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John Prescott - House Prices Are Too High

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Prescott says that "prices are too high because it is a function of the market".

Well why doesnt he wait for the other function of the market to operate - price falls - before spending lots of money to build houses that would have been affordable in a couple of years anyway?

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Prescott says that "prices are too high because it is a function of the market".

Well why doesnt he wait for the other function of the market to operate - price falls - before spending lots of money to build houses that would have been affordable in a couple of years anyway?

Heh - you can't expect sound financial sense from someone who barely has a grasp of the English language... :blink:

Ursa Minor

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It seems that John Precott's plan is going largely as I expected: Next to no actual activity.

Can you image the cost to New Labour of a house price crash combined with a freshly-concreted south east of England chock full of cheap houses both in the same term?

The government action (or inaction) on this very topic is going to be my yardstick for government confidence in the housing market.

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Muuhahahahhahahahahah another nail in the coffin nice one John at least we can rely on you to come out with something straight rather than that po faced nounce of a chancellor of yours.

By the way how did he react to your comment that houses are too high now....not so impressed one would imagine after all its all his boom & bust :lol:

As for your 60k houses well you can stick those up your fat @rse I would rather live in a tent.

Cheerio

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Prescott says that "prices are too high because it is a function of the market".

Well why doesnt he wait for the other function of the market to operate - price falls - before spending lots of money to build houses that would have been affordable in a couple of years anyway?

Yeh, in a couple of years a 4 bed detatched should be available for about 20p - honest, just keep telling yourself and it really, really, really, honestly and truthfully (I promise to be good)will come true, now cross your heart, find a 4 leaf clover and avoid black cats and walking under ladders and you should be ok.

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Yeh, in a couple of years a 4 bed detatched should be available for about 20p - honest, just keep telling yourself and it really, really, really, honestly and truthfully (I promise to be good)will come true, now cross your heart, find a 4 leaf clover and avoid black cats and walking under ladders and you should be ok.

You're even more of a dickhead than TTRTR, although I wouldn't be surprised

if you are the same person! ;)

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Yeh, in a couple of years a 4 bed detatched should be available for about 20p - honest, just keep telling yourself and it really, really, really, honestly and truthfully (I promise to be good)will come true, now cross your heart, find a 4 leaf clover and avoid black cats and walking under ladders and you should be ok.

Price falls seem like a fair assumption to me:-

http://www.economist.com/opinion/displaySt...tory_id=4079458

http://www.economist.com/printedition/disp...tory_ID=4079027

Edited by JST

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Ha ha ha,

DumSunReader probably cannot sell his house and has stumbled across this site - hence all this complete nonsense and anger.

Sorry mate, you will have to sell your X5 cos we ain't joining the club so you ain't gettin your money you thought you had.

:P

Ta ta.

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No,

Our cerebrally-challenged friend has much more the air (and economic arguments) of Singing Pig's "Property Guru" than he does of TTRTR.

Phenomenally dull... zzzZZZ...

Edited by London-loser

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No,

Our cerebrally-challenged friend has much more the air (and aeconomic arguments) of Singing Pig's "Property Guru" than he does of TTRTR.

Phenomenally dull... zzzZZZ...

We must be right 'cos we keep telling each other we are so how could we ever be wrong? FFS try and have an original thought betweeen you.

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We must be right 'cos we keep telling each other we are so how could we ever be wrong?  FFS try and have an original thought betweeen you.

come up with some arguments then other than the government won't let it happen or everybody needs somewhere to live kind of nonsense

Edited by JST

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We must be right 'cos we keep telling each other we are so how could we ever be wrong?  FFS try and have an original thought betweeen you.

WILL be right, that's practically guaranteed only discussions really centre around by how much and over how long.

Notice that you mentioned kids in another post - would be great to have a dad like you dumreader, one that wanted sky high prices forever. I'm OK, sod the kids. Reckon you'd be struggling to break into double figures with your IQ

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We must be right 'cos we keep telling each other we are so how could we ever be wrong?  FFS try and have an original thought betweeen you.

That's precisely the point mate.

You see 12 months ago the HPC view was so "original" we were out on our own, today even the Prescott's of this world can see it... and once the news passes further down the food chain presumably yourself and PG will see it (just as everyone on here starts to buy).

...zzzZZZ...

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come up with some arguments then other than the government won't let it happen or everybody needs somewhere to live kind of nonsense

1 Governement will not let it hapopen - fact . The UK economy is now based almost entirely on consumer spemding which in turn is dependent upon confidence in property values. Should prices show any signs of weakening then the BOE will act (as they did this month) to restore confidence by lowering rates. Just because this argument is inconvenient to the whole HPC mentality does not make it nonsense.

2.The first law of economics is supply and demand. Demand for housing in the UK outstrips supply therefore unless we suddenly lose 10 million people or build 3 million more houses then it will always revert to a sellers market.

3.The ratio of incomes to property prices used as a reason why prices are overvalued is irrelevant. The only factor that is relevant is the ability to pay the mortgage each month. With low interest rates for 5 year fixes now available, FTB houses are historically affordable.

