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Frank Hovis

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Everything posted by Frank Hovis

  1. Unusual conclusion: Letting house prices fall is a rather neater solution, and buying houses now should carry a governement health warning (rather than a scheme to help people enburden themselves with unrepayable debt).
  2. There are still lots, but only in the state and semi-state sector. I have one. What are people's rules of thumb? Mine is house plus sufficient savings to live comfortably by taking a 2% income off them is fine to stop work if I so desire. I've often heard 1% but it's only needed until the pensions kick in so some real terms loss of capital is acceptable.
  3. People who have never saved so don't manage and monitor their own investments have IME a very unrealistic view on how much money would be enough to live on; £100k seems to be about the mark so your mate looks relatively cautious!
  4. Well, I think this one was nice. She charged below market rents (20% / 25% below) to people she liked and she was actually a bit peeved when I left after six years even though I was relocating 200 miles away.
  5. Yep. I rented for six years from somebody who had been a landlord for years, she was very professional and not remotely like these BTL chancers who keep whining about being regulated because they don't do a proper job.
  6. Usually they are boarded up because the developer is unwilling to invest substantial demolition costs into a site until they have planning permission for something that will make them a profit. One I heard about down my way had been bought by a band of locals thinking that they couldn't lose with property, as people do They admitted that they could not afford the extra money to demolish it and had been relying on a developer buying it off them at a tidy profit.
  7. The future of hotels here is in the chains like in the US. There will remain a market for niche ones (top end / bottom end) but the mainstream with their old expensive to maintain buildings can't operate economically any more. They'll charge £90 - £100 and be mostly empty as people can pay £50 - £60 at a perfectly good chain hotel with plenty of parking. It's not just Blackpool with loads of empty hotels, there are plenty in the SW too. Generally why they're sitting boarded up down here is that they're all penidng conversion to flats and the banks aren't lending on these developments becasue of the number of unsold "luxury" flats already clogging up the local estate agents' windows.
  8. Older people are ideally suited for supermarket type work, I see a lot who IMO are already past pensionable age happily working on. A senior finance guy I knew went to pushing trolleys around the carpark and really enjoyed it, he didn't need the money. For younger people supermarkets with their low wages and zero hours contracts are a road to nowhere, which is not a problem when you're 65. A friend in her early 40s has always earnt in the 30k - 60k bracket, the salary varying depending where she's living, she has debts, zero assets or pension, and because she usually does temp jobs (of preference) can sometimes find herself out of work for a few weeks and has to get straight down the dole office for housing benefit and JSA or she won't be able to eat or pay the rent. Whilst it's wrong to say she has nothing, she has good life experiences and is generally happy, in financial terms she's in the same position she was when she was twenty. She's the type who would say that money is for spending but with the current cost of housing she doesn't has much to spare anyway. I am too far the other way (money is for hiding under the mattress) but could in theory retire tomorrow (but don't intend to, want to be extra secure) despite having only worked a couple of years more than her, and because she was much longer in London we've probably earnt about the same. I've never talked money with her, that would be a good way to end a beautiful friendship.
  9. Maybe he's a secret HPCer. I recall Gordon Brown being repeatedly portrayed by the media as a bit tight and forever banging on about prudence, well they got that right
  10. Sounds fair enough. I'd rather pay £300 than have a septic tank (that's not rhyming slang btw). Private sewer systems cost about that in service charges IIRC.
  11. Name and credit the presenter then Bruce. I always assume that being Nationwide's economist is some kind of community service punishment for coming bottom in your year at college. "What you do is you go out there and talk about mortgage affordability. Just that, affordability. Do not under any circumstances enter into a debate about the level of house prices or you're sacked. Don't try to hold onto any personal credibility as you lost that when you signed up here."
  12. Cowsh1t Lane, Golant, Cornwall http://www.salon.com/2000/06/01/england_3/
  13. I took the proposition as being that you lose the franchise, rather than somebody else getting their vote. It makes everybody else's that little bit more important but nobody's getting a block vote.
