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Christmas Or Boxing Day Conversations About Property


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I try not to bring up property in conversation with family, but when you are sitting around with people for two days straight it inevitably comes up. I thought I'd share a couple of choice quotes.

My mother, talking about our BNP activist neighbour who got angry when a Korean family started living in the house oppposite his: "I don't know what he's so worked up about, they're only renting. It's not like they moved in!"

A 60ish friend of the family who has a daughter in her early 20s: "House prices are really overinflated. They need to come down." And when I said the government seemed to be doing everything it could to prevent that, she replied: "I know, it's terrible."

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A 60ish friend of the family who has a daughter in her early 20s: "House prices are really overinflated. They need to come down." And when I said the government seemed to be doing everything it could to prevent that, she replied: "I know, it's terrible."

Halleluja! A tale to warm the cockles at this special time of year, thank you!

(I made sure not to bring the topic up, biting my lip for the sake of peace and harmony...)

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A niece of mine has apparently married well and they paid £650k for a house 4 years ago. Their long time plan is to sell it to move to Canada. They seem unaware that you can't just up and move there because you want to (I stand to be corrected on that one)

I bit my lip at first but then had to say that they won't get that for it. They seemed to forget that £20k in stamp duty is not attractive and that since it was new, it's unlikely to be 'worth' that at all. (I have to say that I said this to my mother, not them direct, I'm not that brave!)

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Well, my friend is renting his house out in the new year, and kindly let my grandparents stay there over the xmas break. Discussing it, my Grandma said it would only rent out for £500 pm... I laughed, and had to correct her that it would be more than double that (3bed detached)!

"How can anyone afford that..." she remarked "exactly!" I said.

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Heard in the Lake District (conversation between 2 women in their seventies) - Holiday homes destroy villages round here; they're empty 8 months of the year and now the last shop in the village is about to close. The village primary school is under threat too but families with young children just can't afford to rent or buy anything around here. People these days just don't have the chances we did.

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Heard in the Lake District (conversation between 2 women in their seventies) - Holiday homes destroy villages round here; they're empty 8 months of the year and now the last shop in the village is about to close. The village primary school is under threat too but families with young children just can't afford to rent or buy anything around here. People these days just don't have the chances we did.

it is true people dont have the chances now,

how many people have put their lives on hold to hope to buy a house, quite a few i know have, really is shocking what has happened to people in this country,

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with friends yesterday and most agreed that prices were still too high, but most thought the governement will not let them crash, most thought it would be a 3-5% fall per year for a few years and that is was still better to buy than rent,

Yes I had that "the government won't let them crash" conversation a few times. It's becoming such an orthodoxy now I'm wondering whether it's actually true or no big event has happened to test it.

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Yes I had that "the government won't let them crash" conversation a few times. It's becoming such an orthodoxy now I'm wondering whether it's actually true or no big event has happened to test it.

to be honest i thought there would be nothing they could do to stop a HPC this was about 2008 when prices started falling, i thought by 2012 would have been able to buy and a HPC would have happened, it has still not really happened, so unless it starts now and we have IR back to 5% soon then realistically think it will be a few % falls per year for 10 years. i cant wait that long as i am too old.

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Spoke to a female friend who has just been through a divorce, they had to sell the bungalow, her words: it took ages to sell and we had to let it go for 295k losing over 100k, i was devastated!!

I asked her how much theypaid for it, she said 105k 18years ago, I said you didn't lose anything, you made 190k, some people just don't get it !!

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Spoke to a female friend who has just been through a divorce, they had to sell the bungalow, her words: it took ages to sell and we had to let it go for 295k losing over 100k, i was devastated!!

I asked her how much theypaid for it, she said 105k 18years ago, I said you didn't lose anything, you made 190k, some people just don't get it !!

Complete greed from a stupid person!

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Time to start "liberating" the copper etc ... from the houses of these villages that are empty for 8 months of the year then. Nice of the owners to make such a generous donation to the surrounding areas ;0)

Heard in the Lake District (conversation between 2 women in their seventies) - Holiday homes destroy villages round here; they're empty 8 months of the year and now the last shop in the village is about to close. The village primary school is under threat too but families with young children just can't afford to rent or buy anything around here. People these days just don't have the chances we did.

