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In my current job I manage to avoid property two*ts for the most part

Can I check, for those in corporate offices etc, are you still surrounded by d1cks who speak nothing but HPI?

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In my current job I manage to avoid property two*ts for the most part

Can I check, for those in corporate offices etc, are you still surrounded by d1cks who speak nothing but HPI?

In my last corp job (in Ireland) the talk was always about house prices. Now working with spritely 20 somethings who are happy sharing houses and see property as so unattainable they don't care one bit.

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The Voice, Football, Corrienders, Rihanna's latest tattoo/vejazzle, the Romanian hordes undercutting wages, Sally Bercow etc.

Max Keiser, Pricedout, Gidiot's financial illiteracy don't feature for some reason....... Maybe because not thinking is easier.

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I defo work in an HPC'ers idea of hell. FTSE100, kuiper belt of London, big earners, lots of boomers/aspirational 20/30 somethings. I used the avoid HPC convo's because by I was in my own fear phase about the situation, now I don't mind them because I'm happy and content with my own life and Plan B.

Convo's just this week;

Girl next to me, 29. Announced happily last week that she is selling her flat in Aberdeen and the EA's all say flats are going for 15% more than asking. I said "That's great for you selling, unless of course you ever want to own a house up there near your family again, as the affordabily just got even harder for you". She was ok with that as selling up due some savvy about possible interest rate rises, and also the implications of Scotland going independant. That's prob another topic altogether.

Bloke 27. Said he's sick of spending £8kpa on rent in London, as it's dead money. He's never seen an interest rate rise, or a price fall. I spent some time talking through the cost of home ownership etc etc. Don't think he was really listening, all he could see was £'sss. Not my problem, so I don't care either way.

Funnily enough the only person who is worried about the cost of housing is my boss, who has to be on a basic of at least £150k (add another 25% with his bens). He's come back from overseas, absolutely expected to just buy a place that met the expectations of someone trading years of their life for a fat salary, and now finds himself totally priced out of buying in the area's he would want to live. The company pays for his West London rent at the moment, but that stops soon. He's the only one I can have a sensible conversation with, who gets it.

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Gone quiet in my place of work

Those who over extended and 'bought the dream sh1t hole' and then gave you weekly updates on how much their house had increased in value, and how renting was dead money, have fallen silent.

Why?

I'd say there is a palpable unease in the air as most who rent from the bank have no savings.

Hours are being cut, full time posts reduced to part time.

Experienced (expensive) staff are being made redundant, occasionally re-employed on different, cheaper contracts

Young government trainees / school leavers are being employed to replace more experienced expensive workers.

What a great time to rent.

Edited by LiveinHope

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My place is all about early retirement and leavers packages. The ones who have / are leaving talk about how "you're just a number the days" and how downhill things have gone. Others talk about how hopefully it will be there turn to go in a couple of years. As a 33 year old i joke about the 40 years of service left and say tbeyshould be getting me a present when they retire rather than me contributing to there retirement at late 50s

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The weather, the state of the roads all the potholes. The lack of opportunities for their children and/or grand children. Their ailments and how the NHS is changing, mainly waiting times....... ;)

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At the moment I'm working in a London web design agency - full of 20 and 30 somethings. Several of them have twigged that all is not well, have been quietly googling for a while and are now quite comfortable arguing the pros and cons of - for example - Land Value Tax. It's quite remarkable, previous to this job I did feel alone and needed my daily dose of HPC to reassure myself that other people could see the madness for what it is.

My feeling is that the last couple of years have seen a lot of people start to question the unquestionable; it's still very patchy, for example Celebrity Big Brother (or whatever it's called) is still a very popular topic of conversation when it's on the brainrot :(

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Daily conversations: Weather, someone who's guilty in the news because of the way they look, someone not punished enough who's been found guilty in the news, bitching about others at work

Weekly conversations: climate, politics

Monthly: Economy, tax, what would you do if you won the lottery

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Daily conversations: Weather, someone who's guilty in the news because of the way they look, someone not punished enough who's been found guilty in the news, bitching about others at work

Weekly conversations: climate, politics

Monthly: Economy, tax, what would you do if you won the lottery

Borrow some dough off the parents to top up the lottery win, then buy a two bed terrace in a dangerous part of London.

Edited by juvenal

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Sadly, still plenty of early 30 something London peeps willing to go Sati on the mortgage bonfire. About 4 of them in the last year. Needless to say, they are places I'd barely heard of when I lived in London. A fair few also going to Brighton.

Others bemoaning the arrival of hipsters and coffee shops in their area e.g. Forest Gate - where surely any change would be an improvement.

I hold my tongue as anyone who'd listened to stuff I'd said 5-8 years back about buying in London would have likely lost out on £100K+ of HPI. Still, I'm happy enough with my own choices - London was always part of the journey, not the destination for me and I'm glad to be out of that hell hole and hiding out in Wales mortgage-free. It would have been unthinkable to be stuck in east London paying off a massive mortgage in negative equity trying to convince myself that I hadn't spent the better part of £1/4m on a crappy terrace in Stabsville. I generally keep quiet about the mortgage-free part at work as no-one likes a smug git.

Edited by StainlessSteelCat

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Not so much HPI, but at least 3 of my colleagues are now doing BTL. Nothing better than bricks n mortar, something to pass on to the kids, supplement my pension blah blah. A reasonable barometer of the country maybe.

These people are all relatively big / comfy earners so it's just too much money not enough imagination. I told one of them I disagreed with people being land barons in general, in a friendly way. He didn't seem too bothered.

