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Repossession Cases Soar

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Yep it happens, had a mate who had a cracking engineering business back before the 80s crash, 74 employees, fixed a few of my employees up with job's with him when I closed my business down , bumped into one f them years later.

Told me the business had gone bust, owner lost his house, wife left him and was bankcrupt, my ex employee told me that my former mate had ended up living in a salvation army hostel for a while.

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Have you noticed how the headlines are changing, for example from "property demand continues to outtrip supply" type of headline to "repossession cases sour".

What I'm trying to say, is that the media is now focusing on the bad news rather than the good news.

Wasn't that the case before and after the 90's crash? - Good headlines to keep the prices up and bad headlines to keep the prices down.

Does anyone have examples of such a pattern?

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All the headlines are turning negative. There is one last headline thats holding the market up and thats the SIPPS SOLUTION.

If it wasn't for this headline things would look different. We all know that sipps is for the rich. But joe bloggs thinks its going to be the second coming. They are hoping it will become the saint of housing.

Only time will put this myth to bed.

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All the headlines are turning negative. There is one last headline thats holding the market up and thats the SIPPS SOLUTION.

The Sipps solution is definitely going to brighten up a lot of hopes and it will definitely some kind of positive impact on house prices, but we're entering a recession, consumer confidence is falling, and the house price index has hit negative. There's 7 months to go until it becomes active legislation, it's probably going to look a lot worse by then, and it's going to take a pretty plucky investor to back a falling property market - especially when the stock market is enjoying consistent growth.

Additionally, the only investors who can take advantage of the full tax break here, are a small niche market of those earning in excess of £150k. But this is a jittery market, and though there may be a bit of new movement at the bottom with SIPPs investors, my bet is that in a falling market most of the sellers will bank their gains and join the STRs.

I just dont think the SIPPs factor is going to make the difference GB is hoping it will, and I dont think we need to worried by them.

" Equity markets can turn on a sixpence, it takes 2 minutes to sell a million shares. The housing market is like a supertanker .... It can take fifty miles to change direction. But once it's changed direction, it just keeps on going."

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She said although one South Norfolk family she was helping were housed by the local authority it had found them a home in North Norfolk — miles away from their roots.

Err, being on the opposite side of town is not miles away from your roots, many children could never afford a house in the places they were brought up and consequently live hundreds of miles away. These people don't know they're born, honestly.

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The Sipps solution is definitely going to brighten up a lot of hopes and it will definitely some kind of positive impact on house prices, but we're entering a recession, consumer confidence is falling, and the house price index has hit negative. There's 7 months to go until it becomes active legislation, it's probably going to look a lot worse by then, and it's going to take a pretty plucky investor to back a falling property market - especially when the stock market is enjoying consistent growth.

Additionally, the only investors who can take advantage of the full tax break here, are a small niche market of those earning in excess of £150k. But this is a jittery market, and though there may be a bit of new movement at the bottom with SIPPs investors, my bet is that in a falling market most of the sellers will bank their gains and join the STRs.

I just dont think the SIPPs factor is going to make the difference GB is hoping it will, and I dont think we need to worried by them.

" Equity markets can turn on a sixpence, it takes 2 minutes to sell a million shares. The housing market is like a supertanker .... It can take fifty miles to change direction. But once it's changed direction, it just keeps on going."

I do hope your right. I am very concerned about SIPPS. It seems to me whenever there is a glimmer of hope of sometime in the future there is something else to stoke the fire.

I am trying to convince myself that we are entering a phase of severe price correction. Not just a minor, make hardly any differnce glitch.

Hope this is the edge of the cliff as far as house prices are concerned.

If I had a home of my own (that's all I ask for) and had a reasonable amount of cash I certainly would not put it into the property market. I'd put it on china via ISF FXC.

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Err, being on the opposite side of town is not miles away from your roots, many children could never afford a house in the places they were brought up and consequently live hundreds of miles away. These people don't know they're born, honestly.

Last time I looked, Norfolk was a county, not a town ;)

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Last time I looked, Norfolk was a county, not a town ;)

That's nothing, like I said, families are often hundreds of miles apart, moaning about only being given a free house on the other side of town is just whining.

Edited by BuyingBear

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Last time I looked, Norfolk was a county, not a town ;)
That's nothing, like I said, families are often hundreds of miles apart, moaning about only being given a free house on the other side of town is just whining.

Is it me or is this conversation getting very surreal? :ph34r:

If they were forced to move to Cromer, I think whining would be fully justified <_<;):D

Edited: PS, no offence intended to people from Cromer, lovely place as I recall :blink:;):)

Edited by Rapid Descent

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That's nothing, like I said, families are often hundreds of miles apart, moaning about only being given a free house on the other side of town is just whining.

How are they being given a free house?

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How are they being given a free house?
She said although one South Norfolk family she was helping were housed by the local authority it had found them a home in North Norfolk — miles away from their roots.

Do they expect to be placed in their own repo'd house or something? Typical faux hardship rubbish.

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Do they expect to be placed in their own repo'd house or something? Typical faux hardship rubbish.

Luxury.

When I were a lad, we had to live in a shoe box, in t'middle of road. We'd get a handful of 'ot gravel to eat in the morning, work 27 hours a day down t'mill, AND pay mill for working there, then when we got home, our dad would beat us to death and dance on our graves.

You tell that to the kids today... and they won't believe you. :lol:

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Utter tosh.

It constantly amazes me how some people on this site can have such a detailed knowledge of economics and house price issues yet the minute anything to do with the welfare state (an emotive issues) is mentioned all rationality is thrown out of the window.

Lets clarify a few things;

1) Nobody is 'given' a house. People can rent a house of the council..the same as renting through the private sector. Exactly the same...they live in it, don't own it, and pay rent on it.

