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About Me

Found 5 results

  1. The misgivings on here continue to seep into the mainstream (at least in the USA): https://www.linkedin.com/feed/news/millennials-overspending-on-homes-2039290/ Plenty of evidence in comments that its not so much how you are positioned re property and land, but rather intelligence and financial literacy that determines how much people 'get it'. Some who have done extremely well openly admit how ridiculous the situation has become and the risks of such frothy prices. Particularly tragic are the comments from FTBs who fully understand the horrible risk they are taking, but feel they have no choice in the face of obscene rents. "People are doing risky things to try to get out of the renting trap. Rents that would have previously been $400 are now $1000 in my city, and show no signs of stabilizing. " A couple of days ago even my "Rent is dead money" mother in law conceded that we cannot be sure that buying now and foregoing almost all else is the best course for some youngsters. This is someone who has previously got very angry at any expression of doubt about buying property at any point at the cycle. A major milestone in our family.
  2. https://www.nytimes.com/2017/02/10/upshot/popping-the-housing-bubbles-in-the-american-mind.html?smid=fb-nytimes&smtyp=cur&_r=0
  3. EAs must be feeling the game is close to up now with mentalist asking prices and volumes in the gutter. There is a feature on Rightmove 'send to friend' where you can email a property listing to a friend and leave a comment. Supposedly for the plebs to write "Look at this one darling, I've fallen in love with it!" My assumption is that the listing EA gets a copy of this message as a gauge of interest in the property and awaits the contact from the overly interested customer to ream appropriately. I've been emailing choice listings to a made up email address with some well chosen words regarding the asking price: "The Fat Fingered EA typed another 2 infront of the price here! Idiot." "Increased by £30k yesterday, reduced £30k today and now showing as reduced. EA outright lying. Desperation is palpable." "This Agent is going hungry again this month. Price to sell, idiot" This approach is designed to hit the EA personally whilst they think they are getting a sneak insight to the conversations of potential buyers. My choice of insult at the moment is idiot but this is likely to change. Every little helps, get messaging people!
  4. Recently returned to the UK after a long stint overseas. Coincidentally my extended family where having a gathering at a local restaurant. During the meal, the conversation turned onto moving house. My home owning brother in law got quite agitated complaining about how badly he would like to move out of our home town but can't afford it. He readily admits to being "very very lucky" to buy a house when he did for a fraction of what it would cost him today, having no idea what sort of HPI would follow in the years afterwards. He gave an excellent description of 'why there is no ladder' as a regular on this forum would probably explain it. He then gave an estimate of the value of his house, hundreds of thousands as you might imagine, but added that "it doesn't mean anything". He then went on to mock those who love to brag about the money their houses are worth, the make believe riches that they will never be able to spend. The truth only recently dawned on him, so he reacted by 'blowing' the money he was saving up to move on a flash car instead. He felt genuinely upset, the house he bought as a youngster he will never be able to afford to move out of. Closet HPC'er?
  5. Travelled in 4 carriages altogether, and I think I saw an ad of theirs on 3 of them. They're pretty much what they sound like - offer "cash within 48 hours" to distressed sellers, presumably at a honking great discount. Maybe it's just coincidence, or maybe they've been advertising for ages and I just never noticed them before, but if they're really launching a big blitz then that says a lot about sentiment. Does anyone remember whether there were similar outfits during the early-90s crash? Sounds like something that could add some useful liquidity to the market on the way down.
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