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I took early retirement and moved to smug yachting central on the south coast. I'm surrounded by boomers who,

1. Believe they made it by their own bloody hard work

2. Believe UK property is the best investment in the world

3. Believe British planning restrictions were handed down to Moses by God himself

4. Believe that Nigel Farage talks a lot of sense

Sad that plenty here also agree with number four, despite the fact that Nigel agrees with one to three!

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Mainly people complaining about the ridiculousness of house prices rather than any smugness about them going up.

There is one bloke majorly into BTL at one of our offices. I tend to avoid him.

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Works in IT for a multi national. Very rarely people talk about HPI. Mainly latest tech news, gadgets, kids, schools, politics, economy general living stuff. Loads of non British from Canada, US, down under (me), Kiwis, South African, Europeans, Nigerian etc etc. feels very UN here. I found it very interesting and engaging. Have lots of banter but all good.

Many bought pre 2000, very few bought in the past decades and many are here temporarily, or at least they think they are, so many rent.

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Its not too bad but a recurring theme now is that you no longer need to sell.

You just buy a bigger place and rent out the old one. Simple as that.

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Its not too bad but a recurring theme now is that you no longer need to sell.

You just buy a bigger place and rent out the old one. Simple as that.

How do they get the deposit on the new place? Or am i being stupid?

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Its not too bad but a recurring theme now is that you no longer need to sell.

You just buy a bigger place and rent out the old one. Simple as that.

I've also come across this. A couple of times when I was looking a houses a while back (talking to others at open days etc). More recently my sister mentioned that her family were thinking of moving but keeping they current house. This is also how my current LL started out.

How do they get the deposit on the new place? Or am i being stupid?

Maybe they don't spend as much on the new place, but also remember that the bank will take potential rental income into account. It all too easy once you are on the property ladder... :huh:

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How do they get the deposit on the new place? Or am i being stupid?

There's a mixture of things going on.

I don't think these people are quite aware of the reality of trying to do it they just seen it and been told it works. We are reasonably well paid and they're reasonably disciplined so they have savings for additional 10%+ deposits and obviously expect lots of equity on their existing homes. Chuck in a bit of Bomad and people yet to get hitched and have sprogs and its no wonder they think life and riches is so simple.

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There's a mixture of things going on.

I don't think these people are quite aware of the reality of trying to do it they just seen it and been told it works. We are reasonably well paid and they're reasonably disciplined so they have savings for additional 10%+ deposits and obviously expect lots of equity on their existing homes. Chuck in a bit of Bomad and people yet to get hitched and have sprogs and its no wonder they think life and riches is so simple.

That's been going on for quite a few years. Simples. Tracked quite a few threads on other forums of people going through with it, and one where I even see the house rented out, over the past 3 years, with just a few voids here and there when it comes back to market. Parents lent them the money to upsize.

Question is whether such buyers of not just one home, but new home and rent other out, should suffer any consquence, if correction comes and they're exposed to not just one house being down-valued, but two. They've positioned themselves to take HPI/rent gain...

The push quite common at HPC is buyers have been "forced through a prevailing socio-political climate to take the enormous gambles." And that "they "shouldn't have to be, market-analysing androids, with real lives to live, and only one life - meaning markets should serve people's needs, not vice-versa." Their life choices being superior to that of many other individuals it seems.

Sister's chartered accountant friend is dead against buying. Another guy, not as senior as my sis, rents in your area. Just not in any position to buy in the first place even if he wanted to.

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I took early retirement and moved to smug yachting central on the south coast. I'm surrounded by boomers who,

1. Believe they made it by their own bloody hard work

2. Believe UK property is the best investment in the world

3. Believe British planning restrictions were handed down to Moses by God himself

4. Believe that Nigel Farage talks a lot of sense

Sad that plenty here also agree with number four, despite the fact that Nigel agrees with one to three!

But, to date, he's the only party leader without a proven track record of implementing HPI for political gain.

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People leveraging up on two homes are ripe for harvesting

I am not surprised that bomad is involved

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rents in your area.

As do I, lest we forget.

Loads of rent it out instead here. If people want to hang onto property, then they REALLY want to hang onto prime property. People who had to rent their flat out because they couldn't sell at the time now thinking that if they keep it they'll get rich. Viewed plenty of rentals like that.

You're now looking at a minimum of £17-20,000 of gross income per year to rent a suitable family home in better parts of Manchester.

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As do I, lest we forget.

Loads of rent it out instead here. If people want to hang onto property, then they REALLY want to hang onto prime property. People who had to rent their flat out because they couldn't sell at the time now thinking that if they keep it they'll get rich. Viewed plenty of rentals like that.

You're now looking at a minimum of £17-20,000 of gross income per year to rent a suitable family home in better parts of Manchester.

1 I wonder how many remain on residential mortgages

2 I wonder (as we all do) how long BTL tax evasion etc is going to be tolerated by govt

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A pub conversation with some people I associate with for a community activity. Talk turns to the economy and earnings.

First person, her husband retiring from the police. He's getting a big pay out and they are being sensible and putting every penny into BTL.

Second, has been trying to pay off his mortgage as well as help his parents out.

First associate points out that he shouldn't pay off his mortgage as rates low but plan for his retirement by invest in BTL !

Second retorts that rates have been low for decades and will shoot up and CRASH the housing market.

BTL then states that house price won't be allowed to crash so he shouldn't worry.

Second one then explains that parents who ran their own business moved to Spain and bought a large villa. House deemed as an illegal development and that parents had lived through the previous few crashes in the 80s and 90s but seemed to not have learnt. They've used all their retirement funds fighting to get their villa legal and are now being forced to return to UK homeless and near penniless after their whole working lives. He won't get conned like his parents.

I offered to get some drinks in as the BTL looked shocked. ;)

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