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TheCountOfNowhere

This Weeks Housing Market Propaganda...

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The most expensive apartment in Dubai: Lavish £32m home boasts eight bedrooms, an infinity pool, 12-space garage and a maid's quarter
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Sitting on top of ONE at Palm Jumeirah - a 25 storey tower - the plush penthouse, which has been described as a 'private temple', is due for completion by 2017. The eight-bedroom suite, which sprawls across 42,477 square-feet, is decked with a staggering 16,641 square-feet of balcony area. As well as a maid's quarter, a kitchen with a separate prep room and wall-to-wall windows, there is a professional barbecue pit and outdoor terrace. Previously an apartment in Dubai's Burj Khalifa building clinched the title as the city's most expensive property after selling for $16.3million (£10.6m).

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Is this Britain's dingiest flat? The one-bed London basement that's more bunker than bijou (but it's still been rented out for £450-a-month!)
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The tiny flat in West Kensington, London, was snapped up yesterday and comes complete with a 'kitchenette' (right), fitted with a fridge and microwave, but access to the sink may prove difficult as it's blocked by a bare plywood board, presumably for food preparation. The bedroom can be reached by a wooden step ladder where the resident can keep part of their mattress (centre) in an opening, which could double as a storage cupboard (left). The brick walls have been left bare and the window frames require some paint but the kitchen has been partially tiled. Properties in the same postcode (inset, Northe End Road) usually retail at around £1,000 a month and were once home to the likes of Freddie Mercury as well as Mahatma Gandhi.

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The town where families have to spend £13,000 just to sell their homes... because their 'bargain' dream houses came with a catch
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To the shock and fury of residents in Cramlington (inset), Tyne and Wear, the dream homes they thought were a bargain came with a very big catch as many don't actually own the land their house is built on. While the bricks and mortar belong to homeowners such as Robert and Claire Snedden (left, with their son Andrew) and Nadia Karim, 33 (right), the ground their properties stand on is held on a lease. Estate agents estimate that three-quarters of the town's properties were sold leasehold, with leases typically lasting 99 years and ownership of the property reverting to the landlord once the lease expires.

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The town where families have to spend £13,000 just to sell their homes... because their 'bargain' dream houses came with a catch

2BE615A700000578-0-image-a-2_14411858568

To the shock and fury of residents in Cramlington (inset), Tyne and Wear, the dream homes they thought were a bargain came with a very big catch as many don't actually own the land their house is built on. While the bricks and mortar belong to homeowners such as Robert and Claire Snedden (left, with their son Andrew) and Nadia Karim, 33 (right), the ground their properties stand on is held on a lease. Estate agents estimate that three-quarters of the town's properties were sold leasehold, with leases typically lasting 99 years and ownership of the property reverting to the landlord once the lease expires.

"They bought it 11 years ago but now need something a bit bigger."

So they were no doubt informed about the leasehold by their solicitor prior to purchasing and they've been paying ground rent for 11 years and have now decided its not fair.

" She bought her 1960s-built flat a year after the Sneddens. She’d just left university and it cost her £74,000.

Last year, after talking to neighbours, she decided to check how long her lease was — and discovered it was for less than 50 years."

These retards deserve everything they get.

Edited by eztiger

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The brick walls have been left bare and the window frames require some paint but the kitchen has been partially tiled.

Properties in the same postcode (inset, Northe End Road) usually retail at around £1,000 a month and were once home to the likes of Freddie Mercury as well as Mahatma Gandhi.

Gandhi wasn't exactly known for extravagance.

"retail at £1000 a month" - more farce. They mean rent not retail - retail is a buyers term? or they're selling houses like cars now and are embarrassed to mention the actual price.

With other stories cropping up about "owners" discovering they're on a lease (didn't the solicitors say anything - must have - at least it's a step up from a mobile home in terms of owning a bit of land) and stuff like that you have to question the wisdom of overseas investors buying property in the UK - it's clear that it's generally just a rip off wherever you care to look.

