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House Price Crash Forum

downandout

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About downandout

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  1. The Euro features prominently in China's plan for a new reserve currency to replace the dollar so they would say that wouldn't they? Even the 'markets' aren't daft enough to buy into this one are they?
  2. I'm surprised this article received so much attention on this site considering it's conclusions are patently wrong. The supply side explanation was spanked into touch 3 years ago. The writer of the article ultimately disproves his own analysis with the comparison with the Australian housing market. Our housing situation (and therefore to a large extent our economic situation) is a product of our culture and attitude to housing. Planning constraints and tenancy agreements have **** all to do with it, they are merely a consequence. Whilst the Germans were investing their own money in useful education and industries that would provide a long term future, the UK was investing other people's money in housing on the false and naive premise that prices could only go up (probably as a result of listening to people make erroneous supply side arguments). Although the comparison offers some interesting insights, the conclusion should be only that the German attitude to housing is more healthy than ours. Sadly, much of the modern-day German culture and attitude was shaped following the Second World War. I trust no-one is suggesting that we embark on an ill-fated facist rampage across Europe to achieve house price stability? (Notwithstanding that our armed forces are probably not capable of worrying a pony on the Shetland Isles these days)
  3. Hmmm....Greek bailout or vajazzling, vajazzling or Greek bailout. After much consideration, on balance, I think they went with the right choice.
  4. Free market? I seem to remember reading about those in history.
  5. I find your animated avatar quite mesmerising. That is all I have to say.
  6. I seem to recall that a few years ago all the major lenders signed up to an agreement (albeit non-binding) that their standard variable rate would not exceed the BOE base rate by more than 2%. Of course when times got tough, they all reneged like crack adicts. However, I'm sure they will all be desperate to redeem themselves, so, if you believe interest rates are likely to increase significantly, taking the SVR might not be a bad idea compared to the rubish deals available at the moment. This doesn't apply to the 'less reputable' lenders out there who collectively traded under various guises such as 'sub-prime' or 'adverse credit'. If you took one of their mortgages, well, maybe you need to consider whether house ownership was really for you.
  7. The ultimate irony is that the investment bankers were paid huge bonuses to create a situation that ultimately resulted in a massive crash in the value of pretty much everything. This provided the same (or similar) investment bankers with an opportunity to create a whole new bubble by ramping back up the value of these assets, which has of course created massive profits for the banks and therefore bonuses for the investment bankers. We can conclude that nothing has changed, the bankers will be well remunerated for medium term failure disguised by short term paper gains and you can guarantee they won't be doing anything stupid with their bonuses like investing it in the funds they manage. It would appear they are still the 'masters of the universe.'
  8. I know someone who bought a 'holiday appartment/investment' in Bulgaria (Banko?). Paid 50k GBP 4 or 5 years ago, had nothing but problems with the management company of the apartment block and ended up selling for about 20k GBP as needed the money urgently. Investors in the Eurozone have largely been cushioned from falls in prices due to the weakness of sterling. I don't know what Bulgaria's currency has done but will probably be linked to Euro. The fool I know had to sell in GBP though so got completely shafted.
  9. Whilst on the subject of insanity. Anyone know what happened to Bruno? Gone but not forgotten. A little reminder:
  10. Jobless AND ship-less recovery apparently: http://www.dailymail.co.uk/home/moslive/ar...-recession.html
  11. According to the times article on 13 September ...borrowing of "only" £45 million... according to the Mail on Sunday article on 8 September: "Fergus says his properties are worth £180million and that once he has paid off his mortgages he and his wife will be left with a retirement pot of £120million." suggesting borrowing of £60 million a week ago. Why don't they just wait another two weeks and they'll owe nothing at that rate!!
  12. Rightmove was the most shorted share listed on the LSE at one point. It was inevitable the share price would rocket when those short positions started to be closed. I'd be very surprised if it doesn't start to fall again in the not to distant.
  13. To quote Sheikh Mohammed Bin Rashid Al Maktoum: "....But people only throw stones when a tree has fruit." Very profound. Reminds me of Cantona babbling on about seagulls and trawlers.
  14. I can't argue with that. Although the loans that people took out when I was at uni are actually reducing in line with the negative RPI. Unfortunately, I paid all mine off a few years ago.
  15. I think cars, both new and second hand, will get cheaper after the scrappage scheme ends. All it has done is brought forward demand for cars from next year. After it ends prices will drop. My main advice though is DO NOT BUY A RENAULT.
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