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lets get it right

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Posts posted by lets get it right

  1. "If I remember right there was something in the air in around this time 2 years ago"

    Maybe, but I wasn't so interested in the market then, and I certainly didn't know as much as I've learned here.

    However, I don't ever recall so much discussion and public awareness of HPC until these last few days.

    Everything was falling nicely into place in 2004 and into 2005. If I remember correctly 5 base rate rises took rates from their post 9/11 low of 3.5% to 4.75%. Throughout 2004 the brakes went on and, finally, in 2005 falls started to happen properly. I know of properties near me that sold in 2005 for 100k less than their original asking price in 2004.

    But then the pillocks in the BOE decided that we were perilously close to a recession - remember all the hoo-hah in the press about falling consumer spending - don't forget our economy is kept afloat on constant borrowing - and they dropped interest rates in August 2005 to 4.5%. My observation is that nothing happened up until Christmas 2005 but the minute 2006 started - it was as if someone took the cork out of the bottle. Houses that had been on the market for a year sold at full asking price and a big backlog of properties all got sold in the first few months of 2006.

    The three recent rate rises are just beginning to bite (I think). I notice lots of property now seems to be sticking.

    My comments are London and South-East centric - and ignore the nutty Central London market where even ordinary houses now cost quite unbelievable sums of money. Sums that are completely disconnected from the mainstream economy.

  2. Thats outrageous, do you mean to say that in Australia people who chose not to work and prefer to claim benefits are not allowed to come in ?.

    If thats the case, I am going to stay in the UK. Everyone has a choice whether or not to work, and we even allow people from the rest of the world who join us the same rights.

    Australia sounds like some kind of Soviet Bloc, I am suprised that the English would chose to liver there.

    Yes it is wonderful to live in a civilized country like the UK. Surely we should be justly proud of the fact that we have over 4 million people living on benefits.

    Apparently, we have 1 million unemployed so, presumably, the other 3 million must be too ill to seek work. 3 million out of 60 million - it means that 1 person in 20 is ill enough to be unable to work and on benefits. What a wonderful country this is - 1 person in 20 constantly sick and the people that do work are happy to pay enough tax to support not only the poor, sick people but also the huge state bureaucracy necessary to administer the payment of the benefits.

    We are twice blessed.

  3. 86, Tideslea Path, Greenwich, London, Greater London, SE28 0LZ





    That's a 43% drop, in London.

    If you click on the second link, and open the pdf (the book icon) you can see it was sold order of Halifax (ie By Mortgagee), so I guess it's a repossession.

    Sure there are places selling at asking price now, but a 43% drop is not a sign of a healthy market. And there are plenty more of those places up for sale.

    Surely that is very dangerous reporting FACTS that 99.9% of the population would not believe were possible. How can you sleep at night when you could be responsible for widespread bewilderment and disillusion. Take away people's belief in God property, and what do they have left?

  4. I know someone recently threatened by bailiffs for recovery of a limited company debt. They informed her they would come to her flat, force entry and remove everything and, when she protested that no company assets were in her flat, they told her that that was her problem - they'd remove everything and it was up to her to claim to get things back.

    She asked the court for support i.e. some sort of reaassurance that the bailiffs did not have this power - and she got nowhere. The bailiff service has been sort of privatised as far as I can make out and they can do what they please.

    Bit worrying really. I didn't realise we lived in the wild West.

    But, of course, all those living on credit and taking out massive mortgages to move up the property ladder should be aware that when the nice banker wants his interest, and you can't pay, then he turns very nasty indeed. I think a lot of people are under the illusion they are benevolent societies.

  5. Are you sure you meant 'conjunction'. Do you know what that word means!! :P

    Absolutely. It's one of the eight parts of speech.

    A noun is the name of a person, place or thing.

    A pronoun stands in place of a noun.

    An adjective describes a noun.

    A verb expresses an action or state of being.

    An adverb limits a verb.

    A preposition shows a relationship between one word and another.

    A conjunction is a joining word.

    An interjection or exclamation - expresses surprise or emotion.

  6. I think the guy hosting it missed some fairly obvious tricks.

    The twerp from Savills said something like 'Country houses in the Home Counties are being bid up by city shysters with millions in bonuses to spend - and that this will pull the rest of the market up.'

    The obvious response would have been 'How does a city banker with a £2 million bonus bidding up a country house from £4m to 6m have any effect WHATSOEVER on a bloke earning 30k who would like to move up from his 300k house to a 400k house.? How is that guy suddenly going to be able to afford a mortgage that much bigger?

    It's a simple fact that country houses are very often bought for cash, or on bridging loans, and, therefore, have no connection AT ALL with the property market for mere mortals.

    He also let the BTL tossers off the hook. A simple question would have been 'Can you buy ANY property NOW whose rent will cover the mortgage - YES or NO? They virtually admitted that but he let it slip. He mentioned the BTL oversupply in Liverpool and Nottingham etc but they just wriggled out of it by saying 'You have to be careful where you buy.'

    If the guy hosting it (who clearly expects a correction if not a crash) had been a bit more forthright, the whole program could have been a lot more positive.

  7. Actually we were contacted regarding this show, and were going to appear, but we couldn't make their shoot. That's the problem being all volunteers, too many people with day jobs to hold down.

    We live in hope they might still mention us. I heard a rumour Merryn from MoneyWeek was going to be on it so there should be some bearish stuff in there for sure.

    Pity, shame you don't ask your members if they are interested - can make it. I can spout the HPC mantra in my sleep.