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the government won't let it happen

:lol:

That is always the one that I find the funniest... people who'd happily spend half their life telling you what a band of useless wasters our government is... but it won't let them lose money on their houses... NOOOOOOO!

:lol:

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1 Governement will not let it hapopen - fact  . The UK economy is now based almost entirely on consumer spemding which in turn is dependent upon confidence in property values. Should prices show any signs of weakening then the BOE will act (as they did this month) to restore confidence by lowering rates.  Just because this argument is inconvenient to the whole HPC mentality does not make it nonsense.

2.The first law of economics is supply and demand. Demand for housing in the UK outstrips supply therefore unless we suddenly lose 10 million people or build 3 million more houses then it will always revert to a sellers market.

3.The ratio of incomes to property prices used as a reason why prices are overvalued is irrelevant. The only factor that is relevant is the ability to pay the mortgage each month. With low interest rates for 5 year fixes now available, FTB houses are historically affordable.

and inflation?

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Guest Bart of Darkness
Governement will not let it hapopen - fact

No, that is an opinion and a somewhat unsound one at that.

Fact: "Generally a fact is an event that has happened."

Opinion: "Opinion is a person's ideas and thoughts towards something. It is an assessment, judgement or evaluation of something."

I wouldn't realistically expect a Sun reader to understand the difference, therefore please consider this a small contribution toward your sadly neglected education.

PS. The fact that there are two spelling mistakes in the very brief quote above doesn't do your credibility any good. Ever heard of a spell checker?

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1 Governement will not let it hapopen - fact  . The UK economy is now based almost entirely on consumer spemding which in turn is dependent upon confidence in property values. Should prices show any signs of weakening then the BOE will act (as they did this month) to restore confidence by lowering rates.  Just because this argument is inconvenient to the whole HPC mentality does not make it nonsense.

2.The first law of economics is supply and demand. Demand for housing in the UK outstrips supply therefore unless we suddenly lose 10 million people or build 3 million more houses then it will always revert to a sellers market.

3.The ratio of incomes to property prices used as a reason why prices are overvalued is irrelevant. The only factor that is relevant is the ability to pay the mortgage each month. With low interest rates for 5 year fixes now available, FTB houses are historically affordable.

There is a demand for housing, but not at any price. Why can't you understand that? Any sane and rational person will do the maths first, make the purchase when the figures suit his or her personal circumstances. And for my partner and myself, when a 3 bed semi in our part of the world comes down to 3x our income, then we might consider it. I for one don't want to be saddled with a huge debt that forces me to work at a job that maybe I don't want to do forever.

Just how powerful do you think the government are to control the spending habits of the nation? Pretty persuasive, maybe, but they've not fired the mind control beams at me yet.

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the government won't let it happen

IMHO this is a huge part of our economy's problem.

Economists call it 'moral hazard'. The idea is that people have no incentive to look after themselves because they believe they will be always somehow be bailed out by someone else (e.g. the government) if things go against them.

This is why most people will not acknowledge that £1.1 trillion of debt is a serious problem.

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London Loser, some mugs will buy anything. Now that FTB's are deserting the market , a new bottom rung will atrract some people to feed the market.

That's all I'm saying, I want lower prices as much as anyone.

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1 Governement will not let it hapopen - fact  . The UK economy is now based almost entirely on consumer spemding which in turn is dependent upon confidence in property values. Should prices show any signs of weakening then the BOE will act (as they did this month) to restore confidence by lowering rates.  Just because this argument is inconvenient to the whole HPC mentality does not make it nonsense.

2.The first law of economics is supply and demand. Demand for housing in the UK outstrips supply therefore unless we suddenly lose 10 million people or build 3 million more houses then it will always revert to a sellers market.

3.The ratio of incomes to property prices used as a reason why prices are overvalued is irrelevant. The only factor that is relevant is the ability to pay the mortgage each month. With low interest rates for 5 year fixes now available, FTB houses are historically affordable.

YOU ARE TOTALLY OFF YOUR TROLLEY AREN'T YOU - "FTB HISTORICALLY AFFORDABLE"!!!!!!!!!!!! SO BEING ON A SALARY OF £25,000 AND FLATS BEING PRICED AT £150,000 IS AFFORDABLE ???? SIX TIMES SALARY IS AFFORDABLE ???? OH PLEASE GET BACK IN YOUR FOUR BED TWO BATHROOM MINUTE GARDEN DOUBLE GARAGE PALACE AND LEAVE THE REAL WORLD TO PEOPLE WHO CAN SEE THAT LOWERING INTEREST RATES WILL HAVE **** ALL EFFECT BECAUSE THE WHOLE ECONOMY IS STUFFED. DID YOU NOT READ ABOUT ALL THE BANKS PUTTING UP THEIR BAD DEBT PROVISIONS.

DO US ALL A FAVOUR AND JOIN SOME OTHER FORUM LIKE "CANNOTSEEPASTTHEENDOFMYNOSECOSIMAPRAT.COM"

INTEREST RATES MIGHT BE LOW BUT EVEN IF THEY WERE 2% ITS STILL BASED ON THE SIZE OF THE LOAN!!!!! OR PERHAPS YOU HADN'T WORKED THAT ONE OUT!!!

Edited by Algie

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  • 339 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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