped and disenfranchised their children! YOU REAP WHAT YOU SOW.
Hmm, that's funny - I'm a baby boomer and I don't recall taking any actions to 'selfishly rape and disenfranchise mychildren'. I'm inclined to react by saying 'what a puerile load of ******'. You obviously haven't observed that many middle-class, boomer parents take equity out of their own house and give it to their children to help them get started. Some stand as guarantors on their children's mortgages etc. I am not at that stage yet with my children, but I seem to have spent a small fortune raising my children and will help them in any way I can to get on the property ladder.
You seem to have come to some sort of madly rash conclusion that each baby boomer has somehow worked in concert to orchestrate the huge rises in property. Next you'll be saying that the boomers somehow organized 9/11 to get global interest rates to a 50 year low so that their property prices went up.
Three things have driven this.
1) The obscene growth in BTL. Any rational government should have seen what was happening and taxed it into oblivion.
2) The loss of faith in pensions - largely caused by Gordenron Brown's £5 billion annual raid on our pensions and, again, by the global slump in stock markets following 9/11
3) The media obsession with property.
It's why I think, ultimately, a crash is unlikely - at least any time soon. For the average Joe their property represents the ONLY real accumulation of wealth they will ever make. The fact is that life is hard and saving almost impossible for many people. The obsession with property is not going to (easily) go away and, therefore, people will continue to borrow big sums of money to finance their next step up the ladder.
The only way you lot will stop this madness is if you organize yourselves into a group and refuse to buy property. If you refused to rent as well and went home to live with your selfish parents - you could actually orchestrate a crash - in a way that no amount of baby boomers could ever orchestrate a boom.
But, of course, you won't do that. Your generation seems to be content with sniping and binge-drinking.
Posties Want 27% Pay Rise
in House prices and the economy
Posted
Isn't that fat, useless lump of lard supposed to be a socialist? Worst of the lot of them. The ultimate hypocrite.
The only good thing is - I don't imagine he will live long enough to draw his pension. Fat boy heart attack or stroke a racing certainty.