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House Price Crash Forum

Scrams

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  1. First of all welcome. I am also relatively new to this and also recieved some strange replies - not to worry! Looking at www.home.co.uk recommended by another here makes interesting reading. I have not covered all parts of the country but have looked at numerous areas. Plugging in Aug 2006 to Jan 2007 - then the past 6 months gave me another view. Prices in many areas appear to be dropping already. Could be many reasons but reflected time & again from those I saw supports a drop. Just a thought - look at the figures for flats - have some clever developers been buying up big old places & converting ? Suppoerted by the first time buyers trying to get a roof ? Cheaper flat prices overall but due to a larger number being sold of properties not meant to be flats? Your thoughts as ever would be appreciated?
  2. It’s a disgrace – reported on the BBC’s web news. Barclays man earns record £22m A Barclays Bank executive earned £22m in salary, shares and bonuses last year, becoming the highest earner among firms in the FTSE 100 index. The total pay for Bob Diamond, head of Barclays investment banking service, dwarfed chief executive John Varley's salary and bonus package. Mr Diamond's basic salary was just £250,000 - with the rest made up of bonuses and cashed-in share options. Barclays defended the pay, saying his division had been very successful. 'Excellent year' The latest figures regarding Mr Diamond's pay were revealed in Barclays' 2006 annual report. The earnings are far greater than those made by Mr Terry Leahy, who as head of Tesco, the UK's largest retailer, had a £4m package that included his salary, bonus and benefits last year. On the other hand, the figure is less than that made by Philip Green in 2004. The owner of some of the UK's largest retailers, including British Home Stores, made £460m back then. Mr Diamond's record earnings come soon after Barclays' posted a record pre-tax profit of £7.14bn in 2006 - up by 35% on the year before. The firm's High Street banking division saw pre-tax profits rise 17% to £1.2bn - boosted by mortgages and savings accounts. Following the results announced last month, Barclays chief executive John Varley said 2006 had been an "excellent year" and that it was "well-positioned for future growth".
  3. Quite - my concern on markets being talked up falsely. Interesting to note the up to date salaries which were also posted - Much as I expected. Genuinely I love Cornwall and could be returning in the future... who knows. My family & friends live there and are very important to me - I have chased a dream here in Australia and it is a wonderful place to live. Offers so much more to make life easier. I would like to continue here but without family & friends its hard emotionally. I had hoped to offer them an opportunity to join me - still my aim. To not have a mortgage certainly eases the pressures in life. I hope the UK can return to something sensible without crucifying too many so the majority can enjoy being mortgage free. Financial institutions deserve to have losses for irresponsible lending. I hope the children of Cornwall will enjoy fairer wages and opportunities to progress in their home county and have the incentive to own their own homes within their lifetimes.
  4. not greener - just different, and sometimes different is more attractive? Sometimes it is a mistake! Applies to most things in life - human nature.
  5. Agree with the vast majority of what you say.
  6. Sorry - new to this - need to find out how to change profile etc. No expert just interested in discussiong the topic and considering other peoples views. Interesting to learn - please bear with a newbie?
