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Fairies Wear Boots

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Everything posted by Fairies Wear Boots

  1. I've moved 'out' to south East London. I could afford to buy a house. I live in a nicer part of close in South East London. The transport is rubbish. My mate who lives out in New Eltham (which is further out) can get to work just as quick using public tranport. I have seen terraced around here that were selling at 275K in 2003, advertised for 675K. The interest rates were about the same in 2003 as 2007(weren't they?). Buy now and I'll be paying a shedload for 'rubbish' South East London. That's what gets me. We all talk about demographics and trends, and yet in 2003 you could buy comfortably here before it bubbled. Everyone in London hasn't suddenly become more wealthy than 2003. In fact it seems like we are getting poorer.
  2. I stole this from the Thread "Telegraph House prices falling faster than in Spain" Last October, I pointed out in this space how the top and bottom ends of the housing market were diverging, with prices in the capital continuing to rise despite falls elsewhere. This is creating a ‘Manhattan-on-Thames’ effect where younger residents are priced out of property ownership, unless they are extremely rich. Evidence of the widening gap between generations of Londoners can be seen in research by Key Retirement Solutions, which found that people aged over 65 now own more than 16 per cent of all the housing wealth in the capital. How come London is managing to stay up? Sure, people earn alot more, but house prices are on average double (?) what they are in the rest of the country. Therefore we shouldn't be immune. London doesn't seem immune to cuts, I've heard of them going on at quite a few places. e.g. NHS positions, government departments. What will get the London HPC going again. Excuse my impatience. But I am!
  3. The indexes dropped 20 percent. Most excellent. Before the crash, one thing that was pointed out on here was our housing market either boomed or crashed, with a lull before taking off again. So why should we have a soft landing at a "permanently high plateau"? Given the sick state off the housing market and the second leg down having started, I make that Soft landing theorists 0, HPC 1.
  4. Have you been drinking? Is that really a serious question?
  5. I'm, with Paddles. We had 10,000 members on here and 3 times as many people reading the site before the credit crunch happened. I doubt in 6 months time there will be 500,000 people signed up to the Australian Buyers Strike. Be nice if there were.
  6. I was thinking that. I know of one BTL philanthropist subsidising his tennants, while topping up their rent with money out of his paycheck. He was hoping for 15 percent capital appreciation when he bought his one and only BTL in 2007. Ooops!
  7. Here comes the austerity! I think that was why the dead cat bounce was so bloody annoying. HPCers could see the big picture, and the economy was holed beneath the water line, and we had lots of members of the public thinking they'll sort things out soon and it'll be alright. Public spending cuts were always on the horizon. How could people be so stupid?
  8. "Inflation with low base rates and homeowner bailouts is the policy...". True, but as a person wishing to buy in London, I should have done it in 2008, as I held off, and have still being paying rent since then, I feel I should now wait as there looks like more nominal falls are on their way.
  9. There is no way they can maintain a 5 percent margin. They haven't got much take up of their fix rates deals at present. I'd agree with them creeping up a little, but not a lot.
  10. I agree with this, the signs have always been that HPC has been right. When the dead cat bounced extremely high and for way too long, all the fundamentals were still that house prices were way too high. Though the way this crash is panning out, we're not going to be saving that much unless we have some stonking falls and some rate rises. People who were not stretching themselves maybe should have bought in 2007. I've been getting stuff all interest on my savings, paying rent, and missing out on pitifully low interest rates. I could have been paying off lots on the mortgage. I'm still quite hopeful that ZIRP will bite them badly in the ass and that interest rates will have to be raised significantly. With inflation always being "unexpectedly" over target I suspect this might still happen. It seems like we're still on for reasonable falls with ZIRP. Fingers crossed!
  11. Injin also said under a fiat monetary system. So great depression and earlier don't count.
  12. I downloaded from the link and it was a link to the "HPI report". I think I might write to them and point out their mistake in labelling.
  13. Well someone said prices have been going down for nine months. Joe Public doesn't seem to have realised, but even with the BBC not spelling out the obvious, the people will wake up. I haven't really seen anything in the media going, "house prices seem to be trending down again". You see things like "fell last month, but still higher than a year ago." Not any more!
  14. When people see that prices are going down, that should have a snowballing effect. Nice to hear that London isn't immune.
  15. Too right! Osbourne is a numpty. But at least tory party doctrines wouldn't allow borrow and spend in a boom. OK, the tories are numpties too. Debt is good is Labour rubbish. It seems to me Grant Schapps doesn't want falling house prices any more than the other lot. What the hell is Schapps doing then? We still have ZIRP and over target inflation, housing ministers who think lending people with little money their deposits is a good thing. The only thing the Tories are going to do is aggressively cut the deficit. That just might bring on leg2 of the HPC (in london). But falling house prices will be an unwelcome side affect for the coalition.
  16. Mine went UP at least ten percent, and I went from no no claims bonus to one years no claims bonus. Was hoping my premium would go down. Used comparison sites too.
  17. Because it is the nassssty tories making the cuts? Just been having an argument (facew*nk) with somebody who reckons the cuts are all the nasty bankers fault.
  18. It still means though they have stopped targetting inflation and are now in bail out savers mode. Or do you think inflation will return to normal without the BofE doing something?
  19. I just read this, from a link taken from the news box on the front page of HPC. Research from Arbuthnot shows that the real UK base rates "should be" about 6pc, compared with a current level of around -4pc, based on their average level between 1993 and 2002 of 3.5 percentage points above RPI. My link I was having a it's not fair moment.
  20. Yes I did. And what happens if they do it again? I can't believe they're actually thinking about doing any more.
  21. No. I shall sit on the side lines going "it's not fair". So is the first lot of QE keeping prices up? I suppose in one way it is, because the banks didn't go bust. Apart from that, it seems to me that ZIRP and SMI are keeping the house prices up. What will another round of QE achieve? Will banks have more money to lend? They seem to have stuff all after QE1. 29,000 mortgage approvals last month. This thread has the "they will inflate our debts away" theory strongly at it's core. I didn't think they could do that without trashing our currency, which would be alot worse than our housing market collapsing. I have started to think that maybe some strong inflation would be a good thing. If inflation kicks off (even more so), we will have rate rises, nomimal falls, cheap houses, and inflation to inflate the debt we owe on houses bought at somewhere near the bottom, away. There's only one problem with this, BTL scum might be able to work that out too.
  22. Yeah but as soon as you say that, they'll show you some working class kings cross resident whose parents lived there all their lives, with some sort of huge disability and they'll ask how can you possibly ask poor Johny to fck off and live in Tottenham. I agree with you though, it's a joke that people have to commute to work, so soap dodgers can do some inner city living.
  23. I don't see how the government cutting back spending by x billions cannot slow the private sector. There's all that cash not being thrown into the system. Except for the increase in welfare and HB payments.
  24. If it's 30th percentile, it's 30th percentile isn't it? I'm imagining that this is the start of the government cutting down on HB payments. As the government has to cut spending, I see them favouring reducing HB and if rents come down and therefore the 30th percentile comes down even further, that will be a good thing. I think they'll prefer that than freezing wages and making people redundant. I could be wrong. But a comfortable life on benefits doesn't really seem appropriate in an age of austerity.
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