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kilroy

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Posts posted by kilroy

    A Wind Up Or Mumsnet Platinum?

    in House prices and the economy

    Posted

    I know it is a different world, a different time in history, and a different circumstance, but allow me to tell you a small tale.

    I grew up in apartheid South Africa, part of a generation which "inherited" the situation, even though times had moved on and everybody could see the writing on the wall. Dismantling was definitely on the cards, it was just a case of "when"....We had migrant workers, which would live with "us" for the week then travel home for the weekend.

    Anyway, I'm getting lost...

    So the usual was "convert your garage and the maid could live there." As far as I remember, this practise was outlawed due to a version of health and safety, and thus everybody got on the bandwagon and built little granny flats in the backgarden for workers. This worked out well...

    it was in no way an idyllic situation, but I do find it quite odd that someone wants to sell me, for a quite sizeable sum of money, accomodation that the apartheid government deemed 30 years ago was unsuitable for oppressed people to live in.

    And they're doing it with a straight face...and still wondering what is wrong with the situation

    I hear talk that some of us live in barns now too. How "quaint".

    (and for a bit of comparison, the granny flat our maid lived in FOC was twice the size of the pad I'm bringing my child up in today). maybe it is kharma, or maybe it is the UK government and their incessant fiddling with a housing market that isnt a market whatsoever.

    edit: just want to do some inline replacing of words..

    where I say "maid"..you can freely replace that with "live-in childminder" or "live in au-pair"..she was probably my best friend growing up..and she *was* my grandmothers best friend for sure. Such is farm-life.

    where I say "granny flat", feel free to substitute "outside home office", "garden cottage" or similar..I dont shop at M+S so I dont talk posh either:-)

    You can always buy an old pig sty for best part of a million....

    http://www.rightmove.co.uk/property-for-sale/property-33683529.html

    Landlords To Blame For Britain's Rising House Prices

    in House prices and the economy

    Posted

    Saw a lecture by him at Leeds Business school a few weeks ago. Very good. You even get the chance to chat with him after the lecture over wine and nibbles.

    All free. This one was sponsored by the FT.

    There is another one I'm interested in this week that I might go to. Frank Field at York University on welfare and 'austerity'.

    ooh, I do like Frank Field. One of the only Labourites who it appears can actually do sums....

    What Are Other People Seeing That We Don't?

    in House prices and the economy

    Posted

    This new disturbed me last week.

    http://motorhomeandcampervan.com/double-digit-increase-new-caravan-sales-new-motorhome-registrations-2014/

    "Double digit increase in new caravan sales and new motorhome registrations during 2014"

    http://www.bbc.co.uk/news/live/business-31038924

    "The National Caravan Council says new motor home registrations increased by 18% to 8,733 in 2014, while sales of new touring caravans increased by 9% to 21,379. Younger buyers with families are entering the market, they say."

    WFT!!! Have you seen the price of those vans ?

    Cheaper than a house....

    Why Do Millionaires Dodge Tax?

    in House prices and the economy

    Posted

    In the well-attended thread "Why do millionaires still work?", perhaps the most popular answer was that they do it because they like the work for its own sake; that it helps them not turn into slobs, etc.

    Very well then: why are they so often discontented with the admittedly unnecessary money that accompanies said work, to the point of resorting to endless schemes of tax avoidance or evasion (all the same for the purposes of this OP)?

    Off you go.

    I think a better way to phrase the question is "why doesn't everybody avoid tax?". That way we can start looking at someone earning 10k on PAYE vs someone earning 10k as a self employed person and work up from there, instead of going straight for the "millionaires are insufferable pricks" line..........

    West Bromwich Building Society's Increases Interest Rates For Btlers -- Merged Threads

    in House prices and the economy

    Posted

    wow, complains that one term wasnt honoured and thats that. As for the "term" of the mortgage, I agree laymen would think it was for the full 25 years.

    There was another term qualifying the term he relied on...the Court decided that that term was fair in the context of a professional borrower and was fairly applied.

    Whats to appeal?

    Anyone have a link to the judgement?

    Is Prime London Crashing? - Merged Threads

    in House prices and the economy

    Posted

    Forever HPI is a natural law, like gravity.