Edited by billybong

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The town where families have to spend £13,000 just to sell their homes... because their 'bargain' dream houses came with a catch

2BE615A700000578-0-image-a-2_14411858568

To the shock and fury of residents in Cramlington (inset), Tyne and Wear, the dream homes they thought were a bargain came with a very big catch as many don't actually own the land their house is built on. While the bricks and mortar belong to homeowners such as Robert and Claire Snedden (left, with their son Andrew) and Nadia Karim, 33 (right), the ground their properties stand on is held on a lease. Estate agents estimate that three-quarters of the town's properties were sold leasehold, with leases typically lasting 99 years and ownership of the property reverting to the landlord once the lease expires.

As I raised on a thread a while back - this situation in London however - is seen as perfectly normal.

The only reason for this indeed that - its 'normal'.

Amusing how articles come up like this in the mainstream media - when you also have shows like Homes under the hammer where they raise the issue of leases on London flats - as perfectly normal and acceptable.

Stand back and think about this for a second - its pretty nuts.

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As predicted:

Buy-to-let is safe haven from financial turbulence

The turmoil that originated in China last Monday has brought financial markets the world over almost to their knees – but UK landlords should be safe.

Andrew Turner, director of CommercialTrust.co.uk, said: "Assets such as gold, bonds and indeed property are safe havens for investors who do not wish to overexpose themselves to the traditionally volatile stock market.

"Buy to Let landlords typically invest for steady, long-term gains and therefore should not be affected by the peaks and valleys that shares see on a day-to-day basis. If anything, the recent turbulence could convince more people of the relative security of bricks and mortar."

Slowing growth could also force the Bank of England to keep interest rates down for longer, keeping the cost of borrowing low and adding yet more heat to the UK property market.

Between rising rents and property prices, a growing private rental sector and a strengthening buy-to-let mortgage market, rental property looks like a strong choice for a savvy investor.

Fill yer boots with BTL and leave stock market investing to the suckers.

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The town where families have to spend £13,000 just to sell their homes... because their 'bargain' dream houses came with a catch

2BE615A700000578-0-image-a-2_14411858568

To the shock and fury of residents in Cramlington (inset), Tyne and Wear, the dream homes they thought were a bargain came with a very big catch as many don't actually own the land their house is built on. While the bricks and mortar belong to homeowners such as Robert and Claire Snedden (left, with their son Andrew) and Nadia Karim, 33 (right), the ground their properties stand on is held on a lease. Estate agents estimate that three-quarters of the town's properties were sold leasehold, with leases typically lasting 99 years and ownership of the property reverting to the landlord once the lease expires.

Total idiots. Every property ad will involve the word "freehold" or "leasehold", and that shouldn't be anywhere near the first time someone old enough to be purchasing comes near either term. Either they were lied to that it was freehold, in which case they need to sue their solicitor from the time of purchase, or they knew damn well and made a stupid decision. Considering the type of development, they've probably been paying ground rent yearly, so they have no excuse for claiming not knowing (older properties, the ground rent may be a peppercorn, in which case they could be excused not discovering that they'd been misled).

I know I'd be unhappy with any leasehold, and anything other than remainder of a 999 year lease would be unacceptable. (One of my many reasons for never considering buying newbuild - aside from being smaller, uglier, and less suitable for life than converted Georgian/Victorian homes, the newer tend to be 99 years)

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The Cramlington leasehold issue seems to tie in a bit with the Private Eye's Map Of Land Owned By Offshore Companies thread as if you look around that region on that map (for sure it'll apply to most other regions as well and of course especially London and likely getting worse there) there seems to be a lot of new housing estates with the freehold for the land for the entire estate being owned by offshore companies. Likely that could amount to hundreds of houses on each estate.

One can sort of understand it in London but it's still a surprise for places like Cramlington where there's masses of land all around.

