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RichM

Housing Market Armageddon

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I love my mum.

She is great. She always put me and my sister first, always strived to ensure that we enjoyed all the privileges she never had.

Nevertheless, I cannot deny that mum knows nothing about investment. She has two CSEs, and although she did once work in a bank, I don't think she had a very senior position at all. I never felt the need to turn to her for help with my maths homework, which is probably a jolly good thing as I don't think she would have been much use.

Ladies and gentlemen, my mother, my dear sweet old mum, has "invested" a few grand in the housing market in the South of France.

Please, sell any property you own now, the market is about to be plunged into oblivion. QED.

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Sounds like my brother - he works for a major bank but always makes big financial mistakes. He invested 000s in shares just a month before the dot.com bubble burst - 80% wiped out - last week he told me that someone at work had suggested BTL in Bradford and he thought it sounded like a good idea and he'd look into it. You have been warned.

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What a strange post.

There was a turning point the other day, when my dad said how he would like to build his own house. He said how he would like to keep the house we live in (detached) and borrow the money to build the new house. I replied "why are you so infatuated with owning a home? It would be far far far cheaper to rent a house during the building time than to 'rent' the money from a bank!"

When I discuss things (not just housing), well go over the figures, I always sit down with them a create a spreadsheet . Then throw in lots of 'if's'. They can immediately see the outcome.

Edited by Jason

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I love my mum.

She is great. She always put me and my sister first, always strived to ensure that we enjoyed all the privileges she never had.

Nevertheless, I cannot deny that mum knows nothing about investment. She has two CSEs, and although she did once work in a bank, I don't think she had a very senior position at all. I never felt the need to turn to her for help with my maths homework, which is probably a jolly good thing as I don't think she would have been much use.

Ladies and gentlemen, my mother, my dear sweet old mum, has "invested" a few grand in the housing market in the South of France.

Please, sell any property you own now, the market is about to be plunged into oblivion. QED.

Hi,

I've had a little place there since the early nineties. I've lived down in the technology district of Sophia a few times as well. As an investment, now may really not be a good time to buy, depending where you are, of course, it is quite a big region. In the CdA hotspots, local talk is placing the market at a similar point in the cycle to SE England. Except alot of property is MEW financed by Brits, Swedes and Germans. There has been definite signs of bubble bursting along the cote the past year. Again, depends where you are. Other areas have not really had North European MEW cash washing over the land. And I guess you may know already but if you want to get a decent reduction, hook up with a local you can verify - there is one price in the window for local people, another for non-locals. The price quoted by British firms offering new development properties is another thing altogether and is way above local trading prices.

Best of luck, whatever the choice.

Boomer

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What a strange post.

cf.:

"Legend has it Joseph Kennedy survived the 1929 crash after the boy who was shining his shoes offered him stockmarket advice.

Kennedy ignored the tips, and decided if shoe-shiners were in the market, then he'd get out."

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Sounds like my brother - he works for a major bank but always makes big financial mistakes. He invested 000s in shares just a month before the dot.com bubble burst - 80% wiped out - last week he told me that someone at work had suggested BTL in Bradford and he thought it sounded like a good idea and he'd look into it. You have been warned.

Sounds like MY brother. He was an accountant for one of the (then) big six. Took two hundred grand of the family's money (including 50K from me) and threw it down the plug hole. He is now bankrupt. He still talks about "big deals" and "great opportunities" that all seem to need about 5K to get started and never go anywhere. If you have ever seen the film "Parenthood" you know the character I am talking about.

Edited by gone west

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Edit: posted in wrong thread, how did I do that??!!

I had a spooky thing like that happen earlier. It quoted my own post twice, once within the other, even though I replied to someone else's reply, not my earlier one.

Maybe some bugs in the new board?

EDIT: plus, you can now do a "quick edit" and it won't update the post to say it's been edited like it used to. Sorry, it's my job in software testing. I notice everything wrong with the world. It's a soul-destroying line of work. :(

EDIT 2: see? I've edited several times now, but it doesn't say so.

EDIT 3: damn! I accidentally did a "full edit" there, so now it has put an "edited by" bit on it. Do a "quick edit" and you'll see what I mean.

EDIT 4: actually, I've just noticed that doing another quick edit re-removes the "edited by" bit. See what I mean? A soul-destroying occupation. :(:(

Edited by aclwalker

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Sounds like MY brother. He was an accountant for one of the (then) big six. Took two hundred grand of the family's money (including 50K from me) and threw it down the plug hole. He is now bankrupt. He still talks about "big deals" and "great opportunities" that all seem to need about 5K to get started and never go anywhere. If you have ever seen the film "Parenthood" you know the character I am talking about.

Leave him to the mafia, less hassle in the long-run ;)

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  • 301 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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