  7. As a Cornishman who lived there until 32 and with most of my family still there - it will always be my home. A home I love dearly yet grow increasingly frustrated with. As I said earlier it was my first post - Apologies for any offence given. I have attached below something else I smacked out on the keyboard after being in Cornwall for Christmas. As a St Austell boy I feel compelled to press a few keys. Some 15 years ago whilst working for a St Austell based clay company I was informed by my boss that St Austell was a dump. Needles to say he was not a St Austell boy. I felt insulted and defended my town. Later in my life I became increasingly active within the community in an attempt to improve, where I could the lot for my family, friends and neighbours. Even as hundreds of people were being laid off from my company and the power base removed the lethargy amongst the people remained. I would listen to Matthew Taylor stand up during election campaigns and state that his constituency had one of the highest water rates in the country, highest energy charges and lowest wages and so on – and still the population voted for these wishy washy representatives. Upon obtaining European monetary support they would rejoice at being confirmed as a poverty stricken place. My old company is now owned by the French and will soon employ around 1000 people compared to the 7,300 when I first joined them. I now live abroad where the sun shines and the shopping centers are large, enclosed, air-conditioned and pleasant to spend time in – even the free car parks are covered being built underground to preserve the land and keep the sun off people’s cars! The population here is smaller and the wages much the same as those in St Austell. Here the land is plentiful yet preserved by sensible planning and housing is cheap. In the UK land is at a premium and housing expensive. It is time to stand up and speak out loud. Some tough decisions need to be made and compromises met. Perhaps the people of Cornwall need to decide to turn certain towns into areas for living and not shopping? If St Austell was developed for housing along with places like Bodmin, Camborne, Redruth etc and a large purpose build undercover center built on the A30 land could be preserved overall! 4 towns or one large covered shopping center with free underground car parking with subsidized busses. Thousands of houses are soon to be built to accommodate the growing population. These homes will be built on fields and more wildlife habitats destroyed. St Austell center could become a community for the young with appropriately designed & built apartments at an affordable price. Similarly retirement apartments could be constructed for people with communal gardens and security afforded. All I could see in St Austell recently was a demolition site. The success story was Par Market which reminds me of something I used to see as a child on the BBC representing some gray and unpleasant Eastern European communist shopping center. Where are we going? There is always an opportunity but only for those who seize it. The danger is to do nothing and my old boss will be proven right!
  8. Hello to everyone from a first time poster on this forum. I have been buying and selling houses in the UK for 25 years. Nothing grand just for a place to live and improving my homes with age. If I average it out I would suggest I move house every 5 years. Fairly average I would think. I have always had a keen interest in my investment but can only relate to house prices primarily in Cornwall. This forum certainly shows in excellent fashion through the graphs what has happened to house prices in the UK which I would totally agree with. For me it becomes a degree of inevitability for what is about to happen. I think there will be a significant drop in house prices in the next 12 months. It may take 18 months with clever manipulation by government, Estate Agents & the likes talking the talk but it will happen. This is unsustainable! What is interesting for me currently living in Australia (Cairns) north Queensland is that a significant proportion of people moving here are from the UK and are young, healthy & have skills. 5000 people move to cairns every year. I have an investment property in Cornwall which I rent to the local authorities – it is a fair investment. I also have 2 investment properties here in Cairns along with the home we live in. The return is much the same as that in Cornwall. The property in Cornwall is a 2 bed first floor flat valued at around 130,000 pounds which is around 320,000 Australian dollars. My two investment properties here are valued below AU$300,000 but are both 4 bedroomed bungalows with double garages on a good size plot of land. Very affordable for skilled young Brits! I have two sons in Cornwall both will soon be looking to get places of their own! In Cornwall the wages are very low and the bills high. Houses were once cheap in UK terms but are now ridiculously high. The average house price might be 8 times the average earnings in the UK but in Cornwall the difference is, I would suggest, as much as 10 times. The situation is getting much worse with increased redundancies from the better paying employers. I could get concerned that my sons will never own their own homes – but I don’t! Communications are poor in Cornwall indeed once you leave the M5 motorway you still have an hour’s drive ahead of you to reach mid Cornwall on poor roads. The boom employment time in Cornwall in the summer when the roads get blocked. I bought a 4 bed detached house in mid Cornwall 4 years ago for £120K and sold it two years later for £200K wanting a quick sale due to my moving to Australia - it is now on the market a further two years later for £215K. Not a significant increase yet when I talk to Estate Agents the prices have boomed and will continue to boom. I think more of a crash! I predict two things 1) A continued migration of the young, healthy & skilled for improved living standards. 2) A fall in house prices in Cornwall over the next 18 months of around 20%.
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