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Spoke to a female friend who has just been through a divorce, they had to sell the bungalow, her words: it took ages to sell and we had to let it go for 295k losing over 100k, i was devastated!!

I asked her how much theypaid for it, she said 105k 18years ago, I said you didn't lose anything, you made 190k, some people just don't get it !!

Leaving aside that this will still be over-priced? She has just chopped the street of similar bungalows price expectations down by 100k? This is what gets people focused and panicked (if they really need to sell that is) and will eventually lead to the return of real value.

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Time to start "liberating" the copper etc ... from the houses of these villages that are empty for 8 months of the year then. Nice of the owners to make such a generous donation to the surrounding areas ;0)

Ooh direct action! I should have added the earlier conversation led to the suggestion that council tax should be doubled or trebled on holiday homes.

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to be honest i thought there would be nothing they could do to stop a HPC this was about 2008 when prices started falling, i thought by 2012 would have been able to buy and a HPC would have happened, it has still not really happened, so unless it starts now and we have IR back to 5% soon then realistically think it will be a few % falls per year for 10 years. i cant wait that long as i am too old.

Realistically a ten year run up is not going to evaporate in four years, especially with interest rates where they are? But they can`t slash rates again and volumes are half what they were (I know, that wasn`t "normal") a few % a year for ten years would mean very large numbers of homeowners putting their lives on hold for ten years? This isn`t going to happen, especially if the changes to paying for care materialise? As I see it the shoe has moved to the other foot in those four years, there is much more pressure on someone wishing to sell than on a debt free, employed (cheap) renter. That is good enough for me at this stage of the crash, there are many economic pitfalls ahead that can blow the UK housing market out of the water, best not to dive in too quick at too high a price IMO. Those who really feel they must buy now should work hard on seeking out a distressed seller, and make sure they get good value, don`t help someone out of a debt hole of their own making.

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Yes I had that "the government won't let them crash" conversation a few times. It's becoming such an orthodoxy now I'm wondering whether it's actually true or no big event has happened to test it.

yeah, but, who is going to stop the Government from crashing?

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Correct, the problem isn't "will house prices fall" it's "will society fall with them"?

Society has already fallen, most people under 35 just walk about with their face in a phone all day, it is really tragic, they are unable to interact with anything outside their facebook group. Some economic realities coming home to roost might scare people back into normal behaviour in public?

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Boxing day - My uncle (who has just recently bought a £300k property over here for cash - the well to do member of the family, started off in a council house, with working class parents), and I spoke about property. He said that property prices were too high and that he expected them to fall, that young people had it a lot worse than their generation, and even the one before them. My grandparents (who have their house for sale at 100 times the price they purchased it for) chipped in, "but it is all relative". He told them how it wasn't and asked for the values of purchase price and wages. It was then that he noted (as I have done in the past), that whilst property price is up 100 fold, wages are up just 50 fold.

He stated to my grandparents that they could not live the lifestyle they did, if they were starting today. I then pointed out, how the living standards had fallen massively, whilst my grandparents had bought a 3 bed and extended and had 5 children without help from the state, their children could only buy 3 beds and have 2 children with some help from the state, and the younger generation (me and my cousins) could not buy at all, and required help from the state just to rent, let alone breed. I pointed out how one relative had left breeding to late and brought a disabled child into the world, how the eldest cousins who are just having their first, had left it too late, and that many of my generation might not even be able to breed unless we acknowledge we are far far poorer and in the grip of the state, that if we were to have a normal life, we must bow to the state and accept our benefits. That we should probably have 3 children spaced out over 8 years, to ensure consistent tax credits over the life term of a mortgage, that in some respects we would be required to breed to house ourselves.

I then asked my uncle why he bought property, if he expected it to fall, he said renting was dead money and they were buying a house to live in, he wouldn't be bothered if it fell in value, and would actually prefer that to be the case to give young people a chance of having a decent life. He then suggested nationalising the land and I spoke about LVT. We all agreed we needed to build more council houses, and my mother said she would be happy to lose her job and house and get a council flat.

It was a pretty interesting conversation.

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