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Fairies Wear Boots

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Everything posted by Fairies Wear Boots

  1. But lots of people have bought too small a property or are living at home because rents are too high. Just because we don't have anyone out on the street doesn't mean we have adequate supply. Supply is supply, and if we have lots of single old ladies rattling around in big houses, quite happy and not about to die for another 30 years, it doesn't add to supply. If we have lots of people living in small, cramped who'd like to move up, that'll add to demand. If we have lots of families cramped into small houses, and some old people rattling around in big houses. Granted we don't have a shortage, shortage, but we don't have an abundant oversupply either.
  2. What does it matter? Supply can be generated in more ways than builders having built an excess of them. People overextending themselves and then being repoed will increase supply. I'm sure there will be plenty of cheap slave boxes in the next few years. Nice four bed detached houses close to places with lots of work will still be a luxury.
  3. We clearly don't have an abundance of housing. Sure a shed load of people might lose their jobs and have to sell up soon, but it's not like we've got row upon row of good quality housing sitting around empty. We apparently have 900,000 thousand properties sitting around empty. But where are they? What condition are they in, and if you do manage to track down the owner and ask him if he wants to sell it'll be at market rates. Unless we find the owners of lots of them it's not going to increase supply. True, nearly everyone is housed. But I think if you look at America, Spain and here, the difference is a huge over supply of properties. Our "crash" is going much too slowly for my liking. Our bubble was/ is bigger than the states. The fact that we have been building the smallest sized units of housing in Europe, and not really keeping up with demand, means our bubble is deflating less quickly.
  4. So the 60K Euro property is for real? I know it's not by the sea, in bumfck nowhereville. (I've been to Almeria and the Cabo de Gato) But that sounds too cheap. It sounds actually reasonable for a property. I saw a link to a website advertising two apartments as bank repos in spain the other day. They were asking at least 120K in euros still. Shared pool. Down a hell of a lot, but you would still be paying alot for the land wouldn't you?
  5. I'm not sure that holds. However the extreme example you gave it probably does. If supply increases at todays market value, then there will be more houses out there that you can bargain down a bit. I've only just started my Rightmove area chart. Here is the series so far... 22/02/2011 772 03/03/2011 770 09/03/2011 768
  6. Most of the ftbs buying today have to brave buying a overpriced place in stabsville!
  7. I love it how for some reason Estate Agents decide to reduce a ~ 400K house by 50 quid. "Oooh, I know, instead of asking £410,000, lets ask 409,950!" Bravo, that'll make it sell! I do see some vendors in London (on circa 400K places again) , dropping their price aspirations by up to 40K, in a single go. Which isn't bad!
  8. A diplomatic passport? What? So they can pay no parking fees whereever they go???
  9. I'm sort of half with you, half against what you say. When the credit crunch happened, the BofE dropped the base rate and said inflation wasn't going to be a problem anyway. Rubbish I thought, dropping the base rate increases inflation. And lo and behold the BofE was right and because of the recession, inflation dropped. Now though, they keep on being slightly surprised about inflation, core inflation is bad and it just seems to be inflation, inflation inflation. Even on a world scale, with different places and base rates, it's inflation, inflation, inflation. With some cash in the bank though, it's pretty fcking annoying that we have 5 percent inflation. The other thing is, they keep on going on about if we start to see wage inflation, I think we're about to start witnessing that. There seems some early indicators. Sure, policemen aren't about to to get a pay rise, but the private sector will start hiking in line with inflation. As for the SLS, are they unwinding that? I thought it was like inflation fighting, if things look weak there is no way in hell they will start reversing the SLS.
  10. Plus they seem to drive big tanks. Because fuel is was cheap. I watched a pimp my ride from america once and this girl who worked as a hairdresser (i.e. not that well paid) drove a huge pickup truck (old, secondhand). The tires were massive and for some reason she had accumulated about three spares that were in the back of her boot. The fuel bill must have been double a reasonable little runabout here.