    Get your facts right.

    Well u know... worst case scenario my £400k 1-bed flat in kennington will just increase its value to £600k in 5 years' from now. I can spend £10k in some new IKEA cabinets for the kitchen, a new shower with Hansgrohe mixers and some fancy new wood flooring for the living and bedroom, and that would easily add up another £50k to the total value... so if I end up selling it for £650k it is a £240k profit in 5 years. Not too bad, don't you think?

    That is the the total catastrophic scenario.

    Still better than renting, and ending up living in a cage in Poplar like most of you.

    What will you do with your profit when you sell? Most people will upsize to 2 bed or maybe a house when kids come along. In this circumstance, I suggest that your £240k "profit" becomes part of your vendor's even bigger "profit", who in turn passes it up the chain. Unless of course, you intend to downsize to a bedsit.....

    Forex Trading Website Disappears With $1Bn Of Clients Money

    in House prices and the economy

    Posted

    Is somewhat disturbing that the people who get reeled into these things are usually doctors or similar. If access to my money was denied me, and stuff like this being the excuse...

    It cited issues with the U.S. Foreign Account Tax Compliance Act, which is a Treasury Department rule that applies to U.S. citizens using foreign accounts -- a law that was irrelevant to Mandal, who’s a U.K. citizen.

    I'd look into what that law actually is. Frankly if I was registered with this doctor, I think i'd look for a new one.

    Doctors are perfect for this type of thing, earn good money but have little time for due diligence.....

    More Pension Freedoms To Be Set Out By Treasury

    in House prices and the economy

    Posted

    Are you suggesting the unfunded pension "pots" of the Public sector are also available for withdrawal?

    Wouldn't surprise me if George only allowed it for defined contribution schemes i.e. if you want to withdraw from a defined benefit (DB) scheme, you first have to transfer it to a DC scheme. It just so happens that this also transfers the DB risk from government.....pretty smart if true

    Sorry, But Your House Is Now Worth £0

    in House prices and the economy

    Posted

    Its a bit steep to say the least but I cannot see the houses being worth nothing. I reckon the £0 figure in that article was how much the lender was prepared to lend to that particular person. Probably mew`d up the hilt already.

    Depends on how the valuation is done. On a cashflow basis, If the ground rent is more than the rent you would receive then the present value of the cashflows would be negative, thus the valuation is indeed (or should be) negative......

    More Lambs To The Slaughter.

    in House prices and the economy

    Posted · Edited by kilroy

    "If you decide to sell the shares you have accumulated in your home,Genie has the right of first refusal to buy them from you,however Genie is not obligated to do so.If you cant agree a price with Genie,you can put your property on the open market,at either THE ORIGINAL PURCHASE PRICE OR THE MARKET PRICE -WHICHEVER IS THE HIGHER.

    hmm,so in other words if house price fall and you want to sell up Genie gets first dibs on the share you own,but if you wont agree a price you have to market at the original price or the market price IF HIGHER,so if prices have fallen the minimum you can market for is the original purchase price.So once these go into negative equity (first day) you wont be able to sell on the open market.No doubt Genies valuer will be prudent and value at the bottom end.Agree to our valuation or be stuck.

    "Sue me..."

    Soaring Pound

    in House prices and the economy

    Posted

    As I am often saying, a long term strengthening currency is GREAT!!! for exporters and for everyone else. Didn't stop Germany and Japan becoming exporting powerhouses.

    Forces companies to up their standards.

    Brings down import costs.

    Hurts short term.

    As we continually depress our currency we eventually become Italy and let inflation run rampant and... we become Italy. Great,. :mellow:

    Not to mention it makes UK property more expensive to foreigners.......

    The Great Property Race, Bbc1 Fri 11 Jul

    in House prices and the economy

    Posted

    Linky for those who missed it : http://www.bbc.co.uk/iplayer/episode/b03tqzqt/inside-out-london-the-great-property-race

    Very interesting - especially the comment that the Chinese investors would dump their investments if they saw even a 5% drop - London is hanging by a thread IMHO.

    We mustn't forget the gbpusd exchange rate which has moved from 1.50 to 1.70 over the past year. This has made London property increase a further 14% when expressed in dollars.

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