2) Some people in council houses claim housing benefit to pay that rent....the same as they can in private rented housing.

3) The housing itself doesn't cost the tax payer. Most council housing was built following the war. They have been paid for time and time again. The rent paid (that is right RENT) covers repairs and administration....the same as renting through the private sector does.

4) Renting through the council is not restricted to any social group... anybody can approach the council and asked to be housed (yes..you too could have a council house). However, because of the shortage of council housing those in most need will be housed first e.g the homeless.

The cost of housing people who are unemployed or on low incomes is due to housing benefit - not housing.

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The cost of housing people who are unemployed or on low incomes is due to housing benefit - not housing.

And who pays for housing benefit exactly, the magic money tree? I think that's what they call the tax payer these days.

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And who pays for housing benefit exactly, the magic money tree? I think that's what they call the tax payer these days.

Yes..of course the tax payer pays..but that wasn't the point you were making, or the point of my response.

The point is..nobody is 'given a free house' as you stated.

Plenty of people in council houses work and pay rent.

Plenty of people in the private sector don't work and claim housing benefit.

A council house does not = a free house

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And who pays for housing benefit exactly, the magic money tree? I think that's what they call the tax payer these days.

So if someone is unemployed and homeless, what is your recommendation? Kick them into the gutter and let them rot? Perhaps they can become prostitutes!

I know people talk a lot about a return to Victorian values, but this is surely going a little far?

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Yes..of course the tax payer pays..but that wasn't the point you were making, or the point of my response.

No, it was precisely the point I was making.

Free housing, often in perpetuity, courtesy of the council's diligence and government generosity is actually even better than a 'free house' since the residents' don't have to pay to maintain nor upgrade it.

So if someone is unemployed and homeless, what is your recommendation? Kick them into the gutter and let them rot? Perhaps they can become prostitutes!

No doubt they would be undercut by Eastern European labour <_<

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And who pays for housing benefit exactly, the magic money tree? I think that's what they call the tax payer these days.

Housing benefit is a means tested benefit...it doesn't matter that you live in a council house/private house or, indeed, have a mortage (if you can cover the first few months payments when out of work).

If you are so concerned about the cost of this to the tax payer now perhaps you should consider what will happen when/if the recession gets under way and people who overstretched themselves can't pay the mortage

<_<

All those people will either need re-housing by the council, help paying their mortgage or help paying their rent in private housing.

Consider the cost of this to the tax payer...it would make your eyes water.

IMHO the government will 'cap' the housing benefit they will pay and all those BTL who are counting on social housing to subsides their BTL mortgages will be up the creek without a paddle.

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No, it was precisely the point I was making.

Free housing, often in perpetuity, courtesy of the council's diligence and government generosity is actually even better than a 'free house' since the residents' don't have to pay to maintain nor upgrade it.

No doubt they would be undercut by Eastern European labour <_<

Sorry to disagree but as you stated people where given a 'free house' then I don't think that was "precisley the point I was making"

However, we have moved on.

"Free housing" is not given "courtesy of the council's diligence and governmnet generosity". It is given because in a civilised, modern, capitalist society it is a necessarity.

Countries do not thrive when parts of the population are excluded from society, living on the street or starving. A capitalist society requires a certain level of unemployment in order to functiion. It also must be able to draw on surplus labour when necessary. If that surplus labour is starving, uneducated and excluded it can't do that.

The welfare state is a function of a capitalist society...it is there for the benefit of society as a whole not the individual.

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Sorry to disagree but as you stated people where given a 'free house' then I don't think that was "precisley the point I was making"

However, we have moved on.

"Free housing" is not given "courtesy of the council's diligence and governmnet generosity". It is given because in a civilised, modern, capitalist society it is a necessarity.

Fair enough, I merely stated the fact the housing is free and courtesy of government, that remains a fact regardless of the reasoning or virtues behind it.

I still contest that complaining about the council placing you some miles away from your ideal location is petty minded in the light of people being unable to afford or waiting for housing, social or otherwise, especially when the person had a house and decided not to fulfill their obligations for whatever reason. In the case of some rural areas young people are 'forced' to live literally hundreds of miles away from former generations, this is accepted as unfortunate but a fact of life and people get on with things.

What for the thousands of people leaving school/university each year often saddled with thousands in debt now facing levels of unaffordability never seen in this country ever before, the most anyone has done to help these people, who form the productive and tax base of the economy, is 'shared ownership'.

So do I really have much sympathy for a bunch of ungrateful plebs who splurged themselves on a mortgage and cheap money without looking to the future who now complain that their new house isn't all what they expected it to be, and doesn't happen to be located in the best place in Norfolk that epitomizes the modern utopia of no worries and easy living, do I really think they are the most hard done by and desperately deserving people on this fscking planet? No, I honestly can't say they are.

Any further questions? :D

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So do I really have much sympathy for a bunch of ungrateful plebs who splurged themselves on a mortgage and cheap money without looking to the future who now complain that their new house isn't all what they expected it to be, and doesn't happen to be located in the best place in Norfolk that epitomizes the modern utopia of no worries and easy living, do I really think they are the most hard done by and desperately deserving people on this fscking planet? No, I honestly can't say they are.

Any further questions? :D

Agree with you.

These are not the most hard done by. If someone has made poor economic decisions based on greed then no..they have no right to demand equivalent housing.

There are plenty of people out there who can't afford housing for whatever reason..so they don't buy.

Anyone who earns enough to have bought a house in the last few years should have enough sense to have thought about the consequences of job loss, marital breakup, sickness etc. If they haven't then I don't see why those who have been sensible enough not to live beyond their means should subsidise there lifestyle.

Edited by 2005

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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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