  11. So you reckon that if they let inflation out of the bag, then they will have to resort to big hikes. Inflation is high now, they haven't hiked. I want to know why they can't sit around for the next five years with the base rate at 0.5 percent and inflation running at 5 percent. That's what we will soon have, and our pound is still worth about as much as it was two years ago. Our gilts are still, well gilt edged.
  12. Hike = Crash bang wallop HPC. Seems like prices will slide slooooowly downwards even if they don't raise. I'm bloody well sick of this. Can someone please remind me what will happen if they leave rates low while inflation takes off?
  13. Hang on, didn't Merv say that if wage inflation started to take off it'd be worrying? WTF is he doing!!!!
  14. Well only if you go and stretch yourself, buy at the peak and buy somewhere where there are few jobs. If there wasn't a huge bubble that is hopefully going to go pop soon, owning your own house is a sensible thing to do. Once you've paid it off, you only have to pay the upkeep on it. One thing I agree with Krusty Allslop is, that having to pay 20K to shift houses (i.e. stamp duty) is bloody ridiculous.
  15. Yeah, it's rubbish. Has the OP not seen how many people get stabbed close by? It's best the OP goes and increases demand somewhere else!
  16. Quite. Anyone who thinks the next five years (and then probably more) aren't going to be unpleasant is in for a big surprise. How can the government curtail spending by 150 billion a year less than now without any economic pain is beyond me.
  17. Ooof! I sort of agree with us being in a catch 22. If rates go up, we're screwed. If rates don't go up, with inflation where it is, we're screwed. Seems to me though, that houseprices and spending are seen as all important. They're quite happy to keep rates low until things go bang. Does anyone think they'll keep rates where they are and inflation will drop nicely below 2 percent next year? What gets me is when they talk of rate rises, they talk of such small ones, that real interest rates will be still be well below zero.
  18. How come this is the first time rates have been so low? If you can just whack base rates down low to keep the economy on life support, why haven't they done it before? I don't see how our economy can't not contract soon. The big problem is structural deficit. And they're going to cut it, so that'll be less money entering the economy. -0.6 percent already and they haven't even started. So does that mean they can keep the rates down low?
  19. It's always best to avoid the nutty ones. No matter how long it's been (since the last shag). Mind you going out with an Estate agent could be quite fun though, she'd want you to come home and cheer her up because fck all is selling, prices are falling, and too much stock is coming onto market without any buyers. She'll wonder how you manage to stay so chipper with such a sad state of affairs.
  20. I reckon the government are totally aware how frail the housing market is and will do nearly as much as they can for it not to crash. That's what Shapps wants, that's why we have ZIRP, SMI and queasing. If they wanted to find a floor for the housing market, all they would have to do is raise interest rates to control inflation. Face it, a crash would be bad for everybody not wanting to buy a house. The housing market is going to have to slide despite government intervention.
  21. I reckon it's because we don't have an abundance of saleable, liveable houses. They built stacks of McMansions, we've been building slave boxes and chopping decent size houses into two and haven't been keeping up with rampant immigration. They have stacks of people who can't pay their mortgage after their teaser ran out. That would only happen to someone here if they lost their job (i.e. no teasers, and what people are on now should be at least as cheap as what they started out with). And if you lose your job, in some circumstances we have smi.
  22. That'd be dreadful wouldn't it? These people might not appreciate risk or just hand themselves massive bonuses saying they deserve them. Seems like a load of jobs out there presently. I had one agent telling me he was having trouble finding people for jobs, and that he pays for referals.
  23. It doesn't work that way though does it? Swervin Mervin isn't voting for a cut now, but he acknowledges they'll need to do it shortly. It could be 2-6-1 next month and the month after and then suddenly (unexpectedly) it's 9 - 0. That's my take on it anyway. Although I do look at how many have voted for a rise to see if we're getting any closer. (Because at 4-5, you know it's coming pretty soon).
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