Edited by billybong

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US student fed up with £500-a-month rent BUILT his own tiny house on campus and now uses solar power and compost toilet to live off the grid
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Christopher Cerk (pictured), a 21-year-old junior at the University of Michigan in Ann Arbor, said that living right next to his institution didn't suit him - and was a waste of money to boot. So instead of dropping an estimated $19,000 renting for his last two years, he poured $13,000 of his own money into raw materials for his own tiny house (exterior top right, interior right). The home, which took him more than a year to build in his spare time, has a compost toilet and solar panels for electricity. He estimates the power supply will be enough to keep his cell phone and laptop running, as well as to power an electric stove. Cerk said he will start having his girlfriend over to stay soon.

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not sure it is propaganda as such, but here are today's property stories from the York Press

A charity that 'does a lot of work on affordable homes' has sold one of its properties causing 5 tenants to be told their rental agreements will be coming to an end

http://www.yorkpress.co.uk/news/13649041.Tenants_told_to_move_out_after_sale_of_historic_York_apartments/

Property Guardians in the city

http://www.yorkpress.co.uk/news/13649677.Property_guardians_find_new_housing_in_York/

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Help to Buy helps the rich: 1,750 couples earning £100,000 get Osborne's cheap loans (including 500 who ALREADY had a house)
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Overall, 1,758 help to buy loans were handed out to individuals or couples who take home more than £100,000 a year - despite them being in the top 10 per cent richest households in the country.

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http://www.cityam.com/224031/halifax-reluctant-sellers-push-uk-house-price-growth-again

http://www.cityam.com/edition?ITO=nav-top-home-todays-newspaper

City AM are pumping the property propaganda machine into overdrive, I wonder why. :rolleyes:

Another day, another confirmation that UK house prices are rocketing, after new figures showed prices were nine per cent higher in the three months to August than they were during the same period last year.

Rejoice! ..ffs <_<

Edited by JustAnotherProle

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Why do the London metro and London evening standard still have property porn every week with house searches for incomes most Londoners can never afford?

Looking forward to when they actually have to report any sign of a crash.

Those two papers are single=handedly indoctrinating Londoners daily into HPI worship.

-

I want to see homes under the hammer when the BTL guys sell their over-leveraged dreams; And one of the posters here buys a property from them.

Presenter will ask: "What will you do with this BTL investment property?"

"Errr, Well, I'm gonna live in it"

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The FT will be the paper to watch. The only business paper that actively advocated for Berlin style housing regulation a few months backa nd covered the BTL changes with good analysis.

City AM is mental onanism for the aspiartional class.

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Meet generation rent: When their parents were their age they were already proud home owners, but these well-paid professionals fear they'll NEVER be able to afford a mortgage
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Rachel Lewis, a senior account manager for a marketing agency, and husband Alex, a financial adviser, from near Cardiff, are hoping not to be among those forced to rent for the rest of their lives. But a new report reveals that the average house will be worth around £360,000 by 2020, compared with £279,000 today, so increasing numbers will be shut out of the market as salaries fail to keep pace. They predict 7.2 million homes will be rented by 2025, compared with 5.4 million today and just 2.3 million in 2001. The long-term impact of this movement away from home ownership was highlighted in another report for the Chartered Institute of Housing which showed that in 35 years' time, a third of people over 60 will live in rented accommodation.

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I've inherited £15,000 age 20 when can I buy a £350,000 house like my parents own? :D

Consensus being never - as he only earns £17k a year and can only afford to save £100 a month to add to his deposit.

And yet they still have various financial advisors offering advice on achieving his dream despite being limited to an £80k mortgage.

What perhaps is sad considering he is only 20 is why not travel the world - rather than tie your self to a mortgage until you are 50 in Essex.

http://www.telegraph.co.uk/finance/personalfinance/investing/firsttimeinvestors/11849368/Ive-inherited-15000-aged-20.-When-can-I-buy-a-350000-house.html

Edited by MARTINX9

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  • 399 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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