  8. Last years SM rout was too short lived to matter. I'm a close London property watcher, and last years SM fall did cause property in London house prices to level over the summer (before resuming there upward march in September as the SM rallied).


    This SM fall is more deep-rooted. This SM correction has the potential to be deeper and more persistant to the last. If this doesn't impact the London & SE property market, then we're all doomed.

    We're all doomed anyway. The only question is - are we doomed to living in rented accommodation all our lives because of the greed of the middle class BTL [email protected]?

  9. I'd hate to say this, but legally they can't do that, they have to make him redundant if his role is nolonger required, but they can't just pay him less for doing the same job. If I were you friend I would take the cash and look elsewhere, if he can't find a similar job for his current salary then that should tell him something, its called market rate.

    Ever thought about becoming an employer? Ever thought about what am employer might be having to address? Like falling margins, increased competition, falling orders. We live in a capitalist 'every firm for himself' economy. Every day someone is offering to do your company's work cheaper and (possibly) better.

    So, what do you do? Carry on paying someone 50k a year until the business goes broke? Or try to salvage the situation by cutting costs?

    People who are employees make me smile. They seem to have no idea how much business you have to do - i.e. how much revenue you have to generate - to make a profit of £60k to employ someone on 50k. If your business works on say a 10% profit margin, you have to 600k worth of business just to pay that one person. And that is without making a profit or allowing for re-investment etc.

    If you don't like being an employee, work for yourself - and find out what hard work is really all about.

  10. Nothing you can do will bring about a crash

    Totally wrong. If every FTB banded together on the web site www.firsttimebuyersunite.co.uk and made a collective decision not to buy property for say 12 months - you will get your crash in 6 months.

    I worry about people like you. Nothing you can do about slavery, nothing you can do about female emancipation, nothing you can do about kids going up chimneys, nothing you can do about a generation priced out by greedy property investors.

    Actually, there is something you can do about every situation. But it involves not being a defeatist.

  11. my girlfriend and her siblings went without many things from 1989 to 1998 while their mother struggled with negative equity and onerous mortgage payments.

    The tragic thing is, her mother and her brother, who both suffered as a direct result of this, now both lust after property as an investment.

    It's not tragic. Unless society somehow changes so people help each other and everyone gets a fair chance to have a decent life, it is human nature to want a way out and up. And 99% of the population think multiple property ownership is their ticket to security.

  12. I think this should be a lesson to all that Socialism, albeit a watered down version is in fact an extremely dangerous evil that can get out of hand very quickly. Can anyone imagine where we will be in 10yrs time if we dont get these people out of office ?.

    Cast your minds back if you can to a day when every working man had the opportunity to own a house, get married, have children, and live out their lives in peace and security.

    This Government are the evil from within, under Thatcher 500 new laws were created during her term of 18yrs, New Labour have created 6,800 new laws in ten years!!!.

    Family life has been eroded to nothing, and now they are attacking the individual, No Pensions, Work till you drop, removal of employment rights (Read the small print, employment act is worthless).

    This country has gone to the dogs, its going to take the British Bulldog Attitude to remove these scumbags and get this nation back on its feet, to hold its head up with pride in the wider world, and begin to reward those who have worked so hard to protect it.

    And the present government have what, precisely, to do with Socialism - watered down or otherwise?

    No system is perfect but one with starts with the concept that the market will decide all and provide for all is an inevitable recipe for a society of haves and have nots. At least one that starts with the idea that there should be equality of opportunity for all has a reasonable basis although, heaven knows, no-one seems to have managed to get it work on any sort of large scale to date.

  13. [quote name='Leodhasach' date='Feb 22 2007, 10:29 AM' post='560197'

    Everything else in the country is pretty much the same as if the Tories had continued in office.

    Wrong. If the Tories had continued in office we would not have best part of a million more people working in the public sector. People whose wages and pensions we will be paying for generations. People that it will take a generation to get out of the public sector and back into the productive part of the economy.

    We would not have had Gordon Brown's 5 billion a year raid on our pensions.

    We would not have unlimited immigration depressing wages.

    We would not have seen the absurd growth of M3 and M4 money.

    We would not have had the slow but certain dismantling of our democracy as, for example, 70% of jobs in the North East are now in the public sector. Turkeys will never vote for Christmas.

    We would not have had levels of corruption never seen before.

    We would not have had income tax personal allowances frozen for 10 years which means every tax payer is paying a lot more tax.

    We would not have had a government that, over the last 10 years, has increased total tax revenues from 47 billion to 167 billion.

    We would not have had a government that would allow personal indebtedness to spiral. It took hundreds of years for borrowing to reach 650 billion. It took this lot 10 years for it to double to 1.3 trillion.

    We would not have had a government that has basically introduced one new law for every day of its (almost) 10 years in office. They say 'ignorance of the law is no excuse' - how could anyone keep up with this legislation mad bunch of fools.

    The Tories were not perfect.

    But this lot are the worst thing any government can be - plain incompetent.

  14. I thought the Jan rise would do it - and create similar conditions to the beginning of 2004. Taking my son to school after Christmas I noticed a block of flats with 5 For Sale signs outside. Ahh, now we'll see some fun I thought. If you were in the market to buy, you'd look at all 5 flats and knock the price down to find the most desperate seller.

    Taking him to school this morning - there are 4 Sold signs up now. The vendor of the fifth flat is obviously not going to sell for less than they think the other four got. So, any downward pressure on prices seems to have evaporated.

    People still seem to be finding the money somehow.

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