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BuyingBear

Bbc Money Box Live

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It's worth a listen, a panel of mortgage experts from the banks and building societies "helping" FTB'ers, they're like lambs to the slaughter.

Hrm, somebody has a IO mortgage and the "costs have gone up signifcantly" and she's now looking for a "better provider", turns out they're already benefiting from a discount rate below the SVR.

"I want to increase my borrowing and also reduce my monthly payments [..] I haven't done this before"

Edited by BuyingBear

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Yes, I've just listened to that. It's all very sad on one level, but this is the result of untracked greed and obsession with homeowning, which is a perculiarly Anglo-Saxon trait.

There was, I presume retired, father wanting to re-mortgage his house to help his daugter by a property. He would stump up for a third of its value. This is no isolated case, in fact it's going on in huge numbers.

When the s**t hits the proverbial fan what are all these middle aged/elederly people going to do? They can't go back to work, as they're too old, so they'll have to 'downsize'. It's funny how even the older generation have bougt into this myth of ever-rising house prices, "they'll never come down". My mother (63 yo) was saying this to me the other day.

Still, the more people who buy into this bubble, the more certain I become that it'll all end in tears.

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untracked greed and obsession with homeowning, which is a perculiarly Anglo-Saxon trait.

'perculiarly Anglo - Saxon' - huh?

I've looked into investing in many real estate markets and I can tell u that homeowning is high - priority the world over, from Manilla to the West Indies, Croatia to New Delhi.

The first B2Lers I came across were first and second generation immigrants in the 1980s, especially Greeks, Turks and those from the Indian sub - continent.

I recall they use to scoff at the Anglo - Saxon muppets pouring money into traditional pensions. For them renting even thier business premises was to be avoided at all costs.

BTW - a theory on Anglo - Saxon homeowning; A study of very early UK history reveals a world of uncertainty where keeping hold of your land was the pre - occupation. Surely it is only natural that security of ones home became wedded to our very core?

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I had to LOL at the guy who wanted to MEW and reduce his payments. The 'experts' didn't seem to care what his house was worth or how much equity he had in it they just told him to get stuck in...

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'perculiarly Anglo - Saxon' - huh?

I've looked into investing in many real estate markets and I can tell u that homeowning is high - priority the world over, from Manilla to the West Indies, Croatia to New Delhi.

Well indeed, you see this in the old Eastern Bloc countries, however the reason remains that people just want a roof over their heads and some security in their life, there isn't the same sort of pyramiding frenzy as seen in this country where a property isn't really for living in but rather a path to instant richces and effortless wealth. The locals see an old donkey shack for what it is, if you show it to a British person they would no doubt believe it to be an 'investment'.

In this country property is seen as a cash point and something that magically earns you money each year by just sitting there requiring you to do nothing (apart from painting the odd thing beige), the attitude of one of the Beenie babes perfectly exemplifies this when she wouldn't even stump up part of her budget to for basic roof repairs, it's not like this is even improving the housing stock in any significant way, the bricks and mortars are mere pawns in his game, like trading cards or monopoly money. Modern 'executive apartments' are so small and badly built they make their 1960's contemporaries look like penthouses, it's hard to believe anyone could fail to improve and fall below the standards of council tower blocks that have been ripped down in their thousands, for good reason!

Plots and gardens in new developments are smaller than ever, if you even get a garden, you probably wont even have your own drive anymore, most developments have a shared drive or square, if you're lucky enough to get off street parking at all. Flats aren't being built for people, they've been built for investors on the premise of non-existent 'young professionals'. This year over a quarter of home sales in the US are investment property, most of which lies empty, this isn't a rational market about based around addressing real housing need or real demand. It's little different than trading paper in a pointless debt ridden dotcom company!

I wouldn't confuse home ownership, or the desire for people to own their own homes with the same sort of highly leveraged speculation as seen in anglo-saxon countries, no doubt this also occurs in other countries (Japan) but our mindset over recent years and our banking system seem finely attuned to this mindset.

Edited by BuyingBear

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Well indeed, you see this in the old Eastern Bloc countries, however the reason remains that people just want a roof over their heads and some security in their life, there isn't the same sort of pyramiding frenzy as seen in this country where a property isn't really for living in but rather a path to instant richces

Im sorry I can't agree. I keep in touch with worldwide real estate trends and I can honestly say 'everyones at it'. There might be a minority of places where real estate investment has'nt seeped - in yet, but I think you will find even these places will succumb.

Real estate is fast becomming the new world currency. Some new real estate hot - spots include Morroco, new parts of the Persian Gulf, Botswana, Ecuador, N East Brazil, Argentina, Colombia (thats right Colombia), most of Eastern Europe, Kuala Lumpa, New Delhi, Mumbai, Hyderabad, Manilla, Mexico, Honduras, many hundreds of islands in the carribean sea such as Roatan, Samoa, Fiji, S Africa, etc etc.

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Im sorry I can't agree. I keep in touch with worldwide real estate trends and I can honestly say 'everyones at it'. There might be a minority of places where real estate investment has'nt seeped - in yet, but I think you will find even these places will succumb.

But is it, or was it started, due to a native frenzy or was it largely imported? The Spanish bubble is a direct extension of the British market. The Irish alone can account for what's happening in Bulgaria :)

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  • 302 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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