  14. For five grand I would have thought pretty much everybody who isn't either rich or hugely idealist would do so and we would be back to pre-universal franchise days and rotten boroughs. I used to not vote on the grounds that my vote would make no difference, and now that LibLabCon have coalesced I think it makes no difference again, but I do now vote as long as there is any other candidate on the ballot, if it's just those three I vote but spoil it.
  15. Only it hasn't made them rich, they have to sell their home to do that and don't want to. Not because they're all money-grabbing cackling hand-rubbing Mr Burns but because they have their garden how they want it and like their neighbours. I don't see how these people are being seen as the enemy here? The enemy is: Carney Osborne BTLers Second home owners And not your granny.
  16. It's ok as a bed for the week if you live outside of London and stay up, but for that price you may as well book into a Premier Inn. I noticed lost of budget hotels last time I was up in the City, and stayed in one, that seems an ideal solution to anybody who just wants a bed for the week.
  17. Yes, the thread did drift off somewhat. There's a hell of a lot of boomer bashing but I don't see how somebody who bought and lived in the same house for 40 years is in any way responsible for HPI or should be forced to sell up because the notional value of their house has rocketed. It would equally make no difference to them if the price now crashed out, they'll continue to treat it as their home and just live in it.
  18. I worked at a council that did similar, though smaller numbers involved, the reason then (I don't know if it applies in your example) was: They wanted to change the structure. They knew who they wanted for each new post. They knew who they wanted to get rid of. This was all going to happen anyway. So they included everybody in the roles affected into the at risk (or whatever it was) category, and went through a series of consultations for the new structure, which came through "surprisingly" unchanged from the first one issued. Then they had a process of intervieiwng for the new posts (farce) then they told people who had new jobs and who was out the door. This was about IIRC 20 people and they actually gave the push to about five, some of whom were indeed useless but no more than the people they kept. Faces fitting and all that.
  19. These big sites have typically a three year timescale, funded by selling as they go. If they can't sell then they'll stop. Why do you think "private developments by the current big developers probably aren't"? That's where the vast majority of the building is coming from, social housing is expanding but is a fraction of that.
  20. Well nobody on here is going to buy them now obviously, we're not stupid. But we need some people to do so to keep the cashflow going for the builders so that they can do more building to increase the supply. If that is with bank of mum and dad, help to buy and liar loans than so be it. It keeps the supply of new builds going and come the crash (starts second half of 2015 IMO) the higher the supply the bigger the fall.
  21. Hmmmmm.... I've dealt with their corporate side for about 8 years and in that time they have got significantly worse at sorting things out because the client relation managers (or whatever they're called) have been given significantly more clients to deal with and are now under a vast amount of pressure, you can see the health effects when you meet them. I don't expect a rush of sympathy for them but their job has gone from a reasonable well-paid number to a stress-filled nightmare; I quite fancied it myself at one stage but wouldn't touch it now.
  22. Cue flood of decent sized homes onto the market, especially if there is a hint that this is a temporary measure: http://www.insidehousing.co.uk/regulation/cih-%E2%80%98axe-stamp-duty-for-older-people%E2%80%99/7002253.article
  23. I've posted here before about the shortage of building materials that's happened over the last six months, and here are the figures coming through. It's still not enough but it all helps to increase supply. The two big builders that I know about are all systems go for further expansion and councils (in the SW anyway) are actively freeing up land to make developments happen and relieve the housing shortages in their towns and cities. Add in yesterday's acknowledgement by the BoE that the US rates will start rising in a year meaning UK ones will too (however much they may pretend it's actually their choice) and rather than knowing that a HPC is inevitable "at some time" we can start to pin it down: 2015, after the election is when the first stones of the avalanche start rolling. You'll see it by the desperate "buy now before it goes back up again" propaganda from the VIs as they pretend house price falls have a V shape, when we all know there is a lengthy trough at the bottom. http://www.insidehousing.co.uk/development/house-building-rise-tails-off-in-last-quarter-of-2013/7002242.article
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